Virtual currency is a type of digital asset that has gained significant attention worldwide in recent years. However, under Vietnamese law, it is important to note that virtual currency is not recognized as a legitimate means of payment. Some foreign jurisdictions may allow the use and exchange of virtual currency, but in Vietnam, the legal system has not yet established a framework to govern this activity.
This means that the use of virtual currency in any form — whether for trading, investing, or payment — is not protected by law. If disputes arise from transactions using virtual currency, the parties involved will have no official legal mechanism to resolve their claims. In other words, when investors or users engage in virtual currency transactions, they do so entirely at their own risk.
In recent years, many projects have used virtual currency or blockchain tokens as a tool to raise capital from the public. However, this form of fundraising currently lacks a legal foundation in Vietnam. There is no official regulatory mechanism to oversee how funds are collected, managed, or distributed. Consequently, investors’ rights and interests are not guaranteed, and if the project fails or the founders disappear, the investors will have very limited legal recourse.

Furthermore, the operation of virtual currency trading platforms poses significant legal and financial risks. These platforms often function outside the supervision of competent authorities, and many are hosted overseas. If a platform experiences system errors, hacking incidents, or liquidity failures, investors may be unable to withdraw their funds. In such cases, the platform could be seen as violating principles of cash flow management and investor protection, which may lead to serious legal consequences under financial and criminal laws.
Given these risks, Hnlaw strongly advises users and investors to stay cautious and avoid participating in unregulated virtual currency projects or exchanges until a comprehensive legal framework is issued by the Vietnamese Government. This will help ensure that their investments are conducted within a safe, transparent, and lawful environment.
Hnlaw also recommends that individuals and businesses consult qualified legal professionals before engaging in any activity related to digital assets, to understand both the opportunities and potential liabilities involved. Taking proactive legal advice will help protect investors’ rights and contribute to the healthy development of Vietnam’s financial and technological ecosystem.