As of August 2021, AXS was the leading Vietnamese-based cryptocurrency, having a market capitalization of around 2.5 billion U.S. dollars. WebWhereas, in the majority of countries the usage of cryptocurrency isn't in itself illegal, its status and usability as a means of payment (or a commodity) varies, with differing regulatory implications. Belarus is taking an experimental approach to cryptocurrencies. Though specific details are somewhat scant, this does mark significant headway toward regulating the sector. As cryptocurrencies are at the heart of GameFi environments, many gamers learn how they work as part of the gameplay, providing another avenue for adoption. The country has the highest crypto adoption rate in the world, according to Chainalysis Cryptocurrency Adoption Index 2022. 2017 - 2023 PwC. Notably, tax laws differ regionally, and an annual wealth tax" is levied on the total amount of cryptocurrencies owned, along with the rest of an individuals net worth. (US Only). Maltas fiscal guidelines, published in 2018, also discriminate between Bitcoin and so-called financial tokens, equivalent to dividends, interest or premiums. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. Chainalysis research methodology took into account population-adjusted adoption in crypto platforms ranging from centralized exchanges to peer-to-peer (P2P) payment networks. A number of business and professional groups have formed to propel blockchain forward, including (i) the Vietnam Blockchain Union, a unit under the Vietnam Digital Communications Association to promote blockchain Vietnams Provincial Competitiveness Index 2022 has been released. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Exorbitant fees, in addition to the unbanked populations lack of But the impact was not necessarily isolated to an unlucky few. 0.5 to 5 (based on the type of business income), Interest (but not bank interest)/dividends, Income from inheritances/gifts/winning prizes (excluding income from casino winning prizes), Services, construction without provision of raw materials, Production, transport, services attached to goods, construction including provision of raw materials, 1 to 5 (based on thetype of business income), Income from royalties/franchising/copy rights. Many thanks to everyone who contributed to the drafting of this innovative legislation. By November 14, FTX collapsed. If so, you may owe taxes if youre a US taxpayer. Get in touch with us. All Rights Reserved. Feb 21, 2023 According to Statista Global Consumer Survey, around 27 percent of Vietnamese respondents are reported to have owned or used cryptocurrencies in 2022. But it is not all about remittances that hype Crypto in Vietnam; the rising popularity of GameFi also contributed to the growth of Crypto. (See also: Vietnam Tasks Government Agencies to Prepare Legal Framework for Cryptocurrencies, Virtual Assets). Issuing, supplying and using virtual currency in general and Bitcoin, Litecoin in particular as currency or means of payment is prohibited, it said in an official dispatch in 2017. liability for the information given being complete or correct. Dezan Shira & Associatesprovide business intelligence, due diligence, legal, tax and advisory services throughoutthe Vietnamand theAsian region. Property includes real estate and movable property. Please review our VietnamBriefing is published byAsia Briefing, a subsidiary ofDezan Shira & Associates. Cryptocurrencies awareness and positivity towards crypto Vietnam 2021 Published by Minh-Ngoc Nguyen , Feb 17, 2023 * Prices do not include sales tax. Will Income From Cryptocurrency Be Taxed In Vietnam? The institution is likely to come up with a raft of measures that include tax and user protection guidelines. By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. The country was recently ranked third in Eastern Europe and 19th globally in levels of, For German residents, any cryptocurrency held for over a year is. