Vietnam's crypto tax circular formalizes a licensed-market path without legalizing crypto payments

Circular 32/2026/TT-BTC is real, in force from 27 March 2026, and applies VAT, CIT, and PIT rules to crypto-asset transactions conducted inside the Resolution 05 pilot.

Circular 32/2026/TT-BTC is real, in force from 27 March 2026, and applies VAT, CIT, and PIT rules to crypto-asset transactions conducted inside the Resolution 05 pilot.

The circular is narrow: it establishes tax character, rates, and timing, but it does not itself create a standalone licensing regime, a bespoke withholding architecture, or a crypto-payment authorization.

Vietnam's pilot structure now looks materially more operational: Law 71/2025/QH15 defines the asset perimeter, Nghị quyết 05/2025/NQ-CP creates the pilot market and licensing logic, Quyết định 96/QĐ-BTC opens dossier intake, and SSC is building supervisory capacity through a dedicated board and AML training. For Techcombank and TCBS, the clearer opportunity is licensed, VND-settled, evidence-heavy market infrastructure. The rules improve legitimacy for bank-linked pilot activity, but they also raise the standard of tax, AML, segregation, and reporting controls.

Circular 32/2026/TT-BTC gives Vietnam's pilot crypto market explicit VAT, CIT, and PIT treatment, while the State Securities Commission is building AML supervision capacity. The result is stronger operational recognition of licensed crypto-asset activity inside the pilot, not legalization of crypto as a payment instrument.