Ministry proposes tougher bitcoin regulations

The Ministry of Finance (MoF) has proposed to temporarily halt the import of bitcoin mining machines to improve the management of bitcoin and cryptocurrency transactions.
  • Top bitcoin exchange says over $30 million in cryptocurrencies stolen
  • PM orders tighter control of Bitcoin, cryptocurrency

According to the ministry’s report to the Government on cryptocurrency management, the bitcoin mining machine has not been mentioned in the list of forbidden imported goods, which has made it easy for businesses to import the machine.

However, the ministry said the use of bitcoin mining machines has shown complications in management, with the potential to be used illegally as a currency or in other non-cash payment methods.

Cryptocurrency is considered an illegal non-cash payment method in Vietnam. The use of virtual money as a means of payment is prohibited and will be handled according to the country’s legal regulations.

The MoF cited the example of a case in HCM City to prove shortcomings in virtual money management. An organisation based in the city, Modern Tech, reportedly duped 32,000 individuals in an investment of approximately 15 trillion VND (666 million USD) in two fraudulent digital currency projects.

This forced State management agencies to have strict solutions in place on the import of bitcoin mining machines, MoF said.

So far, the country has imported some 15,600 bitcoin mining machines.

These were mainly imported into three major cities - HCM City, Hanoi and Da Nang. Last year alone, more than 9,300 machines were imported, including 2,300 into Hanoi, some 7,000 into HCM City and the remaining into Da Nang.

In the first four months of the year, the country imported more than 6,300 bitcoin mining machines, including 4,300 machines into Hanoi and 2,009 machines into HCM City. 

Earlier, Prime Minister Nguyen Xuan Phuc asked the State Bank of Vietnam (SVB), financial institutions and other organisations providing payment brokerage services to intensify inspections and promptly report suspicious cryptocurrency transactions. 

PM Phuc issued Directive No 10/CT-TTg on the matter, following repeated warnings from relevant agencies on risks associated with Bitcoin and other cryptocurrencies, along with the threat that cryptocurrencies can be used to finance crimes, such as money laundering, terrorism, tax evasion and fraud.

Meanwhile, cryptocurrency trading and investment are on the rise, posing a threat to the stability of the financial market as well as social order and safety due to the high risks involved.

The PM instructed the Ministry of Public Security to join hands with the SBV and relevant ministries to detect and handle any case of cryptocurrency being used for illegal payment, any activity connected to money laundering and any terrorism-related activity sponsored via cryptocurrency. 

The MoF has been asked to study the global experience to recommend solutions to counter initial coin offering. In addition to this, the ministry should work to reduce the import of bitcoin mining machines.

The Ministry of Industry and Trade must channel efforts to address illegal activities related to the use of bitcoin to make payment on e-commerce websites or applications. The Ministry of Justice is responsible for completing a legal framework on the management and settlement of cryptocurrency or crypto assets.

VNS/VNA

Other News

A view of a container port in Singapore. (File photo: Xinhua/VNA)

Vietnam-Singapore trade cooperation gains fresh momentum

Analysts noted that Vietnam-Singapore ties are increasingly moving beyond traditional goods trade towards green growth, innovation and high-quality supply chains, laying a stronger foundation for more substantive and sustainable cooperation in the years ahead.

Vietnamese products make strong impression at Foodservice Australia 2026

Vietnamese products make strong impression at Foodservice Australia 2026

International visitors expressed positive impressions of Vietnamese products displayed at the fair. Nelma Sanjines, senior supervisor at ESP Catering in Sydney, praised the flavour of Vietnamese chilli sauce and soy sauce as well as the attractive packaging of confectionery products.

Digital technology helps standardise supply chains, sustain export competitiveness

Digital technology helps standardise supply chains, sustain export competitiveness

Experts noted that supply chain optimisation and risk management are no longer isolated tasks for individual companies but a requirement for the entire export ecosystem. With guidance from regulators, support from industry experts and their own efforts, Vietnamese exporters are expected to enhance their competitiveness and turn technical barriers and market volatility into opportunities for sustainable growth in global markets.

Vietnam seen as attractive investment destination for 2026–2035

Vietnam seen as attractive investment destination for 2026–2035

The article described Vietnam as strategically positioned along major regional maritime routes, including the East – West corridor linking the Americas, the Middle East, India and Europe, and the North – South corridor connecting China and Southeast Asia, helping make the country a gateway for international trade.

Eco-industrial parks seen as catalyst for higher-quality FDI

Eco-industrial parks seen as catalyst for higher-quality FDI

The eco-industrial park model will help Vietnam meet international environmental standards while creating opportunities to improve growth quality and economic competitiveness. Many multinational corporations now view green standards, emissions reduction and energy efficiency as key conditions when selecting investment destinations.

Promoting Vietnamese Brands at an International Food Fair in Gwangju

Promoting Vietnamese Brands at an International Food Fair in Gwangju

Alongside exhibition activities, trade promotion, and business networking programs, the “Gwangju Global Food Fair 2026” also witnessed the signing ceremony of a Memorandum of Understanding (MOU) between the Vietnam–Korea Businessmen & Investment Association (VKBIA) and the Gwangju Tourism Organization of South Korea.

Hanoi proposes subsidies to accelerate shift to electric vehicles

Hanoi proposes subsidies to accelerate shift to electric vehicles

Under a draft resolution currently open for public feedback by the municipal People’s Committee, residents with permanent or temporary residence registration in Hanoi for at least two consecutive years, who own petrol-powered motorbikes registered before the resolution takes effect, will be eligible for support when purchasing electric motorbikes priced at 10 million VND or more.

Private economic sector poised for breakthrough growth

Private economic sector poised for breakthrough growth

More than a year after the Politburo's Resolution No. 68-NQ/TW on private sector development came into effect, expectations now extend beyond increasing the number of enterprises. The goal is to build a stronger business community with greater resilience, larger ambitions and the capacity to compete in global supply chains.

Vietnam remains ASEAN growth leader in 2026 despite global headwinds: WB

Vietnam remains ASEAN growth leader in 2026 despite global headwinds: WB

Vietnam is expected to remain one of ASEAN’s fastest-growing economies in 2026, supported by resilient exports, strong investment inflows and an ambitious reform agenda, despite mounting global uncertainties, according to the World Bank’s latest Vietnam Economic Update released on May 15.

Ministry establishes monitoring framework for carbon market

Ministry establishes monitoring framework for carbon market

Under a new circular, the exchange of greenhouse gas emission quotas and carbon credits is conducted on the domestic carbon credit exchange through the carbon trading system, which is interconnected with the national registration system.