Selling Bitcoin for cash in Vietnam is definitely doable. How do I sell Bitcoin in Vietnam? One easy way to do it is by using a bank wire transfer. PlasBit provides a platform for swapping your Bitcoin for money which can then be transferred straight to your Vietnamese bank account. This guide will take you through the step-by-step process, look into the rules and regulations, list notable crypto projects in Vietnam and talk about alternative ways to change your Bitcoin into Vietnamese Dong (VND).
How to Exchange Bitcoin to Vietnamese Dong?
Our platform offers a way to convert your Bitcoin holdings into Vietnamese Dong (VND). Follow these steps to start the conversion process:
1. Head to the "Wire Transfers" section on our platform to get information about converting Bitcoin to Vietnamese Dong through bank transactions. Here, you'll find details about transfer duration, fees and transaction limits for converting Bitcoin to VND.
2. Provide all the recipient bank details needed for the conversion. This includes the recipient's account name, account number or IBAN, bank name, BIC/SWIFT code and address. Ensuring accuracy in these details is essential for a transaction.
3. Choose the amount of Bitcoin you want to convert into Vietnamese Dong. Our system will calculate any fees instantly and show you the total amount of Vietnamese Dong you'll receive. Make sure your account has a Bitcoin balance for the transaction.
4. Once you've checked all transaction details, click "Submit" to start the conversion process. You'll get confirmation of the deducted Bitcoin amount and can track your wire transfer progress on your account dashboard.
Is Crypto Regulated in Vietnam?
Yes, the cryptocurrency regulation in Vietnam is currently seeing progress, driven by the government's growing concern for safeguarding consumers and maintaining stability. Although there isn't legislation solely focused on cryptocurrencies existing laws pertaining to financial transactions and electronic payments could be applicable. The State Bank of Vietnam (SBV) plays a role as the regulatory body overseeing activities related to cryptocurrency in the country emphasizing the importance of utilizing reputable and regulated platforms. Our platform, PlasBit Sp z.o.o is a registered entity in Poland (NIP 5214002884) under the supervision of the Ministry of Finance. Authorized to engage in virtual currency activities with reference number RDWW-533.
Recent actions demonstrate Vietnam's shifting stance on cryptocurrency regulation. In 2022, the Anti Money Laundering (AML) law mandated that organizations offering payment services, including wallet services must implement know-your-customer (KYC) procedures. Additionally a review conducted by the Planning and Development Institute on existing laws in July 2023 highlighted a lack of definitions or classifications for assets leading to proposals for a comprehensive legal framework. Suggestions included acknowledging cryptocurrencies as an asset class introducing taxation for asset transactions and promoting blockchain development through technology park models.
The government's recent initiatives, like setting up the Vietnam Blockchain Association in March 2022 and engaging in talks about cryptocurrency regulation in the National Assembly show a dedication to filling loopholes and encouraging responsible management of crypto assets. Directives from the Prime Minister's call for updates and continuous investigation into currencies highlight Vietnam's determination to create a supportive regulatory framework for the cryptocurrency industry focusing on fostering innovation while managing risks and safeguarding consumers.
Crypto Taxes in Vietnam
Navigating tax implications related to cryptocurrencies in Vietnam can be challenging because of the lack of a defined framework. Unlike tax systems Vietnam focuses on distinguishing between income from employment and non-employment sources when it comes to taxing activities. While merely swapping or trading assets may not trigger tax obligations selling your holdings for profit is considered either non-employment income or business earnings subject to taxation.
Typically, staking rewards from cryptocurrency operations are not taxed until they are converted into fiat currency at which point they are treated as employment income. Similarly airdrops may not be taxable if viewed as gifts of interest adding a layer of complexity to the taxation scenario. Income generated from activities like farming and liquidity pool (LP) earnings usually falls under the business profits category making tax calculations more intricate for enthusiasts.
In terms of tax rates, business income in Vietnam is subject to taxes ranging between 0.5% and 5% while interest and royalties are taxed at a fixed rate of 5%. However due to the lack of guidelines on how crypto-related income should be classified and calculated, taxpayers often have to interpret the rules themselves. This highlights the importance of consulting with tax professionals to ensure adherence to regulations and manage risks associated with tax laws in the cryptocurrency domain.
