Vietnam Crypto Payment Fines: 150‑200 million VND Penalties Explained

Feb, 24 2025

When Vietnam’s central bank started cracking down on crypto transactions, the headline was hard to miss: a fine of 150‑200 million VND for anyone caught using digital coins as a payment method. Cryptocurrency payments are defined as any transaction where a virtual currency is used to settle goods, services, or debts. The ban, enforced by the State Bank of Vietnam (SBV), has reshaped how businesses and users think about digital money in the country.

Legal Foundations of the Ban

The prohibition traces back to Decree No. 96/2014/ND-CP, which governs administrative sanctions in monetary and banking activities. Clause 6, Article 27 explicitly states that issuing, supplying, or using bitcoin and similar virtual currencies as a means of payment is a prohibited activity, with fines ranging from 150 million to 200 million VND.

Two other legal texts reinforce the ban:

• Decree 101/2012/ND-CP on non‑cash payment, later amended by Decree 80/2016/ND-CP, which lists only bank‑issued instruments as lawful means of payment.
• A directive from Prime Minister Nguyen Xuan Phuc that called for a clear legal framework on virtual assets, prompting the SBV to publish its final regulation on 28 October 2017.

These statutes create a narrow, well‑defined window: holding crypto is not illegal, but using it to pay for coffee, tuition, or rent is.

Why the Ban? Central Bank’s Rationale

SBV officials argue that crypto payments threaten monetary sovereignty and make tax compliance difficult. Le Truong Tung, president of FTP University, told Coin Intelligence that accepting Bitcoin would “make the economy quite complex and difficult to control,” citing risks of tax evasion and illegal transfers.

Academic voices echo this concern. Dr. Nguyen Xuan Thanh, former director of the Vietnam Program at Harvard’s Kennedy School, noted in a 2018 interview that Vietnam’s stance reflects “traditional central banking worries about monetary sovereignty,” even if it sidelines the technology’s innovation potential.

Enforcement in Practice: Real‑World Cases

Before the official start date of 1 January 2018, a university announced plans to accept Bitcoin for tuition. SBV intervened, warning that the move would breach the decree, and the university withdrew the proposal. The episode, documented by legal analyst ERIC KIM, showed the regulator’s willingness to act early.

After the ban took effect, the SBV coordinated additional penal sanctions, though public prosecution numbers remain low. By November 2019, the bank announced “coordinated penal sanctions for such acts involving these now illegal cryptocurrencies,” but most enforcement appears to target high‑profile merchants rather than the peer‑to‑peer market that thrives under the radar.

Community forums like Bitcoin Vietnam News reveal that users still exchange crypto via informal channels, carefully avoiding any transaction that could be traced as a payment to a business, thereby steering clear of the 150‑200 million VND fine.

Impact on the Vietnamese Crypto Ecosystem

Despite the ban, Vietnam ranks 8th globally in crypto adoption according to Chainalysis’s 2021 Global Crypto Adoption Index. The paradox stems from a strong appetite for digital assets coupled with limited legal pathways for using them in everyday commerce.

Non‑cash payments overall have grown 35% annually since 2015, driven by SBV‑backed digital banking initiatives. The ban forces users to keep crypto in wallets (as an investment) while relying on state‑approved e‑payments for daily spending. This split creates a compliance gray zone that many businesses navigate by converting crypto to VND through offshore exchanges before accepting payment.

Recent Regulatory Shifts and Future Outlook

In December 2021, a Draft Decree on Management of Virtual Assets resurfaced the prohibition on payments but hinted at treating crypto as taxable assets. The Ministry of Finance’s 2022 Draft Circular on Tax Management for Virtual Asset Transactions further signaled a willingness to tax holdings, even as the ban on payments remains untouched.

Experts like Le Hong Hiep argue that Vietnam is missing an opportunity to harness blockchain technology while focusing solely on monetary control. Meanwhile, Dr. Tran Ngoc Ca observed in a 2023 interview that “the fine remains technically enforceable but has become increasingly difficult to implement as cryptocurrency usage grows,” suggesting pressure for regulatory modernization.

Practical Guidance for Businesses and Users

If you run a shop, a restaurant, or any service in Vietnam, the safest route is to avoid accepting any cryptocurrency directly. Here’s a quick checklist:

1. Never display crypto wallets or QR codes at the point of sale.
2. If you receive crypto from a partner, immediately convert it to VND via a licensed exchange before recording revenue.
3. Maintain clear accounting records that separate crypto holdings (investment) from ordinary sales.
4. Stay updated on SBV announcements; the 2022 Monetary Policy Report reiterates the fine structure.

For individual users, the key is to keep crypto transactions off any platform that could be identified as a merchant. Peer‑to‑peer trades, decentralized exchanges, and private wallets remain the most discreet methods.

Regional Comparison of Crypto Payment Penalties

The table shows Vietnam’s fines sit in the mid‑range globally but are stricter than Thailand’s licensing model and comparable to Singapore’s broader regulatory penalties.

Bottom Line

The 150‑200 million VND penalties are real, backed by multiple decrees, and enforced when crypto meets a commercial transaction. Yet, the ecosystem adapts: investors hold crypto, merchants convert it offshore, and the government quietly nudges tax‑compliant reporting. If you’re planning to operate in Vietnam, treat crypto as an investment‑only asset and steer clear of any payment‑related usage unless the legal landscape notably shifts.