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Vietnam crypto-exchange landscape — SBV regulatory ambiguity / ONUS / Remitano / grey market overview

Confidence: Likely Updated 2026-05-25 Review by 2026-09-22 Sources 7 Machine-translated Original (JA)
#exchanges#cex#vietnam#vnd-pair#regulatory-ambiguity#gray-market
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This entry sits under exchanges index. Read it against CoinDCX India / Mercado Bitcoin Brazil for new-market peer / contrast context, global CEX top 10 comparison for the broader global benchmark, and Global VASP regulatory 8 -pole comparison matrix — JP / KR / HK / SG / EU / US / UAE / UK for the regulatory boundary view.

Vietnam is one of the world’s top-tier adoption countries on the Chainalysis Global Crypto Adoption Index · but the SBV (State Bank of Vietnam) does not recognize crypto as legal tender or a means of payment, and there is no VASP licensing regime · the main operators are ONUS / Remitano + offshore CEXs (Binance, OKX, MEXC, Bybit, etc.)

1. Overview of the regulatory environment (as of 2026 年)

The official position of the SBV (State Bank of Vietnam)

  • 2017 年 circular: crypto is not recognized as legal tender or a means of payment (use as a payment instrument is illegal)
  • 2018 年 Prime Minister’s order (Decision 1255/QĐ-TTg): directs the commencement of research toward developing crypto-asset-related legislation
  • 2024–2026 年 period: drafting of the Virtual Asset / Digital Asset Law (Luật về tài sản số) is in progress (the Ministry of Finance / MoF is in charge of drafting; National Assembly deliberation is ongoing)
  • As of 2026 年: no formal VASP licensing regime has been established; holding / trading itself is not expressly prohibited (a grey zone of payment illegal, investment not expressly regulated)

Taxation

  • There is no explicit regime for taxing gains on crypto disposals (the scope of PIT / CIT application remains under discussion)
  • The applicability of personal business-income tax / VAT is uncertain and varies by operator
  • 2025 年 period: the MoF announced a policy direction for building a crypto-asset taxation regime, with implementation after 2026 年

AML/CFT

  • A member of the Financial Action Task Force (FATF); response to global standards such as the Travel Rule is delayed
  • Vietnam’s crypto-asset anti-money-laundering supervision is split across multiple authorities — the SBV / MoF / Public Security Ministry — with ambiguous division of responsibility

2. Profiles of the main operators

ONUS (formerly VNDC)

  • Trade name: ONUS Pro Co., Ltd. (formerly VNDC Pte. Ltd.)
  • Established: 2018 (Vietnam) / rebranded in 2021 (VNDC → ONUS)
  • Users: more than 400 万 (one of Vietnam’s largest, on an official-disclosure basis)
  • Features:
    • Issues / operates the VNDC stablecoin (pegged VND 1:1 )
    • Provides VND-pair liquidity on-chain (one of the largest within Vietnam)
    • Adopts an offshore structure as a Singapore entity; for domestic Vietnamese users, mobile-app-centered
    • Integrates functions such as a Web3 wallet, DeFi linkage, and an NFT marketplace
  • Regulatory response:
    • Considering compliance with the DPT regulation of the Monetary Authority of Singapore (MAS) (see MAS DPT licensing overview)
    • Within Vietnam, operates in a manner that does not expressly require a license (no VASP regime)

Remitano

  • Trade name: Babylons Solution Co., Ltd. or a related Singapore entity
  • Established: 2014 (Vietnam-origin, Singapore-based)
  • Features:
    • Originated as a P2P trading platform (deployed in emerging markets such as Malaysia / Nigeria / Vietnam)
    • A long track record in domestic Vietnamese P2P liquidity
    • Realizes VND deposit / withdrawal via bank accounts under a P2P escrow model
  • 2024–2025 period: reports of security incidents (suspected hot-wallet outflow); concerns over operational transparency

Offshore CEX presence in the Vietnam market

  • Binance: a large number of Vietnamese users (via the official P2P feature); a target of warnings from the SBV (multiple times)
  • OKX / Bybit / MEXC: a similar approach, with full KYC implemented + coexistence of P2P / direct-deposit routes
  • Huobi (HTX) / Gate.io / KuCoin: a continued presence in the Vietnam market

3. The structure of VND-pair liquidity

  • Direct VND pairs: CEXs that expressly offer them are limited (centered on ONUS / Remitano)
  • Indirect VND: offshore CEXs use USDT / USDC pairs as the base axis and realize VND ↔ USDT conversion via P2P escrow or OTC
  • USDT P2P liquidity: 1 of the most liquid pairs in the Vietnam market, at a global top-10 level
  • Stablecoins: VND-pegged stablecoins such as VNDC / VNST circulate partially, but without regulatory approval

4. Grey-market dynamics

  • Payment illegal + investment legal (grey): the SBV has expressly stated that use as a means of payment is illegal, but investment / holding itself is not expressly prohibited
  • Chainalysis Global Crypto Adoption Index: Vietnam was world #1 in the 2021–2023 年 period and has continued to rank within the top 5 since. Despite the lag in legislation, real demand is overwhelming
  • Remittance demand: USDT is widely used for remittance purposes by overseas-resident Vietnamese (especially remittances from the West / Taiwan / Korea / Japan)
  • OTC brokers: over-the-counter OTC brokers in Hanoi / Ho Chi Minh City (cafés / mobile-phone shops, etc.) function as physical hubs for VND-USDT conversion
  • Tax risk: the tax obligation on trading gains is unclear, and there is a risk of ex-post collection by the tax authorities

5. Positioning within the industry

Vietnam occupies the distinctive position of being a world top-tier crypto-adoption country despite a lag in regulation. As points of comparison:

As the largest case of a regulatory vacuum within Global VASP regulatory 8 -pole comparison matrix — JP / KR / HK / SG / EU / US / UAE / UK, it is a representative example of the pattern of crypto-market formation in emerging countries. Going forward, the impact on market structure of the enforcement of the Virtual Asset / Digital Asset Law (assumed 2026–2027 ) will be the biggest point of contention.

  • ONUS’s international expansion: MAS regulatory compliance in Singapore + regional expansion in Southeast Asia (Malaysia / Indonesia / the Philippines, etc.)
  • VND stablecoins such as VNDC / VNST: circulation in an unapproved state; regulatory risk continues
  • Regulatory risk for offshore CEXs: cases of the SBV / Public Security Ministry cracking down on illegal P2P brokers (2024–2025); regulatory risk on Binance / OKX’s P2P features continues
  • The MoF virtual-asset bill: National Assembly deliberation continues in 2024–2026 ; if enacted, it would be the first establishment of a domestic VASP licensing regime, and a large-scale restructuring of market structure is expected

Sources

  • Public-information compilation (State Bank of Vietnam / SBV crypto-related statements and circulars, sbv.gov.vn)
  • Public-information compilation (Vietnam Ministry of Finance / MoF crypto-asset tax and regulation statements)
  • Public-information compilation (ONUS official IR / About, goonus.io)
  • Public-information compilation (Remitano official IR / About, remitano.com)
  • Public-information compilation (Chainalysis Global Crypto Adoption Index 2021–2024)
  • Public-information compilation (2018 Decision 1255/QĐ-TTg Vietnam Prime Minister’s decree directing crypto-asset legislation)
  • Public-information compilation (Tuổi Trẻ / VnExpress / VietnamPlus crypto-related reporting)
  • Public-information compilation (Vietnam Public Security Ministry P2P broker crackdown reporting 2024–2025)
  • Public-information compilation (VNDC / VNST stablecoin-related reporting, CoinDesk / Decrypt)