Kyrgyzstan vs Vietnam
Crypto regulation comparison
Kyrgyzstan
Vietnam
Legal
Legal
Kyrgyzstan adopted the Law on Virtual Assets in 2022 requiring licensing for exchanges, mining, and VASPs. Over 120 licensed VASPs operate. Crypto turnover exceeded traditional securities market in 2024.
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
Income
Tax Type
Income
Tax Rate
10%
Tax Rate
Up to 25% (corporate); individual unclear
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
Yes
Regulator
State Financial Supervision Authority
Regulator
SBV (State Bank of Vietnam), MOF (Ministry of Finance), MIC (Ministry of Information)
Stablecoin Rules
Regulated under Virtual Assets Law
Stablecoin Rules
Crypto recognized as virtual assets under Law on Digital Technology Industry; payment use still banned
Key Points
- Law on Virtual Assets adopted in 2022 with licensing framework
- Over 120 licensed VASPs active by late 2024
- Three license types: trading operator, currency exchanger, mining operator
- Crypto sector contributed 800M KGS in taxes in 2024
- Virtual assets not recognized as legal tender but circulate under special regime
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