List of Crypto Projects in Vietnam
Vietnam has become a center for groundbreaking advancements in technology and gaming development with many initiatives achieving notable progress in the realms of cryptocurrency and blockchain-based gaming. These endeavors highlight the nation's increasing proficiency in harnessing innovations to reshape sectors, especially the gaming industry. From introducing play-to-earn (P2E) games to creating multiplayer experiences Vietnamese cryptocurrency projects are driving innovation forward and revolutionizing the gaming arena. Let's delve into some of the crypto projects originating from Vietnam that are gaining recognition on a large scale.
1. Sky Mavis (Axie Infinity):
Sky Mavis, a company established in 2018 by Aleksander Leonard Larsen, Nguyễn Thành Trung, Đoàn Minh Tú, Hồ Sỹ Việt Anh and Jeffrey Samuel Kim Zirlin, has carved out a presence in the realm of blockchain gaming, through its flagship creation, Axie Infinity. This game based on non-fungible tokens (NFTs) and play-to-earn (P2E) mechanics has captured the interest of millions globally by allowing players to breed, battle and trade virtual creatures called Axies. With its gameplay approach and focus on blockchain technology integration, Axie Infinity has become a player in the emerging metaverse landscape drawing in over 1.8 million active users daily.
Beyond the entertainment value, Axie Infinity has been a catalyst for creating income opportunities for communities. Given that many players lack banking access and are new to cryptocurrency usage Axie Infinity serves as an entry point for you to engage with the digital financial sphere. This inclusive strategy has solidified Sky Mavis's position as a standout company in the field—earning it unicorn status—. Attracted investments from backers like Andreessen Horowitz, Accel Partners, Paradigm and others who see the game's potential to empower individuals globally through blockchain technology.
Even though Sky Mavis had been doing well, they hit a snag towards the end of March when some hackers found weaknesses in the Ronin bridge. This led to them stealing more than $600 million worth of cryptocurrency. The Ronin bridge, which plays a role in helping different cryptocurrencies work together across blockchains was targeted in this advanced cyberattack. This whole situation showed how tough it can be to keep blockchain systems safe. Sky Mavis is staying strong and sticking to its goal of changing the world of gaming and financial access with blockchain tech.
2. Sipher:
Sipher, a leading player in the gaming industry was established by the known entrepreneur Nguyen Trung Tin. The company is committed to blending state-of-the-art blockchain technology with engaging storytelling and multiplayer gaming experiences. Under the leadership of CEO Nguyen Trung Tin, Sipher envisions a future where cutting-edge blockchain technology harmonizes seamlessly with art, storytelling and multiplayer gaming features to craft a vast world. With a goal to keep players entertained for years to come, Sipher introduces realms, characters and factions offering an ever-evolving gaming experience.
At its essence, Sipher is a multiplayer loot-and-shoot action role-playing game set in a captivating universe brimming with planets, colorful characters and intriguing secrets. By merging elements from action-packed games with role-playing elements and looter shooter mechanics Sipher provides players with a gaming journey that transports them to a realm full of adventure and thrill. Prioritizing community involvement and player empowerment Sipher strives to build an environment where players can enjoy the game while earning rewards for their dedication and engagement. Moreover Sipher grants players ownership of in-game assets that offer benefits contributing to the advancement and prosperity of the gaming industry as a whole.
In October 2023, Sipher made headlines by announcing a funding round of $6.8 million attracting investments from venture capital firms and blockchain traders. Arrington Capital, Hashed and Konvoy Ventures co-led the round with other companies like Defiance Capital, Signum Capital and Dragonfly Capital participating. This substantial investment reflects the industry's trust in Sipher's vision. Showcases the increasing enthusiasm for blockchain-based gaming platforms that provide player experiences and financial incentives.
3. Summoners Arena:
Summoners Arena, led by entrepreneur Hung Tran made its mark in the blockchain gaming industry in May 2021 with a goal to enhance user experience in the world of role-playing games (RPGs). By blending gaming elements with technology seamlessly, Summoners Arena offers players a rich experience that merges engaging gameplay with actual ownership of in-game assets and the chance to earn digital rewards. Prioritizing player autonomy and control Summoners Arena aspires to reshape the landscape of gaming.
