Vietnam is taking significant steps towards regulating its cryptocurrency market by proposing a new tax on crypto trades and transfers. This initiative aligns digital assets with traditional stock trading, reflecting the government's intent to establish a more structured financial environment. The source reports that the proposed tax rate is set at 0.1% for all transactions.
Introduction of Cryptocurrency Transaction Tax
The Ministry of Finance has introduced a draft proposal that suggests imposing a 0.1% tax on each cryptocurrency transaction conducted through licensed platforms. This move is currently open for public comment, allowing stakeholders to voice their opinions on the potential impact of the tax.
Goals and Concerns
The primary goal of this proposal is to enhance regulation within the cryptocurrency sector and boost tax revenue for the government. However, critics warn that such a tax could lead to increased trading costs for retail investors, which may deter participation and ultimately reduce market liquidity.
Recently, Vietnam proposed a new tax on cryptocurrency transactions, while India has confirmed the continuation of its existing cryptocurrency tax framework for the fiscal year 2026-2027. For more details, see India's tax decision.
