Estonia vs Vietnam
Crypto regulation comparison
Estonia
Vietnam
Legal
Legal
Estonia was an early mover in crypto regulation, offering licenses since 2017. However, a 2022 overhaul significantly tightened requirements, revoking hundreds of licenses and imposing stricter capital and compliance standards. Crypto gains are taxed at 20% (rising to 22% from 2025).
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
Capital gains
Tax Type
Income
Tax Rate
20-22%
Tax Rate
Up to 25% (corporate); individual unclear
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
Yes
Regulator
Finantsinspektsioon (EFSA), Rahapesu Andmebüroo (FIU)
Regulator
SBV (State Bank of Vietnam), MOF (Ministry of Finance), MIC (Ministry of Information)
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
Crypto recognized as virtual assets under Law on Digital Technology Industry; payment use still banned
Key Points
- Estonia issued crypto licenses since 2017 but drastically tightened rules in 2022
- Hundreds of crypto licenses were revoked in 2020-2022 due to AML concerns
- New requirements include higher share capital (€100,000-€250,000) and local management
- Crypto gains taxed at 20% personal income tax (22% from 2025)
- MiCA framework applicable from December 2024
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