HÀ NỘI — The Ministry of Finance has begun seeking public feedback on a draft circular regulating tax policies for transactions, transfers and business activities related to crypto assets.

Under the draft, the transfer and trading of crypto assets would not be subject to value-added tax. Individual investors, regardless of residency status, would be required to pay personal income tax at a rate of 0.1 per cent on the gross value of each transfer. This approach mirrors the current tax method applied to securities transactions.

For organisations established in Việt Nam that earn income from the transfer of crypto assets, corporate income tax would be levied at 20 per cent. Taxable income would be calculated as the selling price minus the purchase price and expenses related to the transfer. The timing for determining revenue and taxable income would follow existing regulations on corporate and personal income tax applicable to securities transfers.

According to Phan Đức Trung, chairman of the Việt Nam Blockchain and Digital Assets Association, digital assets are inherently global in nature. A tax policy that lacks harmony, he said, could undermine the competitiveness of the domestic market. The key issue is not whether taxes are high or low but finding a balance of interests among the government, businesses and investors, while ensuring transparent and sustainable market development.

Trung said the proposed 0.1 per cent rate is appropriate for the early stage of market formation. It provides a basis for management and budget revenue while maintaining incentives for businesses and investors to participate in the formal market.

He stressed that tax policies for digital assets should be designed to encourage market activity within a legal framework rather than creating barriers that push capital flows and transactions beyond regulatory oversight. As Việt Nam seeks to attract international capital and professional investors, tax policy in this field should also contribute to building a competitive, transparent and reasonable investment environment, especially as licensed digital asset exchanges begin to take shape.

From a legal standpoint, lawyer Hoàng Hà from the Hồ Chí Minh City Bar Association described the 0.1 per cent tax as a “prudent and practical step” by the Ministry of Finance during the pilot period from 2025 to 2030. The rate is not burdensome enough to drive investors out of the market, yet sufficient to establish a new regulatory order.

He noted that the rate is equivalent to that currently applied to securities transfers in Việt Nam, reflecting an approach that places different types of financial investment assets on a more equal footing. For long-term investors, the tax burden is minimal, while for short-term or speculative traders it represents a more meaningful cost.

Importantly, the introduction of the tax sends a clear signal that the government recognises crypto assets as assets with value and lawful transactions protected under civil law, helping to remove a legal grey area that has persisted for years. By collecting tax at source through pilot exchanges, authorities would also be better positioned to monitor capital flows and support anti-money laundering and counter-terrorism financing efforts, while reducing compliance costs for individuals. — VNS