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Vietnam plans crypto taxes: 0.1% on digital assets!
Vietnam is planning a 0.1% tax on crypto transactions to regulate the market and create new sources of revenue.
Vietnam plans crypto taxes: 0.1% on digital assets!
Vietnam is planning significant steps to regulate trading in digital and crypto assets. In the draft Income Tax Law, the Ministry of Finance proposes a tax rate of 0.1% on the transfer value of each transaction. This proposal is in line with the current tax rate for securities transactions and could result in a significant increase in tax revenue. In recent years, the country has seen a notable increase in the buying, selling and trading of digital assets, making Vietnam one of the countries with the highest cryptocurrency quota in the world. Loud Vietnam.vn Around 17 million Vietnamese own cryptocurrencies, which represents 17% of the population and ranks the country 5th in the world.
Cryptocurrency cash flow to Vietnam is estimated to be over $100 billion during 2022-2024. Phan Duc Trung, chairman of the Vietnam Blockchain Association (VBA), emphasizes that the legal framework for digital assets is being gradually completed. The introduction of a 0.1% personal income tax rate on transactions could bring more than $800 million annually to the state budget. In addition, tax guidelines should be developed to create a transparent and fair business environment.
Regulatory framework for digital assets
In addition to the tax measures, Vietnam plans to create a comprehensive legal framework for digital assets. Prime Minister Pham Minh Chinh has tasked the Ministry of Finance and the State Bank to develop this framework, which is expected to be completed in March 2025. These measures aim to address the role of digital currencies in the Vietnamese economy and promote cryptocurrency adoption despite existing regulatory challenges.
Vietnam's digital assets sector has already seen $120 billion in inflows in 2023, noting that nearly 17 million people in the country own digital assets. Vietnamese investors have made big profits of around $1.2 billion from Bitcoin and other digital assets. Loud CoinEdition The proposed regulations are intended to formalize the market, strengthen the local economy and generate new tax revenue.
Future developments and goals
To promote market growth, party secretary general To Lam proposes establishing a controlled testing environment, or sandbox, to support the development of a digital asset trading platform. In addition, Prime Minister Chinh has tasked the Ministry of Finance and the Ministry of Science and Technology to develop clear guidelines and regulations for digital assets by the second quarter of 2025. This move signals Vietnam's commitment to solidifying its position in the global crypto market while creating a safe regime for investors.