Vietnam’s Ministry of Finance proposes a 0.1% tax on crypto transactions via licensed platforms, treating digital assets like stocks under a new regulatory draft.
The proposal aligns crypto taxation with securities rules, affecting trades with a focus on licensed platforms, highlighting regulatory evolution in Vietnam’s approach to digital assets.
Vietnam’s Ministry of Finance has introduced a draft circular aiming to implement a 0.1% tax on cryptocurrency trades. The proposal aims to regulate digital assets similarly to securities. Public feedback is being sought on the draft.
The draft outlines a tax on transaction turnover for individuals and foreign corporates using licensed platforms. Under the proposal, digital assets will be treated as securities. The plan is part of a broader regulatory effort.
The proposed tax is expected to impact all crypto/digital assets, including Bitcoin and Ethereum. By regulating trades similarly to securities, authorities aim to streamline oversight in Vietnam’s burgeoning crypto industry.
This action could have significant financial implications for traders and platforms operating in Vietnam. The regulation also incorporates a 20% corporate tax on net gains for Vietnam-based firms, aligning with existing financial policies.
“All information gathered pertains to the Ministry of Finance’s draft circular proposing the tax, with no individual statements or commentary from industry leaders or other stakeholders identified in the provided sources.”
With the proposal, Vietnam follows in aligning crypto regulations with financial standards. The move echoes trends seen in other markets moving towards stringent crypto governance measures to mitigate risks and ensure tax compliance.
The potential enactment in 2025 introduces a five-year pilot, offering insights into broader cryptocurrency stewardship and economic integration. This initiative aligns with Vietnam’s Law on Digital Technology Industry set for June 2025.
This article provides an overview of Vietnam’s proposal for a 0.1% tax on crypto trades, aimed at aligning digital asset regulation with securities’ regulatory frameworks and broader financial standards.
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