The startup is set to release two game versions tailored to player preferences. The first version is a non-blockchain free-to-play (F2P) model without integration allowing players to enjoy the game without earning digital rewards. On the other hand, the second version introduces a play-own-earn (POE) model where players can earn digital assets while playing. Players of the F2P version are encouraged to explore the POE version through incentives, like characters and additional features enriching their gaming journey.
In the Mainnet version of the blockchain, players can enjoy an array of gaming features, including engaging in PvP battles (Player vs. Player), taking on challenges (Player vs. Environment), exploring dungeons, crafting weapons and participating in the Black Market. This diverse selection of gameplay options allows players to fully immerse themselves in an ever-evolving gaming environment while utilizing technology to enrich ownership and monetization possibilities. Supported by companies like Pantera Capital, Coinbase Ventures and several others, Summoners Arena is well-positioned to make an impact in the blockchain gaming sector attracting both experienced gamers and newcomers to its platform.
4. Thetan Arena:
Thetan Arena, a creation of the game development company WolfFun stands out as an addition to the world of gaming originating from its base in Ho Chi Minh City, Vietnam. Accessible on platforms such as PC, Android and iOS devices Thetan Arena offers players a multiplayer online arena experience that incorporates blockchain technology. Thetan Arena's play-to-earn model allows players to earn rewards by participating in the platform. This innovative approach does not boost player involvement. Also marks a significant shift in the gaming industry by connecting gameplay with tangible incentives.
Following the success of Heroes Strike, Thetan Arena is a WolfFuns game that has captured the interest of players keen on exploring its distinct features and gameplay mechanics. The integration of fungible tokens (NFTs) into Thetan Arena gives players ownership rights over in-game characters, skins, weapons and other valuable items. This ownership element adds depth and investment value to the gaming experience, empowering players to customize their gameplay and assets in different ways.
An intriguing aspect introduced by Thetan Arena is the concept where purchased NFT characters have a lifespan of usability.
In contrast to games where NFT items hold their worth forever Thetan Arena brings in a twist by setting a cap on the number of matches each NFT item can generate in-game currency. When this limit is hit players need to get an NFT character to keep earning rewards injecting a strategic and resource management aspect into the gaming experience. This unique method not only encourages player engagement but also showcases Thetan Arena's dedication to advancing the frontiers of blockchain gaming creativity.
History of Cryptocurrency Adoption in Vietnam
Vietnam has quickly become a player in the cryptocurrency scene and has experienced a significant increase in adoption in recent years. Despite some uncertainties around regulations cryptocurrencies have become increasingly popular among traders and consumers due to advancements in technology, financial inclusivity and the rising trend of assets. With around 17% of the population either owning or using cryptocurrencies Vietnam has shown a willingness to embrace this form of decentralized finance. Vietnamese individuals use cryptocurrencies for purposes such as accessing banking services, investing, speculating and making remittance transfers.
The rising trend of activities in Vietnam highlights the country's digital asset environment. A survey discovered that a large number of respondents are involved in crypto-related activities, with 90% participating in decentralized finance (DeFi), 70.2% engaging in GameFi, 73.7% dealing with non-fungible tokens (NFTs) and 54.9% involved in SocialFi. Additionally cryptocurrency usage is widespread across age groups with individuals aged 25 to 34 being the most likely to hold assets. This broad adoption of cryptocurrencies reflects Vietnam's increasing interest in technologies and decentralized platforms.
Cryptocurrencies in Vietnam are popular due to their tax status, which is a notable advantage given the absence of clear regulations for digital assets. The skepticism towards the national currency, the Dong, has also fueled the adoption of cryptocurrencies as people look for ways to protect their wealth from currency fluctuations. Additionally the easy accessibility of cryptocurrencies has been crucial in attracting users among the number of unbanked individuals in Vietnam who do not have access to traditional financial services. The cost-effectiveness and speed of cryptocurrency transactions for remittances have further driven their acceptance as an alternative to money transfer methods.
Another interesting development in Vietnam's cryptocurrency landscape is the rise of play-to-earn gaming or GameFi exemplified by Axie Infinity, a gaming company. This innovative gaming concept rewards players with NFTs or cryptocurrency for participating in games that are particularly appealing to audiences. Despite security concerns like the theft of Axie Infinity assets by North Korean hackers blending gaming with financial incentives has played an important role in boosting crypto adoption in Vietnam. Vietnam's quick adoption and use of cryptocurrencies highlight the country's acceptance of cutting-edge technologies and its growing significance in the digital economy.
