Bitcoin Forum

Is bitcoin ok in Viet Nam?

online and offline.

1. what is the best place for changing bitcoins in Vietnam?（bitcoin to cash）

2.what is best site for online exchanging?

THX！

As per my quick Google-ing: "Cryptocurrencies are legal in Vietnam as an asset but are illegal as a medium of exchange"[1]. DYOR. If you're in Vietnam, you're in a far better situation in knowing Bitcoin's situation there than us in different countries.

1. Binance P2P, most of the time
2. Binance

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[1] https://cryptowallet.com/academy/how-to-buy-crypto-vietnam/

Exchanging bitcoins in Vietnam shouldn't be too much of an issue because it ranks 2nd in Asia based on crypto volume held.
As @mk4 has said, despite its popularity, it's illegal as a medium of exchange. Even though the government has not set out clear laws against it, they criticize it, as expected of course.

Aside from Binance and Binance P2P which have already been mentioned, BitcoinVN and Vbtc are credible exchanges you can use to exchange your Bitcoin to fiat or from fiat to Bitcoin.

Just make sure not to leave your coins in any exchange, not even Binance. Treat it as a marketplace where you buy coins and move to your non-custodial wallet or where you exchange for fiat and transfer the money to your bank account.

1. I'm not Vietnamese, so I can't answer it, maybe you can try to ask other users in your local. (https://bitcointalk.org/index.php?topic=60101.0)

2. Best is completely vary from one person to other. If you don't mind with KYC, you can take a look with popular centralized exchanges e.g. Binance, Kucoin, Bybit. If you want to trade without KYC, you can use Agoradesk (https://agoradesk.com/buy-bitcoin-with-vnd-in-viet-nam).

i don't live in vietnam, but i come from a country close to vietnam, so to your question, is it possible to trade bitcoin in vietnam? the answer is very possible. you can choose binance, okex, or local exchange bitcoinvn for bitcoin trading. as for which platform is more recommended, i can say that binance is the most recommended. but if you want to cash bitcoin into local currency you can use bitcoinvn.

I'm also not from Vietnam, but based on some research here in our community, BitcoinVN - Vietnam's first and oldest Bitcoin Exchange (https://bitcointalk.org/index.php?topic=5215245.0).

And if so, if there is a local exchange, it's a sign that bitcoin is readily accepted by the government or at least it is in the gray area (not illegal).

So you might want to try that local exchange and see how it goes to you. Best of luck!!

You know I'm not from Vietnam, and I'm too lazy to research the thing you want to know the answer to. Maybe try doing some research on Google to find out what you should do. There are many ways for you to know the situation of Bitcoin in Vietnam.

Second, there is also a Vietnamese local here on this forum platform so that you can more easily understand and communicate with your fellow countrymen and friends.

LOCAL VIETNAMESE : https://bitcointalk.org/index.php?topic=60101.0

I am not from Vietnam, but as per my research it’s not legal in the country. This doesn’t means that illegal also, the fact is that, Bitcoins are not accepted properly there. So as long as you follow the rules set by your country and transact Bitcoins, you won’t face any problem. Regarding where to buy the coins, then I would suggest try P2P exchanges like Binance or Paxful. Both have user friendly UI, and you can buy/sell coins in few clicks.

There are pockets of warnings about the use of Bitcoin by businesses from the government but I don't think they have outrightly banned it publicly for the citizens. But this should be best known by the citizens. We only read from the news.

However, there are local bitcoin exchanges like the P2P platforms that are operating in the country. Like the BitcoinVN amongst others. I also heard that Cryptocurrency enthusiasts within the country through meet ups or events that they organize locally.

There are other international exchanges like Binance and Coinbase that are equally being used but I don't really know whether they are restricted or regulations from the government of the Vietnam.

I remember one of the sources I read about Bitcoin law in Vietnam, which stated the following.
Vietnam: Is it illegal to purchase or trade Bitcoin? (https://www.lexology.com/library/detail.aspx?g=4c253fda-a6e8-462a-8334-0caa97e40937)

Bitcoin law in Vietnam is almost the same as law in other neighboring countries, so the conclusion is as in the quote above.

Maybe this topic can be important information for you.

* Topic: Cash2VN - Crypto Remittance to Vietnam [cashout to local bank account & cash] (https://bitcointalk.org/index.php?topic=5235517.0)

You can see here: Topic: BitcoinVN - Vietnam's first and oldest Bitcoin Exchange. (https://bitcointalk.org/index.php?topic=5215245.0), Maybe that could be important information for you.

If bitcoin is a legal cryptocurrency accepted as a medium of exchange and for payment of goods and services, by the means of a legal currency in Vietnam, then you shouldn't find it difficult to make use of the coin for an exchange, there should be services that accepts that, there should also be exchanges operating there, as you've already been informed to make search from the use of google in related applicable areas you could have a comfort use of bitcoin for whatever purpose you desired.

I noticed that Coin ATM Radar has 5 ATM's in Ho Chi Minh City. Perhaps their laws are not very well enforced?

