P2P Crypto in Vietnam: The Pilot Market, 0.1% Tax and Account Freeze Risks
Everything specific to P2P crypto with the Vietnamese dong: which exchanges and payment methods are in use, the pilot crypto-asset market and why trading outside licensed providers can be fined, the 0.1% tax in force since 2026, bank transfer rules and recent USDT money-laundering cases.
Exchanges with VND and the current spread
VND trades on all nine P2P exchanges P2P.Army tracks; Binance holds about 50% of the ads, and the rest belong to OKX, Bybit, MEXC and others. All of them are foreign exchanges with no license in Vietnam. In April 2026 OKX took a stake in CAEX, one of the five applicants with a valid license application. The table below is live.
| Exchange | Buy USDT | Sell USDT | Spread | Ads | Activity 24H |
|---|---|---|---|---|---|
 Binance | 26,005 | 26,002 | +0.01% | 1,549 | 143,520 |
 Okx | 26,332 | 25,897 | +1.68% | 530 | 19,517 |
 Bybit | 26,081 | 25,938 | +0.55% | 405 | 36,603 |
 Mexc | 26,645 | 25,875 | +2.98% | 287 | 9,299 |
 Bitget | 27,644 | 25,914 | +6.68% | 168 | 2,290 |
 BingX | 28,490 | 25,555 | +11.48% | 120 | 9,561 |
 Gate | 29,535 | 25,868 | +14.18% | 112 | 2,256 |
 HTX | 27,438 | 25,770 | +6.47% | 82 | 466 |
 Kucoin | 28,431 | 24,433 | +16.36% | 82 | 202 |
Average prices mix several payment methods and include ads from new accounts, so a large or negative spread in the table is a reason to check, not a trading signal.
Payment methods
| Method | Ads | Activity 24H | Exchanges |
|---|---|---|---|
| Bank Transfer | 3,675 | 135,231 | 6 |
| MoMo | 663 | 19,599 | 3 |
| ZaloPay | 307 | 3,761 | 2 |
| Bank Account | 245 | 8,264 | 1 |
| Viettel Money | 218 | 5,045 | 1 |
| CAKE | 178 | 1,837 | 2 |
| Banks transfer (Vietnam) | 167 | 6,860 | 1 |
| Transfers with specific bank | 147 | 2,253 | 1 |
Most P2P trades in VND are paid by bank transfer, followed by the MoMo wallet. The State Bank of Vietnam’s transfer rules directly affect P2P:
| Rule | What it says |
|---|---|
| Decision 2345/QĐ-NHNN (from July 1, 2024) | Biometric authentication for transfers above VND 10 million per transaction, when total transfers in a day exceed VND 20 million, and for e-wallet top-ups above VND 10 million |
| Circular 50/2024 (from January 1, 2025) | Transfers above VND 10 million to another person require an OTP and biometric authentication |
| Circulars 17 and 18/2024 (from January 1, 2025) | Accounts without biometrics or with outdated ID documents may have online and ATM transactions suspended |
| Decree 340/2025 (from February 9, 2026) | Buying, selling, renting or lending 1–9 bank accounts: a fine of VND 100–150 million; 10 or more accounts: VND 150–200 million |
| SIMO system | By September 28, 2026, it had sent 5.6 million warnings, and 1.9 million customers had stopped transactions worth over VND 6.3 trillion |
We found no public policy on crypto transactions from MoMo or from individual banks. What is certain: accept money only from an account in the counterparty’s own name — rented accounts are the main tool of fraud rings.
Taxes and regulation
| Rule | What it means for a P2P trader |
|---|---|
| Law on Digital Technology Industry No. 71/2025/QH15 (effective January 1, 2026) | Digital assets are property under the Civil Code; they are divided into virtual assets, crypto assets and other digital assets |
| Resolution 05/2025/NQ-CP (from September 9, 2025, 5-year pilot) | All transactions must go through providers licensed by the Ministry of Finance (up to 5 providers); minimum capital of VND 10 trillion; settlement in VND |
| Transition period | Domestic investors trading outside licensed providers face penalties 6 months after the first license is issued. As of October 28, 2026, no license had been issued |
| Decree 284/2026/NĐ-CP (from September 1, 2026) | Individuals trading outside licensed providers: a fine of VND 30–50 million; providing or advertising unlicensed services: VND 180–200 million for organizations, half that for individuals. Sources disagree on whether the investor fine applies from September 1 or after the 6-month period |
| Existing holdings | According to a State Securities Commission (SSC) representative, they can be kept in a personal wallet; there is no obligation to move them to a domestic exchange |
| Payments | Crypto assets may not be used in place of VND for payments; Decree 52/2024 prohibits issuing, supplying and using illegal means of payment |
| Tax (Circular 32/2026, from March 27, 2026) | Resident and non-resident individuals: 0.1% of the transfer price on each transfer, even at a loss; not subject to VAT. Vietnamese companies: 20% corporate income tax |
| Amended Personal Income Tax Law (from July 1, 2026) | 0.1% tax on transfers of digital assets; Decree 253/2026 classifies them as “other income”. Licensed providers withhold the tax (Circular 41/2026) |
For P2P trades on foreign exchanges, there is no specific guidance yet on how to calculate and pay the 0.1% tax. Keep your trade history and ask a tax professional about your situation.