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Countries with the highest DeFi adoption in the world in 2021, Cryptocurrency ownership Vietnam 2022, by coin, Consumer searches for the term "Bitcoin" on Google in 55 countries worldwide in 2020, Cryptocurrency adoption Vietnam 2019-2022, Leading Vietnamese cryptocurrencies 2021, by market cap, Cryptocurrency ownership Vietnam 2022, by age group, Share of cryptocurrency adopters APAC 2022, by country, Share of cryptocurrency adopters in the Asia-Pacific region in 2022, by country, Share of Bitcoin adopters APAC 2022, by country, Share of Bitcoin adopters in the Asia-Pacific region in 2022, by country, Share of Ethereum adopters APAC 2022, by country, Share of Ethereum adopters in the Asia-Pacific region in 2022, by country, Cryptocurrency value expectations in 5 years' time SEA 2021, by country, Cryptocurrency value expectations in 5 years' time in Southeast Asia as of December 2021, by country, Crypto Adoption Index ranking Vietnam 2021, by metric, Crypto Adoption Index ranking of Vietnam in 2021, by metric, Cryptocurrency transaction value in Vietnam 2017-2027, Transaction value of the cryptocurrency sector in Vietnam from 2017 to 2027 (in million U.S. dollars), Transaction value change of the cryptocurrency sector in Vietnam 2018-2027, Transaction value change of the cryptocurrency sector in Vietnam from 2018 to 2027, Average transaction value per user of cryptocurrencies in Vietnam 2017-2027, Average transaction value per user of the cryptocurrency sector in Vietnam from 2017 to 2027 (in U.S. dollars), Penetration rate of cryptocurrencies in Vietnam 2017-2027, Penetration rate of cryptocurrencies in Vietnam from 2017 to 2027 (in millions), Number of users of cryptocurrencies in Vietnam 2017-2027, Number of users of the cryptocurrency sector in Vietnam from 2017 to 2027 (in millions), Most used stablecoins among cryptocurrency investors Vietnam H1 2022, Most used stablecoins among cryptocurrency investors in Vietnam in the first half of 2022, Weekly volume of P2P traded Bitcoin via LocalBitcoins Vietnam 2022-2023, Weekly volume of peer-to-peer traded Bitcoin via LocalBitcoins in Vietnam from December 2022 to February 2023, Weekly value of P2P traded Bitcoin via LocalBitcoins Vietnam 2022-2023, Weekly value of peer-to-peer traded Bitcoin via LocalBitcoins in Vietnam from December 2022 to February 2023 (in Vietnamese dong), Volume of P2P traded Bitcoin Vietnam 2016-2018, Volume of peer-to-peer traded Bitcoin in Vietnam from 2016 to 2018, Value of P2P traded Bitcoin Vietnam 2016-2018, Value of peer-to-peer traded Bitcoin in Vietnam from 2016 to 2018 (in million U.S. dollars), Number of Ethereum Mainnets Vietnam 2022, by location, Number of Ethereum Mainnets in Vietnam in 2022, by location, Leading cryptocurrencies developed in Vietnam as of August 2021, by market capitalization (in billion U.S. dollars), Daily sales and price development of gaming dapp Axie Infinity to November 29, 2022, Sales volume of NFT gaming collection Axie Infinity against the price of its token AXS up until November 29, 2022, Share of people who invested in NFTs among crypto investors Vietnam 2022, Share of people who participated in NFT investments among cryptocurrency investors in Vietnam in the first half of 2022, Most used ecosystems for NFT investments among investors Vietnam H1 2022, Most used ecosystems for NFT investments among cryptocurrency investors in Vietnam in the first half of 2022, Most popular NFT segments among investors Vietnam H1 2022, Most popular NFT segments among cryptocurrency investors in Vietnam in the first half of 2022, Reasons for investing in NFTs among investors Vietnam H1 2022, Reasons for investing in NFTs among cryptocurrency investors in Vietnam in the first half of 2022, Share of people who participated in GameFi Vietnam 2022, Share of people who participated in GameFi in Vietnam in the first half of 2022, Most popular methods of investing in GameFi coins Vietnam 2022, Most popular methods of investing in GameFi coins among investors in Vietnam in the first half of 2022, Favorite GameFi genres among investors Vietnam 2022, Most popular GameFi genres among cryptocurrency investors in Vietnam in the first half of 2022, Leading blockchain games among GameFi investors Vietnam 2022, Leading blockchain games among GameFi investors in Vietnam in the first half of 2022, Share of online population who indicated they either owned or used cryptocurrencies in Vietnam from 2019 to 2022, Ownership of cryptocurrencies among people in Vietnam as of November 2022, by age group, Ownership of cryptocurrencies among people in Vietnam as of November 2022, by coin, Share of cryptocurrency investment in total assets among Vietnamese investors 2022, Share of cryptocurrency investment within total assets among investors in Vietnam in the first half of 2022, Cryptocurrencies with the most interest among investors Vietnam 2022, Leading cryptocurrency categories based on investment interest among investors in Vietnam in the first half of 2022.