Overview
Vietnam operates without a dedicated VASP licensing framework, with crypto activity effectively prohibited under existing financial law; the Law on Digital Technology Industry (No. 71/2025/QH15), passed June 2025, signals a forthcoming regulatory structure, but no licensing regime with defined triggering activities is yet operative. AML/CFT obligations under the AML Law 2022 apply to reporting entities overseen by the Ministry of Finance, with KYC and transaction-monitoring duties codified in compliance guidelines effective through 2026. Enforcement reality is the critical differentiator: the Ministry of Public Security demonstrated aggressive criminal jurisdiction in March 2026, dismantling the ONUS platform, arresting at least seven individuals, and pursuing fraud and money-laundering charges — signaling that unregulated crypto operations face prosecution rather than regulatory sanction. (fatf-gafi.org)
Regulatory Bodies
Ministry of Finance (MOF) — Lead authority
State Securities Commission (SSC) — Licensing review and compliance monitoring
State Bank of Vietnam (SBV) — Financial oversight
Ministry of Public Security (MPS) — Cybersecurity and financial integrity
Operating Models
9/9 verdictsCan specific business models operate in Vietnam? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
Conditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedConditional · high burden.
AI · UnreviewedPrimary Legislation
| Law / Regulation | Year | Scope |
|---|---|---|
| The New AML Law 2022 (PwC Report) | 2022 | The New AML Law 2022 (PwC Report) |
| Key Compliance for Vietnam's Anti-Money Laundering Law | Key Compliance for Vietnam's Anti-Money Laundering Law | |
| Law on Digital Technology Industry (No. 71/2025/QH15): Passed June 14, 2025; eff | 2025 | Law on Digital Technology Industry (No. 71/2025/QH15): Passed June 14, 2025; effective January 1, 2026. |
Licensing Requirements
Ministry of Finance: Oversees broader financial regulations impacting AML efforts.
The New AML Law 2022 (PwC Report)
AML/CFT Compliance Guidelines for Vietnam
Vietnam AML Compliance Guide 2026 | Regulations, KYC ...
Key Compliance for Vietnam's Anti-Money Laundering Law
Travel Rule
No verified facts yet. 13 unverified fact(s) in explorer
Tax Reporting
Tax reporting data collection in progress.
Custody Requirements
Custody regulation data collection in progress.
Stablecoin Regulation
Stablecoin regulation data collection in progress.
Securities Classification
Securities classification data collection in progress.
Sanctions & Restrictions
OFAC SDN List and other programs.
Vietnam's national sanctions list published by the Ministry of Finance.
AML Law 2022 and SBV obligations: https://www.anqacompliance.com/vietnam-detailed-country-aml-information/
Draft Decree (Nov 2025) under Resolution No. 05/2025/NQ-CP: https://www.tilleke.com/insights/vietnams-draft-crypto-sanctions-decree-enforcement-comes-to-the-pilot-market/
Enforcement Actions
Regulator: Ministry of Public Security (MoPS).
Entity Targeted: ONUS cryptocurrency platform (including tokens VNDC, ONUS, and HNG), operated by Vương Lê Vĩnh Nhân (Eric Lê/Vuong Le Vinh Nhan) and associates. Violation Type: Fraud via token price manipulation, deceptive marketing, misleading promotions, artificial trading to control supply/demand, property appropriation, and money laundering using platform infrastructure. Penalty Amount: Not yet finalized; investigation targets billions of dollars in mobilized funds and investor losses (preliminary estimates in billions of USD).
Date: Criminal proceedings launched March 23, 2026; investigation ongoing with raids across Hanoi, Ho Chi Minh City, Da Nang, and Can Tho.
Outcome: At least 7–9 arrests (including Vương Lê Vĩnh Nhân and 6–8 accomplices); over 140 individuals summoned; platform operations dismantled; charges filed for fraud and money laundering.
Research & Articles
Regulatory Forecast
high confidenceLikely enforcement action expected around 2026-07-17
Based on 74 historical regulatory events for Vietnam, averaging every 5 days, with increasing regulatory activity.
Recent Updates
State Bank of Vietnam (SBV): Ensures financial stability, develops regulations, and enforces the ban on crypto as...
State Bank of Vietnam (SBV): Ensures financial stability, develops regulations, and enforces the ban on crypto as payment (per historical directives like Official Letter No. 5747/NHNN in 2017).
Resolution No. 05/2025/NQ-CP (Resolution 5): Issued September 9, 2025. Launches a five-year pilot for cryptocurre...
Resolution No. 05/2025/NQ-CP (Resolution 5): Issued September 9, 2025. Launches a five-year pilot for cryptocurrency exchange licensing with strict capital, ownership, and compliance rules.
