Open a Cryptocurrency Company in Vietnam

Updated on Thursday 17th May 2018

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Setting up a business in Vietnam comes with many advantages for foreign investors who want to explore emerging industries like cryptocurrency. Among these advantages are the same regulations and the same taxation system. Moreover, Vietnam is one of the first Asian countries to create regulations for cryptocurrency transactions.

Our company formation agents in Vietnam explain how foreign enterprisers can open cryptocurrency businesses in this country.

Steps to register a cryptocurrency company in Vietnam

Foreign entrepreneurs who want to register cryptocurrency businesses in Vietnam must follow the same procedure and steps like for any type of fintech company. These steps are:
  1. choose the right business form for the activities to be undertaken;
  2. prepare the documents related to the company incorporation and file them with the Business Registration Office;
  3. prepare an investment plan and a feasibility study to show how the company will impact the economy and file it with the same office;
  4. open a corporate bank account, deposit the share capital and register for taxation purposes.
At the moment, there are no special licensing requirements for registering cryptocurrency companies in Vietnam.

Our Vietnam company formation consultants can guide investors through the incorporation of the cryptocurrency business.

New legislation on cryptocurrencies in Vietnam

At the beginning of 2018, the government together with the Vietnam National Bank decided to work on new regulations for the cryptocurrency sector which target the taxation of companies involved in such activities. The law is expected to be finished by the middle of 2019.

Until then, the Vietnamese authorities allow for the following activities to be carried out:
  • cryptocurrency mining activities which imply the use of computers to generate new digital money;
  • the use of blockchain technology to complete various actions, such as smart contract signing;
  • initial coin offering (ICOs) which imply the launch of new cryptocurrencies in order to raise funds for startups;
  • the creation of IT companies which can create new virtual money.
It should be noted that at the moment the authorities do not allow cryptocurrency exchanges in Vietnam.

Please contact us if you want to set up a cryptocurrency company in Vietnam.