Region Introduces 0.1% Crypto Transfer Tax Starting July 1st
A new tax rule comes into effect on July 1st in the region, introducing a 0.1% rate on cryptocurrency and digital asset transfers through service providers. The tax is classified as personal income tax and applies to all types of transactions, including sales and transfers. The calculation is based solely on the transaction amount, not the investor's profit.
Service providers are responsible for withholding and remitting the tax immediately after successful transaction confirmation. This includes online digital currency exchanges and trading platforms. The new rule applies to various forms of crypto assets, including tokens and digital coins, and Bitcoin is considered a possible transaction object if the operation goes through regulated infrastructure.
Digital assets have also been added to the list of assets that must be declared by officials, heads of organizations, and departments starting July 1st. The declaration includes cash, gold, shares, bonds, equity stakes, foreign assets, debt obligations, and digital assets with a value of 150 million dong or more in each category.