Cryptocurrency in Vietnam: What You Need to Know

Significant interest in blockchain (chuỗi khối) technology and cryptocurrencies in particular is growing every year. A number of business and professional groups have been established to push blockchain forward, including the Blockchain Union of Vietnam, as well as a division of the Vietnam Digital Communications Association to promote blockchain technology. The purpose of these organizations is to help Vietnamese businesses digitize assets on the blockchain platform, as well as to promote research and development of blockchain technology in Vietnam.

What You Need to Know about Vietnamese Crypto Regulations

In general, blockchain technology has no major legal problems; it is just an encryption, data storage and distributed ledger technology (sổ cái phân tán). 
It is with the use of this technology that legal issues can arise in Vietnam. So it is not that important for ordinary people to understand the technology behind it; they can use blockchain without knowing its code and programming interfaces. 

Classification

When bitcoin and other cryptocurrencies first appeared, the Vietnamese authorities had no specific regulations on how to classify and handle cryptocurrencies. Accordingly, based on the silence in the law, Vietnamese authorities banned cryptocurrency transactions. The blockchain technology itself does not raise legal issues for the Vietnamese. Only the use of this technology in the form of various types of cryptocurrency tokens raises Vietnamese legal issues.