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ToggleWhat do Vietnamese Bitcoin and Ethereum owners need to know to avoid being fined?
In the context of the strong growth of the global crypto-asset market, Vietnam officially entered the pilot phase of cryptocurrency management according to Resolution 05 dated September 9 of the Government. This is an important turning point, marking the first time that a legal corridor for Bitcoin, Ethereum and other cryptocurrencies has been clearly established in Vietnam.
According to regulations, from 6 months after the first domestic crypto-asset exchange is licensed by the Ministry of Finance , any investor who continues to trade on international exchanges not licensed in Vietnam will face the risk of being handled for administrative violations, and may even be prosecuted for criminal liability depending on the severity.
This means that those who are holding Bitcoin, Ethereum, or other popular Token need to quickly prepare a trading plan through a domestic exchange to avoid legal risks.
Just storing is not penalized, but trading is different
Mr. To Tran Hoa , Deputy Head of the Market Development Department (State Securities Commission), emphasized that: if investors only keep crypto assets in personal wallets or wallets on international exchanges without buying or selling , they will not be penalized . However, if they make transactions (for example, buying Bitcoin on Binance, selling Ethereum on Bybit...), after 6 months from the date of having a licensed domestic exchange, they will be penalized.
Thus, the legal boundary is quite clear: holding is fine, trading against regulations is a violation . This is an important point that many Vietnamese investors need to pay attention to, especially those who regularly trade large volumes on international exchanges.
Vietnam ranks top 5 in the world in number of cryptocurrency users
According to statistics from the Department of Cyber Security and High-Tech Crime Prevention (Ministry of Public Security), there are currently more than 20 million Vietnamese people owning crypto assets , making Vietnam rank 5th globally. The most popular exchanges with Vietnamese investors are Binance, OKX, Bybit… .
This shows that the demand for transactions is extremely large, but also poses challenges for tax management, anti-money laundering, high-tech crime prevention and terrorist financing . Transferring this huge cash flow from international exchanges to licensed domestic exchanges is expected to create more transparency and safety for the market .
Global Trend: Tokenize of Real Assets
Not only in Vietnam, the trend of Tokenize Real World Assets (RWA) is exploding globally. According to BCG's report, the RWA market could reach a size of 19,000 billion USD by 2033 , equivalent to more than 10% of the world's GDP. This is considered the "second wave" of cryptocurrencies, opening up opportunities for the digitization of real estate, stocks, art and many other types of assets.
Therefore, Vietnam's issuance of a legal framework is not only to control risks , but also to create conditions for businesses and investors to catch up with global trends .
What future for Vietnamese investors?
Currently, the Ministry of Finance is continuing to draft a Decree on handling administrative violations in the field of crypto assets , and is XEM granting pilot licenses to a number of domestic exchanges.
When this system comes into operation, Vietnamese investors can be more assured about the legality, transparency and safety of transactions. However, in the transition period, it is extremely necessary to understand the regulations and prepare a plan to move assets to a licensed exchange to avoid legal troubles.
