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China vs Vietnam

Crypto regulation comparison

← Back to map | China | Vietnam
China

China

Vietnam

Vietnam

Banned
Legal

China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.

Vietnam passed the Law on Digital Technology Industry in June 2025 (effective January 2026), officially recognizing crypto as legal virtual assets. However, the SBV still bans crypto as a payment method. The law requires AML/cybersecurity compliance for all crypto activities. Vietnam consistently ranks among the top globally in crypto adoption. Ministry of Finance to issue detailed guidance before 2026.

Tax Type Unclear
Tax Type Income
Tax Rate N/A
Tax Rate Up to 25% (corporate); individual unclear
Exchanges No No
Exchanges No No
Mining No No
Mining Yes Yes
Regulator PBOC (People's Bank of China), CBIRC, CSRC
Regulator SBV (State Bank of Vietnam), MOF (Ministry of Finance), MIC (Ministry of Information)
Stablecoin Rules Not applicable; all crypto activities are banned
Stablecoin Rules Crypto recognized as virtual assets under Law on Digital Technology Industry; payment use still banned
Key Points
  • All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
  • Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
  • Financial institutions and payment companies prohibited from facilitating crypto services
  • China actively developing and piloting the digital yuan (e-CNY) CBDC
  • Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks
Key Points
  • Law on Digital Technology Industry (June 2025) recognizes crypto as legal virtual assets
  • SBV still bans crypto as payment method; not recognized as legal tender
  • Vietnam ranks #1 globally in crypto adoption (Chainalysis 2023 index)
  • AML and cybersecurity compliance required for all crypto trading activities
  • Ministry of Finance to issue detailed crypto regulatory guidance before January 2026
Sources
Sources