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Hong Kong vs Vietnam

Crypto regulation comparison

← Back to map | Hong Kong | Vietnam
Hong Kong

Hong Kong

Vietnam

Vietnam

Legal
Legal

Hong Kong has positioned itself as a major crypto hub in Asia with a comprehensive licensing regime. The SFC implemented a mandatory licensing framework for virtual asset trading platforms (VATPs) effective June 2023. Hong Kong has no capital gains tax, making it attractive for crypto investors and businesses.

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 No tax
Tax Type Income
Tax Rate 0%
Tax Rate Up to 25% (corporate); individual unclear
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining Yes Yes
Regulator SFC (Securities and Futures Commission), HKMA
Regulator SBV (State Bank of Vietnam), MOF (Ministry of Finance), MIC (Ministry of Information)
Stablecoin Rules HKMA developing a licensing regime for stablecoin issuers under a 2024 bill
Stablecoin Rules Crypto recognized as virtual assets under Law on Digital Technology Industry; payment use still banned
Key Points
  • Mandatory VATP licensing regime under the AMLO effective June 1, 2023
  • No capital gains tax in Hong Kong; profits tax applies only to business profits
  • SFC approved spot Bitcoin and Ether ETFs for retail investors in April 2024
  • HKMA consulting on stablecoin issuer licensing under a dedicated bill
  • Hong Kong actively competes with Singapore as Asia's leading crypto hub
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