فيتنام تشدد قواعد العملات المشفرة بدءاً من سبتمبر – هل ستجلب مزيداً من الأمن أم عقبات جديدة للمستثمرين؟

من [اسمك]
starting from September 1, 2024, Vietnam will see significant changes for anyone involved with cryptocurrencies. The government in Hanoi has passed a new regulatory framework aimed at bringing clarity—but also raising many questions. The core intent is to curb the chaos in the crypto sector: fraud, money laundering, and speculative bubbles are all targets. Yet debate rages over who benefits from these rules and who may be harmed.
Who must now register—and why?
Decree 69/2024/ND-CP is Vietnam’s first serious attempt to impose a legal framework on cryptocurrencies. Previously, the legal status of digital assets was as hazy as a Hanoi summer dawn: one could trade Bitcoin and similar assets, but no one was quite sure what was allowed and what wasn’t. That legal limbo is now over.
From September onward, all entities operating in crypto must register with the State Bank of Vietnam (SBV). This includes exchanges, wallet providers, and companies managing blockchain infrastructure. Failure to comply could mean your business grinds to a halt. For users, this means one thing: anyone wishing to trade cryptocurrency will need to prove their identity.
The Know-Your-Customer (KYC) process is one of the most contentious points. Suddenly, every person holding or trading digital assets must surrender personal data, much like with a traditional bank. Authorities argue that this will deter money laundering and terrorist financing. Critics counter: why sacrifice privacy just to stop a few suspicious traders?
Then there are tokens. Only those explicitly approved by the SBV will be permitted for trading. Most analysts expect Bitcoin, Ethereum, and some stablecoins to secure licenses—while the rest may vanish from the market.
Smaller projects suffer—who really wins?
Some cheer: at last, there are rules; at last, more security! Others groan: this will stifle innovation at birth. Startups and decentralized projects are hit hardest. The new regulations are complex, time-consuming, and expensive—often a death



blow for small firms.
“Vietnam has had a vibrant crypto scene in recent years,” says Le Minh Tuan, a local crypto analyst, as we sit in a café in Hanoi. “But with these rules, the country might fall behind more liberal markets like Thailand or Singapore.”
Nguyen Thi Lan Anh, a crypto enthusiast from Da Nang, echoes the concern: “If only a few currencies are allowed, the market will become less attractive. People will migrate to foreign platforms—ones we cannot control.”
Preventing fraud or punishing the wrong people?
One stated aim of the new rules is to clamp down on the many scams of recent years. Who can forget the ICO scandals or pyramid schemes that wiped out life savings? The government wants transparency and stricter oversight—hard to argue against.
Yet some experts remain skeptical. “Criminals always find ways around regulations,” says Tran Duc Thang, a blockchain consultant from Ho Chi Minh City. “The real question is: are these new rules protecting honest investors—or simply making everything costlier and more complicated?”
Where is Vietnam heading with its crypto course?
While countries like El Salvador have embraced Bitcoin as legal tender, Vietnam is choosing control over freedom. Whether this is wise remains to be seen. On one hand, the system could foster greater trust—especially among institutional investors. On the other, innovative minds and projects may flee abroad.
For local crypto fans, hope remains that after a transition period the government will refine its approach. “It’s a step in the right direction,” Tuan says. “But much more needs to happen before Vietnam truly becomes an attractive crypto hub.”
One thing is certain: from September onwards, Vietnam’s digital finance landscape will shift dramatically. Whether the new rules bring more security or weigh heavily on investors’ backs will become clear in the coming months. What is already beyond doubt is that anyone dealing with cryptocurrencies in Vietnam will have to grapple with the new provisions—no way around it.