Alternative Ways for Selling Bitcoin in Vietnam
Apart from using bank wire transfer services, there are ways to sell Bitcoin for cash in Vietnam. Crypto debit cards, cryptocurrency ATMs and peer-to-peer platforms offer accessible alternatives for converting your Bitcoin into Vietnamese Dong.
Crypto Debit Cards:
How do I sell Bitcoin in Vietnam? Crypto debit cards have become a choice among people in Vietnam looking to convert their Bitcoin into Vietnamese Dong. This alternative method offers an efficient way to access your Bitcoin funds and use them for transactions. By connecting your wallets to debit cards, you can quickly change your cryptocurrency into fiat currency allowing you to shop at stores that accept card payments. Additionally you can withdraw cash from ATMs making it even easier to use Bitcoin for transactions. As debit cards gain acceptance online and offline integrating your Bitcoin into your financial activities becomes seamless without the hassle of bank transfers or extra steps.
The convenience of using crypto debit cards goes beyond purchases; you can also smoothly make online payments and transactions. Whether shopping on the internet, paying bills or sending money to loved ones, debit cards offer an easy way to utilize your holdings. Moreover the widespread presence of ATMs with cash withdrawal options ensures that you always have access to your fiat currency when needed making this method practical and convenient. Debit card transactions offer an accessible way for people in Vietnam to use their Bitcoin for financial activities helping to incorporate cryptocurrencies into everyday commerce and life.
Crypto ATMs:
How do I sell Bitcoin in Vietnam? Crypto ATMs have become increasingly common in cities across Vietnam providing people with a way to purchase or sell Bitcoin using cash or debit cards. These machines act as tangible access points to cryptocurrencies making it simple for you to convert your Bitcoin into currency or vice versa. With user interfaces, crypto ATMs simplify the process of trading Bitcoin allowing individuals to complete transactions quickly and securely. Whether you prefer cash transactions or using debit cards crypto ATMs offer a solution that meets preferences and requirements.
The widespread presence of ATMs in Vietnam reflects the expanding popularity and acceptance of cryptocurrencies in the country. As more individuals look to engage with the expanding market there has been a surge in demand for ways to enter and exit Bitcoin transactions. Crypto ATMs address this demand by providing a to-use interface for interacting with cryptocurrencies. By establishing locations in places like shopping centers, convenience stores and city hubs that are easily accessible, crypto ATMs play a crucial role in making cryptocurrencies more accessible and promoting financial inclusion among different groups in Vietnam.
Peer-to-Peer (P2P) Platforms:
Peer-to-peer (P2P) platforms have become a choice in Vietnam for buying and selling Bitcoin, providing a marketplace where you can directly connect to make trades. By skipping middlemen like exchanges or financial institutions these platforms give you independence and control over your transactions. Through these platforms, buyers and sellers can engage in negotiations and agree upon terms that best suit their preferences and requirements, contributing to a more dynamic and flexible trading environment. Moreover P2P platforms often offer a variety of payment options compared to exchanges catering to users' preferences.
One significant benefit of P2P platforms is the increased privacy and security they offer. Transactions occur directly between peers, lowering the risk of access or interference from parties. This peer-to-peer approach ensures that sensitive financial details remain confidential and secure throughout transactions. Additionally P2P platforms commonly use escrow services to protect funds and reduce the chances of fraud, giving you peace of mind during transactions. Overall P2P platforms provide a secure and flexible way for individuals in Vietnam to participate in trading activities reflecting the growing interest in decentralized financial solutions within the cryptocurrency space.
Conclusion
How do I sell Bitcoin in Vietnam? You can sell Bitcoin in Vietnam by using PlasBit bank wire transfers, which offer a simple way to exchange assets. Other options like debit card transactions, crypto ATMs and peer-to-peer platforms, can also make it easier and more accessible. Whether you prefer banking methods or cutting-edge crypto solutions, Vietnam's changing regulations and active crypto projects highlight the increasing opportunities for people to participate in cryptocurrency transactions. Overall, the ability to sell Bitcoin in Vietnam demonstrates the country's acceptance of assets and decentralized finance, setting the stage for growth and innovation in the cryptocurrency world.
