When we talk about PVARA licensing, a regulatory framework under Vietnam’s State Bank of Vietnam that controls financial activities involving digital assets. It’s not just paperwork—it’s the line between legal crypto use and fines up to 200 million VND. This isn’t about banning crypto—it’s about controlling how it moves through banks, exchanges, and wallets. If you’re trading, staking, or even accepting crypto as payment in Vietnam, PVARA licensing rules are already affecting you—even if you’ve never heard the name.
Related to this are cryptocurrency fines Vietnam, the financial penalties enforced when crypto is used as a payment method, and Vietnam crypto ban, a term people use loosely, but what’s really happening is a restriction on banking channels, not crypto ownership. You can still hold Bitcoin or Ethereum. You just can’t use your Vietcombank account to buy them directly. That’s why P2P trading exploded—people moved to platforms like Paxful and LocalBitcoins, bypassing banks entirely. But even P2P isn’t safe: scammers target users who don’t understand the legal risks. And if you’re caught using crypto for payments? You’re looking at a fine that could cost more than a car in rural Vietnam.
What’s missing from most headlines is how blockchain compliance, the set of practices businesses and users follow to stay within legal boundaries works in practice. There’s no official license for individuals, but exchanges operating in Vietnam must register with authorities. Most don’t. That’s why you see so many ghost platforms like BTCsquare or BitFex—they’re designed to disappear before regulators catch up. Meanwhile, real projects like IncomRWA or WagyuSwap, which offer real-world asset yields, avoid Vietnam entirely because the compliance burden isn’t worth it.
So what does this mean for you? If you’re in Vietnam and using crypto, you’re operating in a gray zone. You’re not breaking the law by holding coins, but using them to pay for goods? That’s where the line is drawn. And with new laws expected in 2025, the rules might shift again. The posts below dig into exactly this: how people are adapting, which platforms are safe, what fines look like in real life, and why some crypto projects avoid Vietnam altogether. You won’t find fluff here—just real cases, real penalties, and real strategies people are using to stay ahead of the rules.
Pakistan launched its first crypto exchange licensing system in July 2025 under PVARA. Only globally licensed exchanges can apply. The process takes at least three months and requires strict AML/KYC compliance. Banks still can't support crypto, creating a legal grey area.