When can cryptocurrency transactions in Vietnam be subject to criminal liability?

Cryptocurrency trading in Vietnam is becoming increasingly popular, but it also comes with many legal risks, especially from a criminal law perspective for investors and foreigners. There have been numerous cases where individuals were invited to work with authorities or even investigated for actions that seemed “normal.” So where is the legal boundary you need to be particularly aware of?

When can cryptocurrency transactions in Vietnam be subject to criminal liability?

In recent years, cryptocurrency (crypto) trading has become common in Vietnam, especially among foreigners living, working, or investing here. However, many individuals have been summoned by authorities, and in some cases even prosecuted, for activities related to crypto.

What worries many people is that: for the same transaction behavior, some face no issues, while others are subject to criminal proceedings. So where is the line?

This article will help you understand the legal risks, especially from a criminal perspective in Vietnam, in a clear, practical, and solution-oriented way.

Cryptocurrency in Vietnam: Not prohibited, but not recognized

Currently, under Vietnamese law (based on regulations of the State Bank of Vietnam and related documents), cryptocurrency is not recognized as a legal means of payment.

This means:

• You are not prohibited from owning or trading crypto

• But you are not allowed to use crypto to pay for goods or services

This is the key point that causes many people to unintentionally enter a legal risk zone.

When can crypto transactions be considered criminal?

Not all crypto transactions are criminally prosecuted. However, in certain cases, authorities may assess the conduct as a crime.

Using crypto as a means of payment

One of the most common risks is:

• Using USDT, BTC… to pay for contracts, purchases, or transfer money instead of cash

Under current regulations:

• This behavior may be subject to administrative penalties

• In serious cases (large value, organized activity, repeat offenses), it may be considered under Article 206 of the 2015 Criminal Code (amended 2017) regarding violations of banking regulations

Especially for foreigners, cross-border transfers via crypto may attract greater scrutiny.

Participating in crypto-related scams or multi-level schemes

This is the highest-risk group leading to criminal liability.

Common signs include:

• “Coin investment” projects promising high returns

• Multi-level (MLM) structures with tiered commissions

• No real products, only money circulation

In such cases, participants may face:

• Fraudulent appropriation of property (Article 174)

• Using computer or telecom networks to appropriate property (Article 290)

Many foreigners in Vietnam have been implicated simply for acting as “marketers” or “group admins” without fully understanding the risks.

Specific legal risks for foreigners in Vietnam

For foreigners, legal risks in crypto transactions come not only from direct actions but also from how authorities assess their level of involvement.

In reality, many cases involve individuals who did not directly commit violations but were still invited for questioning due to connections to money flows, accounts, or relationships with investigated persons.

Being considered an accomplice or related person

Under the Criminal Code:

• Those who assist, support, or knowingly participate may be considered accomplices

Examples:

• Lending accounts to receive crypto

• Assisting in money transfers

• Referring others to projects

Even if you are not the “mastermind,” you may still be investigated.

Risks from lack of understanding of Vietnamese law

This is very common among foreigners:

• Applying legal practices from other countries

• Not knowing how crypto is restricted in Vietnam

Possible consequences include:

• Temporary detention or custody

• Exit bans

• Impact on visa or work permit

More importantly, working with investigative authorities in Vietnam can be very different from your home country.

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