Lately, many fellow traders seem extremely worried about P2P transactions getting their bank accounts flagged, income tax, or being called in for questioning. This article will clarify the three key issues so you can trade with peace of mind and protect your account!
1️⃣ INCOME TAX
Vietnam has introduced proposals and pilot mechanisms for digital assets, but at present, P2P transactions through international exchanges are not subject to automatic taxation.
However, the future scenario is very clear: Once domestic digital asset trading platforms officially begin operating under licenses issued by the Ministry of Finance, automatic tax withholding will be applied as soon as you withdraw funds (cash out) to VND.
2️⃣ LEGAL ASPECTS
Don’t be so quick to believe the ridiculous rumors out there! Individual users who make ordinary trades will NOT be “summoned to the local police station” just for trading P2P.
Currently, regulators are primarily focused on handling:
KOLs and influencers.
Organizations and individuals involved in illegally promoting or acting as affiliates for foreign platforms.
👉 Important note: According to the current plan, once domestic exchanges are officially licensed, users will have about 6 months to transfer and declare their assets in accordance with the regulations.
3️⃣ HOW TO SURVIVE P2P TRADING (AND AVOID BANK ACCOUNT FREEZES)
Whether P2P transactions involve illicit funds or your bank account gets frozen depends largely on how careful you are. To stay 100% safe, you must follow these 4 GOLDEN RULES:
📌 Keep records: Take screenshots and save your complete P2P transaction history, order IDs, and corresponding bank statements.
📌 Use accounts in your own name only: NEVER send or receive money through a third party’s bank account (one whose name doesn’t match the KYC information on the exchange).
📌 Correct mistakes immediately: If you accidentally receive a transfer from an account whose name doesn’t match your KYC information, request a refund to the original account and immediately cancel that P2P transaction.
📌 Break up your transactions: Avoid trading very large amounts in a single order or making too many transactions in quick succession, so the bank’s AI system doesn’t flag them as “suspicious transactions.”
💡 ADVICE FOR YOU:
In the worst-case scenario, if your account is temporarily frozen while the source of funds is verified, just stay calm, bring your complete archived P2P transaction history, and provide a transparent explanation.
As individual users, you don’t need to panic. Just understand the rules and be careful with every transaction, and you can still trade actively as usual!
If you’re having any P2P-related issues, leave a comment below and I’ll do my best to help answer your questions!