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

Vietnam Crypto Payment Fines: 150‑200 million VND Penalties Explained Feb, 24 2025

Vietnam Crypto Fine Calculator

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Under Vietnam's regulations, using cryptocurrency as a payment method carries a fixed fine of 150-200 million VND ($6,500-$8,900 USD). This tool helps you understand what this fine means in practical terms.

Vietnam Crypto Payment Fine 150-200M VND
Equivalent in USD: $6,500 - $8,900

This is a fixed penalty regardless of transaction size. The fine is enforced when cryptocurrency is used as payment for goods or services according to Decree No. 96/2014/ND-CP.

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.

Cartoon of a central bank official warning against crypto payments, with icons for sovereignty and tax concerns.

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.

Cartoon of a shop owner reviewing a checklist that advises against accepting cryptocurrency.

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

Crypto payment fines in Southeast Asia (2023‑2025)
Country Legal status of crypto payments Typical fine (USD) Enforcement focus
Vietnam Prohibited - 150‑200 million VND $6,500‑$8,900 High‑profile merchants, wallets linked to businesses
Thailand Allowed with licensing Up to $2,500 (unlicensed activity) Unlicensed exchanges, illegal AML
Singapore Regulated under Payment Services Act Variable - up to $10,000 for non‑compliance Unregistered token service providers

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.

Can I legally hold cryptocurrency in Vietnam?

Yes. Holding crypto is not prohibited, but using it to pay for goods or services violates Decree 96/2014/ND‑CP and can trigger a 150‑200 million VND fine.

What exact activities are punishable?

Issuing, supplying, or accepting bitcoin or other virtual currencies as a payment method, including QR‑code payments, point‑of‑sale transactions, and invoicing in crypto.

How often does the SBV actually fine businesses?

Public data on exact numbers is scarce, but high‑profile cases-such as the 2017 university payment plan-show the SBV will act quickly when a merchant publicly announces crypto acceptance.

Is there any way to avoid the fine while still using crypto?

The safest approach is to keep crypto transactions strictly peer‑to‑peer and convert any received crypto to VND through a licensed exchange before using it for business purposes.

Will Vietnam ever relax the payment ban?

Recent drafts hint at treating crypto as a taxable asset, but the ban on payments remains unchanged. A major policy shift would likely require new legislation and a clear framework for oversight.

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19 Comments

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    Lawrence rajini

    October 26, 2025 AT 00:45
    Vietnam's crypto ban is wild but makes sense tbh 🤷‍♂️ People using it to pay for coffee is one thing, but imagine tax evasion on a national scale. The fines are steep but not unreasonable.
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    Will Barnwell

    October 26, 2025 AT 18:36
    So let me get this straight - holding crypto is chill but using it to buy pho is a $8k fine? That’s like banning cash for groceries but letting you hoard it in your mattress. Classic overreach.
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    Matt Zara

    October 26, 2025 AT 23:10
    I get why they’re scared - crypto’s wild west and they’re trying to protect their economy. But banning payments while letting people hold it? That’s like saying you can own a gun but can’t point it at anything. Feels arbitrary.
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    Jean Manel

    October 27, 2025 AT 02:38
    This is what happens when bureaucrats think they can control technology. Vietnam’s just delaying the inevitable. The fine is a joke - people will just use P2P and laugh all the way to the bank.
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    William P. Barrett

    October 27, 2025 AT 21:54
    There’s a deeper tension here - between sovereignty and innovation. The state wants control, but crypto’s whole point is decentralization. You can’t outlaw a tool and expect the behavior to vanish. You just make it invisible.
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    Cory Munoz

    October 28, 2025 AT 05:20
    I think the real win here is that people are still using crypto despite the ban. That tells you something about demand. Maybe the fines aren’t the end goal - maybe they’re just buying time to figure out how to regulate it properly.
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    Jasmine Neo

    October 28, 2025 AT 06:25
    Vietnam’s not weak - they’re protecting their currency from foreign digital chaos. If you want to use crypto, go to Singapore. Don’t try to undermine our monetary system with some blockchain fantasy. This fine is justified.
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    Ron Murphy

    October 29, 2025 AT 04:21
    The enforcement focus on high-profile cases is telling. They’re not trying to catch every individual - just sending a message. Smart. Makes the ban scalable without needing a police state.
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    Prateek Kumar Mondal

    October 30, 2025 AT 02:27
    People in Vietnam still use crypto for remittances and savings. The ban is more about perception than reality. The real economy runs on cash and mobile wallets anyway
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    Nick Cooney

    October 30, 2025 AT 16:33
    so like… you can own bitcoin but not use it to pay for your rent? what a joke. i mean if i buy a house with gold, is that illegal too? 🤔
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    Clarice Coelho Marlière Arruda

    October 30, 2025 AT 18:04
    i just dont get why they dont just tax it like normal money? like if you use it to buy stuff, tax the gain? why make it a crime? 🤷‍♀️
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    Brian Collett

    October 31, 2025 AT 12:56
    Chainalysis ranking Vietnam 8th in adoption and they’re still punishing payments? That’s like banning pizza because people eat too much of it. The market’s already moved on.
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    Allison Andrews

    November 1, 2025 AT 07:51
    It’s not about the money. It’s about control. The state doesn’t want to lose its grip on the flow of capital. Crypto’s a threat not because it’s dangerous - but because it’s uncontrollable.
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    Wayne Overton

    November 1, 2025 AT 09:29
    Fines are meaningless. People just use Binance P2P. The government’s chasing ghosts.
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    Alisa Rosner

    November 2, 2025 AT 00:32
    Just a friendly reminder: if you’re in Vietnam and you get crypto, convert it IMMEDIATELY to VND via a licensed exchange! Don’t wait! Don’t risk it! Your business could be fined 200 million VND! 💸✅
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    MICHELLE SANTOYO

    November 2, 2025 AT 19:02
    They say they’re protecting the economy but really they’re protecting their own power. Crypto doesn’t care about your decrees. It’s already everywhere. This is just theater.
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    Lena Novikova

    November 3, 2025 AT 16:46
    150 million VND? That’s like 6k USD. You think someone running a small shop is gonna pay that? Nah. They’ll just disappear and reopen under a new name. This law is paper tiger stuff
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    Kevin Johnston

    November 3, 2025 AT 17:34
    If you’re holding crypto in Vietnam you’re basically doing the right thing. Just don’t spend it. Invest. Wait. Let the system catch up. 🚀
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    Dr. Monica Ellis-Blied

    November 3, 2025 AT 19:35
    While the fines are substantial, the underlying policy reflects a necessary caution in emerging markets. Financial stability must precede innovation. The State Bank of Vietnam is not being reactionary - it is being responsible.

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