150-200 Million VND Fines for Crypto Payments in Vietnam: What You Need to Know

It’s 2026, and if you’re in Vietnam and you accept Bitcoin to pay for your coffee, your phone, or your rent, you could be hit with a fine of up to 200 million VND - that’s nearly $8,900 USD. This isn’t a rumor. It’s the law. And despite how common crypto use has become, the State Bank of Vietnam (SBV) still enforces this ban with real penalties.

Why Is Crypto Use as Payment Illegal in Vietnam?

Vietnam doesn’t ban owning Bitcoin or Ethereum. You can buy, hold, and trade them freely. But use them to pay for goods or services? That’s where the line is drawn. The legal basis comes from Decree No. 96/2014/ND-CP, which says any virtual currency used as a payment method is illegal. The SBV made this clear in October 2017: “The issuance, supply, and use of bitcoin and other similar virtual currencies as a means of payment is a prohibited activity in Vietnam.” The rule took effect on January 1, 2018, and it hasn’t changed since.

The reasoning? Control. The central bank fears losing oversight of money flow. Bitcoin transactions are anonymous, irreversible, and outside the banking system. That makes it easy for tax evasion, money laundering, or untraceable payments - all things Vietnam’s financial regulators want to shut down. Le Truong Tung, president of FTP University, put it bluntly: “Accepting bitcoin as payment will make the economy quite complex and difficult to control.”

It’s not just about crime. It’s about sovereignty. If people start using Bitcoin as currency, who controls inflation? Who sets interest rates? Who protects consumers? The SBV says only state-approved payment tools - like bank cards, mobile wallets, and payment orders - should be used. Everything else is considered an illegal substitute.

How Much Is the Fine, and Who Gets Hit?

The penalty for using crypto as payment is fixed: between 150 million and 200 million VND. That’s not a warning. That’s a fine you pay upfront, no court needed. It’s an administrative sanction, not a criminal charge - unless the case involves large-scale fraud or organized crime.

Who gets fined? Mostly businesses. Think of a tech startup accepting Bitcoin for SaaS subscriptions, a restaurant advertising “Pay with ETH,” or an online marketplace allowing crypto as payment. Even universities tried it back in 2017 - one planned to let students pay tuition in Bitcoin. The SBV stepped in immediately. The plan was scrapped within days.

Individuals rarely get fined for buying coffee with crypto. The system isn’t built to catch every person using a peer-to-peer wallet. But if you’re a merchant, especially one with a public-facing payment system, you’re a target. The General Department of Vietnam Customs reported in 2017 that daily crypto transactions in Vietnam were already worth thousands of U.S. dollars. That’s a lot of potential violations.

What About Holding or Trading Crypto?

Here’s the twist: you can still own it. You can still buy Bitcoin on exchanges like Binance or local platforms. You can still trade it, hold it, or even mine it. The law only bans using it as a payment method. That creates a strange gray zone. Many Vietnamese hold crypto as an investment, not a currency. They treat it like gold - something to store value, not spend.

This distinction matters. In 2021, Vietnam’s government circulated a draft decree that proposed treating crypto as a digital asset, not money. That means it could be taxed, regulated like securities, and tracked - but still not used to pay for goods. By 2022, the Ministry of Finance began drafting rules to tax crypto gains. That’s a big shift. They’re not legalizing crypto payments, but they’re starting to treat it like property. It’s a compromise: keep the ban on spending, but acknowledge it’s here to stay.

Why Is Vietnam Still Banning Crypto Payments When Everyone Else Is Adapting?

Compare Vietnam to its neighbors. Thailand licenses crypto exchanges. Singapore regulates digital tokens under its Payment Services Act. Even Indonesia and the Philippines have moved toward regulated crypto use. Vietnam didn’t go that route. It chose a hard line.

Some experts think that’s outdated. Dr. Nguyen Xuan Thanh from Harvard’s Kennedy School said in 2018: “Vietnam’s approach reflects traditional central banking concerns, but fails to recognize cryptocurrency’s potential as a technological innovation.” Blockchain isn’t just about money - it’s about transparency, smart contracts, and secure record-keeping. Vietnam’s ban doesn’t stop people from using the tech. It just pushes it underground.

And people are still using it. Chainalysis ranked Vietnam 8th globally in crypto adoption in 2021 - higher than Japan and South Korea. The World Bank found 43% of Vietnamese adults used digital payments in 2020. That’s a huge appetite for alternatives to cash and traditional banking. The SBV’s answer? Push more people into ZaloPay, Momo, and ViettelPay - state-approved apps they control. But many young users still prefer crypto for its speed, lower fees, and global access.

Is the Fine Actually Enforced?

Here’s the reality: the 150-200 million VND fine looks scary on paper. But in practice, it’s rarely applied. There are no public records of hundreds of fines being issued. The SBV hasn’t released numbers on how many businesses have been penalized since 2018. Most enforcement happens quietly - warnings, shutdowns of crypto payment gateways, or pressure on platforms to remove crypto options.

Dr. Tran Ngoc Ca from Vietnam’s Academy of Finance said in a 2023 interview: “The fine remains technically enforceable but has become increasingly difficult to implement as cryptocurrency usage grows.” That’s the truth. The law hasn’t changed. The technology has.

Today, peer-to-peer crypto trading is booming. Vietnamese users trade on Paxful, LocalBitcoins, and even Telegram groups. They convert crypto to cash through trusted intermediaries - no merchant system involved. That’s legal. As long as you’re not running a business that accepts crypto directly, you’re not breaking the law.

So while the fine exists, it’s more of a deterrent than a daily tool. The SBV is trying to control the narrative, not every transaction. They know they can’t arrest everyone using crypto. But they can shut down platforms that make it easy.

What Should You Do If You Run a Business in Vietnam?

If you’re a small business owner, freelancer, or e-commerce seller:

• Don’t display crypto as a payment option. Even saying “We accept Bitcoin” on your website or social media can trigger a complaint.
• Don’t integrate crypto payment gateways. Tools like BitPay or Coinbase Commerce are blocked in Vietnam. Using them puts you at risk.
• Use approved payment methods. ZaloPay, Momo, VNPay, and bank transfers are safe. The SBV supports these - and they’re growing fast.
• Hold crypto as an investment, not cash. If you’re buying Bitcoin for long-term value, that’s fine. Just don’t use it to pay your suppliers or customers.

There’s no gray area here: if you’re accepting crypto as payment, you’re breaking the law. The fine is real. The risk is real. And the SBV doesn’t need to prove intent - just that the transaction happened.

What’s Next for Crypto in Vietnam?

The writing is on the wall. Vietnam won’t legalize crypto payments anytime soon. But it also won’t stop people from using it. The government is walking a tightrope: suppress spending, but regulate ownership. Tax gains. Block exchanges that don’t comply. Encourage digital payments - but only their version.

By 2026, we’re likely to see more clarity on crypto taxation, stricter licensing for exchanges, and maybe even a central bank digital currency (CBDC) pilot. But don’t expect the payment ban to lift. The SBV isn’t giving up control. The 150-200 million VND fine is still the stick they use to keep crypto out of everyday transactions.

For now, if you want to use crypto in Vietnam, treat it like a savings account - not a wallet. Buy it. Hold it. Maybe even sell it for profit. But don’t try to spend it. The fine isn’t just a number. It’s a warning: this system doesn’t want you using crypto to pay.