State Bank of Vietnam (SBV) — Financial oversight
State Bank of Vietnam (SBV) — Financial oversight
Penalty Amount: Not yet finalized; investigation targets billions of dollars in mobilized funds and investor loss...
Penalty Amount: Not yet finalized; investigation targets billions of dollars in mobilized funds and investor losses (preliminary estimates in billions of USD).
https://www.ainvest.com/news/vietnam-crypto-crackdown-flow-impact-domestic-exchange-ban-2603/
https://www.ainvest.com/news/vietnam-crypto-crackdown-flow-impact-domestic-exchange-ban-2603/
https://www.financemagnates.com/trending/us-sanctions-north-korea-it-worker-network-vietnam-firm-accused-of-laund...
https://www.financemagnates.com/trending/us-sanctions-north-korea-it-worker-network-vietnam-firm-accused-of-laundering-25m-crypto/
Vietnam's national sanctions list published by the Ministry of Finance.
Vietnam's national sanctions list published by the Ministry of Finance.
Draft Decree (Nov 2025) under Resolution No. 05/2025/NQ-CP: https://www.tilleke.com/insights/vietnams-draft-crypto-sa...
Draft Decree (Nov 2025) under Resolution No. 05/2025/NQ-CP: https://www.tilleke.com/insights/vietnams-draft-crypto-sanctions-decree-enforcement-comes-to-the-pilot-market/
OFAC SDN Search: https://sanctionssearch.ofac.treas.gov
OFAC SDN Search: https://sanctionssearch.ofac.treas.gov
OFAC Programs: https://ofac.treasury.gov/sanctions-programs-and-country-information
OFAC Programs: https://ofac.treasury.gov/sanctions-programs-and-country-information
State Bank of Vietnam (SBV) – Central bank ensuring financial stability and preventing crypto use as payment
State Bank of Vietnam (SBV) – Central bank ensuring financial stability and preventing crypto use as payment
Vietnam falls under "Countries That Have Initiated the FATF’s Travel Rule Process", indicating ongoing developmen...
Vietnam falls under "Countries That Have Initiated the FATF’s Travel Rule Process", indicating ongoing development of crypto regulations but no finalized Travel Rule legislation or mandates requiring VASPs to comply during transactions.
Globally, 85% of surveyed jurisdictions (covering ~98% of VASP activity) have enacted or are enacting the Travel Rule...
Globally, 85% of surveyed jurisdictions (covering ~98% of VASP activity) have enacted or are enacting the Travel Rule, but Vietnam is not confirmed in the "in place" category.
No specific effective date, threshold amounts (e.g., FATF's recommended $1,000/€1,000), VASPs covered, ...
No specific effective date, threshold amounts (e.g., FATF's recommended $1,000/€1,000), VASPs covered, technical implementation requirements (such as data collection/retention standards or interoperability protocols), or penalties for non-compliance are detailed for Vietnam in available sources.
Key reference: Resolution No. 05/2025/NQ-CP (September 9, 2025) establishes the licensing regime with AML/CTF as ...
Key reference: Resolution No. 05/2025/NQ-CP (September 9, 2025) establishes the licensing regime with AML/CTF as a core objective; Decision No. 96/QD-BTC details procedures, including AML appraisals.
Foreign investors require a single VND account at a licensed local bank; all transactions use VND.
Foreign investors require a single VND account at a licensed local bank; all transactions use VND.
Vietnam's financial regulator (State Bank of Vietnam) guidance on Travel Rule compliance
Vietnam's financial regulator (State Bank of Vietnam) guidance on Travel Rule compliance
Implementation timeline: As of 2025, 99 jurisdictions have either enacted or are in the process of enacting Trave...
Implementation timeline: As of 2025, 99 jurisdictions have either enacted or are in the process of enacting Travel Rule legislation
https://www.ainvest.com/news/vietnam-crypto-crackdown-flow-impact-domestic-exchange-ban-2603/
https://www.ainvest.com/news/vietnam-crypto-crackdown-flow-impact-domestic-exchange-ban-2603/
https://www.financemagnates.com/trending/us-sanctions-north-korea-it-worker-network-vietnam-firm-accused-of-launderin...
https://www.financemagnates.com/trending/us-sanctions-north-korea-it-worker-network-vietnam-firm-accused-of-laundering-25m-crypto/
OFAC SDN Search: https://sanctionssearch.ofac.treas.gov
OFAC SDN Search: https://sanctionssearch.ofac.treas.gov
OFAC Programs: https://ofac.treasury.gov/sanctions-programs-and-country-information
OFAC Programs: https://ofac.treasury.gov/sanctions-programs-and-country-information
State Bank of Vietnam (SBV): Primary regulator for AML/CFT compliance.
State Bank of Vietnam (SBV): Primary regulator for AML/CFT compliance.
This profile is maintained by AI research workers and updated regularly. Connect via MCP for programmatic access.