Vietnam Proposes 0.1% Tax on Crypto Transactions via Licensed Providers

HANOI – Vietnam's Ministry of Finance has released a draft proposal that could introduce a 0.1% personal income tax on cryptocurrency asset transfers conducted through licensed service provider platforms. This proposed tax would apply to both residents and non-residents, aligning with the country's current securities transaction tax regime.

The draft legislation also specifies that cryptocurrency asset transfers and transactions would be exempt from Value Added Tax (VAT). For Vietnamese institutional investors, income derived from cryptocurrency asset transfers would be subject to a 20% corporate income tax.

Furthermore, the proposal outlines significant capital requirements for digital asset exchanges, mandating a minimum registered capital of 10 trillion Vietnamese Dong (approximately $408 million USD). Foreign ownership in these exchanges would be capped at 49%.

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