Biometrics required for transfers above VND 10 million
Decision 2345/QĐ-NHNN.The National Assembly passes the Law on Digital Technology Industry
Effective from January 1, 2026.Resolution 05/2025 on the pilot crypto-asset market
Trading only through licensed providers.The Ministry of Finance starts accepting license applications
7 applications, 5 of them valid.0.1% tax on every transfer
Circular 32/2026/TT-BTC.Penalty Decree 284/2026 takes effect
Investor fines of VND 30–50 million.TCEX and CAEX reach level-4 information security
Still waiting for a license to open an exchange.The 6-month transition period ends
Trading outside licensed providers is penalized.
Risks in Vietnam
The main risk for a P2P seller is unknowingly receiving money from a scam victim: the account gets frozen even if the crypto has already been released, and dirty money is often split across many P2P trades. On August 3, 2026, Hai Phong police detained 28 people and froze 2,003 accounts at 36 banks holding over VND 3 trillion: people were paid about VND 5 million a month to open accounts, and USDT was bought from 27 sellers on Telegram. On October 29, 2026, authorities in Da Nang uncovered about VND 700 billion from “online job” and “fake COD order” scams that had been converted into USDT through a shell company.
The Ho Chi Minh City Blockchain Association recommends accepting money only from an account in the buyer’s name, refusing third-party transfers and keeping receipts and chat history.
- Trade with counterparties who have 100+ orders and a 95%+ completion rate; for large amounts, merchants only.
- Accept money only from the KYC account holder — never from third parties, relatives or a “company account”.
- Confirm that the money has arrived in your own banking app; do not trust screenshots or SMS.
- Use a separate account for P2P and withdraw profit regularly.
- For every trade, save the order number, chat, bank statement, transaction reference and the counterparty’s KYC name.
- Never rent out, lend or sell your bank account — besides the criminal risk, the fine is up to VND 200 million.
- Stop the trade if your banking app shows a fraud warning (SIMO) about the counterparty’s account.
Full VND market statistics — exchanges, average prices, activity and payment methods — are on the VND page.
Frequently asked questions
Is P2P crypto trading legal in Vietnam?
Digital assets have been recognized as property since January 1, 2026. Under Resolution 05/2025, trading must go through licensed providers; as of late October 2026 no license had been issued, and penalties for investors trading outside licensed providers begin 6 months after the first license. This is educational material, not legal advice.
What is the fine for trading on foreign exchanges?
Decree 284/2026: VND 30–50 million for individuals trading outside licensed providers. Sources disagree on whether the fine applies from September 1, 2026 or after the 6-month transition period.
What is the tax on selling crypto in Vietnam?
0.1% of the transfer price on every transfer, whether at a profit or a loss (since March 27, 2026); no VAT. For P2P trades on foreign exchanges, there is no guidance yet on how to declare it.
Do I have to move my existing crypto to a domestic exchange?
According to a State Securities Commission representative, existing holdings can stay in a personal wallet; there is no obligation to move them to a domestic exchange.
Why do bank accounts get frozen after P2P trades?
If the buyer pays with a scam victim’s money, the police can freeze the receiving account. Accept money only from an account in the counterparty’s name and keep all evidence of every trade.
Sources
- 1.P2P.Army: Thống kê VND trên các sàn P2PP2P.Army10/30/2026official
- 2.Luật Công nghiệp công nghệ số 2025 số 71/2025/QH15LuatVietnam6/14/2025
- 3.Toàn văn Nghị quyết số 05/2025/NQ-CP về triển khai thí điểm thị trường tài sản mã hóa tại Việt NamCổng TTĐT Chính phủ9/9/2025
- 4.Vietnam Begins Accepting License Applications for Crypto-Asset Trading PlatformsTilleke & Gibbins1/22/2026
- 5.
- 6.Vietnam tightens crypto trading rules from September 1VietNamNet7/27/2026
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- 12.CAEX đạt an toàn cấp độ 4, vẫn chờ giấy phép mở sànQUASA10/28/2026
- 13.Hướng dẫn chính sách thuế với giao dịch chuyển nhượng, kinh doanh tài sản mã hóaThời báo Tài chính Việt Nam3/29/2026
- 14.Cá nhân chịu thuế 0,1% trên từng lần chuyển nhượng tài sản mã hóa từ 27/3/2026LuatVietnam3/30/2026
- 15.Thu nhập từ chuyển nhượng tài sản số chính thức thuộc diện chịu thuế TNCNLuatVietnam7/3/2026
- 16.Từ hôm nay 1/7, chuyển nhượng tiền mã hóa phải nộp thuế 0,1%Stockbiz / VietnamFinance7/1/2026
- 17.Từ 01/7/2024, chuyển khoản trên 10 triệu đồng phải xác thực sinh trắc họcLuatVietnam12/27/2023
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- 19.Phạt tối đa đến 200 triệu đồng khi cho mượn tài khoản ngân hàngTạp chí Luật sư Việt Nam1/8/2026
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- 21.Vietnam’s booming P2P crypto market attracts traders despite mounting risksTuổi Trẻ News6/15/2026
- 22.Lập Công ty Tư Gia làm vỏ bọc, rửa tiền 700 tỉ đồng qua USDTTuổi Trẻ Online10/29/2026
- 23.Hải Phòng bóc gỡ đường dây rửa tiền bằng USDT, phong tỏa hơn 3.000 tỉ đồngBáo Tuyên Quang8/4/2026
About the author
Crypto expert, arbitrage trader and investor
Crypto expert and hands-on crypto arbitrage trader, investor and software developer with over 20 years of experience. On the P2P.Army blog he covers exchange news, P2P and cross-exchange arbitrage.
- Crypto arbitrage
- P2P arbitrage
- Cross-exchange arbitrage
- Crypto exchanges
- Investing
- Software development