 There are investors in bitcoins in every place regardless of the opinion or stand of the government on bitcoins in that location. Bitcoin is not location specific and restricted to people from a place because of its decentralized nature where it is not being controlled or issued by someone. Bitcoin is okay to own in any location you find yourself, you just need to know the way people around you round you and in the same situation as you going about their investment in bitcoins, from purchasing it to owning it.

It is very hard to tell you about Bitcoin whether is legal or illegal in Vietnam. Every country has its laws about digital currency or cryptocurrency and based on their laws someone will conclude whether it is legal or not. Both of your questions are very difficult to answer for a person who is not from that region but as according to my short research I came to know that if you are keeping cryptocurrency as an asset then it is legal but if you are using it as a medium of exchange it is illegal and a website I check said that Bitcoin is illegal here is the  Link (https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.lexology.com/library/detail.aspx%3Fg%3D4c253fda-a6e8-462a-8334-0caa97e40937&ved=2ahUKEwim68OTjJyDAxUOVqQEHUJ1B1YQFnoECBkQAQ&usg=AOvVaw04g49K0whYKGFy1o5gCyG-) of the website you can go and check it.

Also if you are willing to know more about this then go to your local thread where you can easily get your answer from your country mates.
This is the link to your local thread https://bitcointalk.org/index.php?topic=60101.msg699542#msg699542

Do not take legal information from here. The answers above are not from vitamins, and if they are, you need to ask them about the source of the legal data. A Google search may give misleading results, so you need to ask a lawyer specialized in financial affairs before you make a purchase, or in the best case scenario, do it P2P is in a public place and in small amounts.

Yeah, the responses above are not from vitamins so OP can hardly get any nutrients from them. LOL!

Kidding aside, yeah, they aren't coming from Vietnamese or from people residing in Vietnam, but I guess it's not really a question of complicated legality. It's probably enough that OP knows that Bitcoin is legal in the country and that he/she can purchase some without violating any laws.

OP, I guess tranthidung (https://bitcointalk.org/index.php?action=profile;u=1292764) here is Vietnamese. She's probably one of the most, if not the most, prominent and active Vietnamese here. You might want to consult with her for first-hand information regarding Bitcoin in Vietnam.

I am not from Vietnam but I think that the situation of cryptocurrency market in there - most especially with Bitcoin - is similar to my own county: not legal but not also declared as illegal meaning it is in limbo as far as regulations and the government can be concerned. With this situation, the crypto market is actually booming as I have seen before many projects being introduced from Vietnam. Now, it would be different if the government can recognized this sector but then again this can be a lot better than the stance taken by the Chinese government in banning crypto. I am hoping to see more people from Vietnam talking and accepting cryptocurrency so one day Asia can be considered as the big leader and the bedrock of this new digital economy.

they, vietnam, really do not have a definitive set of laws regarding cryptocurrencies it is not illegal per se but it is also not exactly legal you can definitely hold bitcoin as an investment there but you probably won’t be able to use it for daily transactions

lots of countries particularly in asia have blurred regulations regarding bitcoin or crypto in general most of them recognize bitcoin as an investment but does not encourage trading or of the likes it’s quite a blurry line to cross

Google is a search engine, basically helping gather information from various websites, like local news site or blogs in different countries. Instead of saying 'Google might provide misleading results,' why not say 'Google can assist in finding valuable data from other websites'...that makes sense too, right? National media in Vietnam is undoubtedly a reliable source of data. It's better to trust that than avoiding Google forever just because we think it might present unreliable data.

At least it's better than sticking to limited information that won't yield any results.

For more detailed information, we can check out the Vietnamese-language thread on this forum (https://bitcointalk.org/index.php?topic=60101.8280). But I'm not sure if you'll get a quick response, as the Vietnamese thread has been inactive for the past month.

There are crypto jobs in Vietnam and crypto companies that are based there like Sky Mavis for their game Axie Infinity.

That means, if they are able to operate there means to say that cryptocurrency in general there is legal and fine. Which also means that Bitcoin is totally okay there.

So, there you go and about the exchanges as suggested those can work for you but wait until a real Vietnamese comes and reply to this thread on how they do the exchange into cash.

The answers already provided to you OP, now what it means when they say it's illegal as a medium of exchange is that you can't use it to exchange for goods and services, Binance is probably a good place to do trading of bitcoin, P2P in Binance is a good way to buy and sell bitcoin or you can convert to USDT then swap that USDT to Vietnamese dong.

I visited Vietnam Last year, I am not sure about the legality of Bitcoin in here, but you can't directly purchase anything with Bitcoin as far as I know. There is a Vietnam based crypto exchange https://bitcoinvn.io/ so I guess it's not completely illegal, but to use this exchange you will need to have account on Vietnam local bank.

My advice  if you still want to use Bitcoin as your main reserve is you can ask for Debit Card from your bank, then use your usual way to convert Bitcoin to your own local currency and then transfer it to your bank account, and use your debit card to withdraw some cash in Vietnam ATM. 

That's what I did on my last visit to vietnam