I'm a small LP with only a few million VND. Do I need to declare in detail?

According to Circular 32, if your total digital asset transactions (including spot + DeFi) are under 100 million VND/year, you only need to report a single aggregate line on your year-end tax return; you do not need to itemize each transaction. However, you must still keep a complete ledger record — the tax authority may request an audit. For very small LP volumes, I recommend simple Excel tracking only; no need to invest in Koinly.

If I LP through a VPN using a non-KYC wallet, can the tax authority trace me?

It's possible. The blockchain is public — every transaction leaves a permanent trace. If you on-ramp or off-ramp through any exchange where you have KYC (Binance, OKX via P2P, a Vietnamese pilot exchange), your wallet will be linked to your identity. Chainalysis, Arkham, and TRM Labs all have wallet clustering tools — the Vietnamese tax authority signed a contract with Chainalysis in Q1/2026. A VPN only hides your IP, not your on-chain footprint. My recommendation: do not use tax evasion as a strategy — the legal risk cost is far higher than the 5-10% tax.

I lost money due to a DeFi rug pull (e.g., I deposited LP into a scam token pool). Can I declare a loss?

Under the principle of Circular 32, every disposal can generate a gain or loss. A rug pull where the LP token's value drops to 0 USD = a 100% loss of the cost basis. You declare a capital loss equal to the initial cost basis. You need to preserve evidence: the deposit transaction hash, a UI screenshot showing the LP token at 0, and news/Twitter announcements of the rug pull. The tax authority generally accepts clear evidence. Note: a rug pull loss can only offset capital gains in the same year — it is unclear whether it can be carried forward to the next year.

I've been holding an Aerodrome LP token for a long time without withdrawing, and I claim AERO emissions every week. Do I have to declare every week?

You do not need to declare weekly — only the annual total for all taxable events of that year. However, you must record each claim with the AERO price at the time of the claim, then aggregate everything at year-end. Total AERO claimed during the year × average price (or total VND value from each batch) = emission income for the year. As long as the LP token itself has not been withdrawn, no capital gains tax is triggered — it is only triggered upon withdrawal.

How does the taxation of Pendle YT/PT differ from standard LP?

Pendle has a unique mechanism: PT (Principal) promises a 1:1 return of the underlying asset at maturity, while YT (Yield) represents the yield until maturity. When you buy YT, you are 'betting' that the yield will increase. At maturity, the YT becomes 0 and you have received the yield over the period. Per Circular 32, YT is treated like an option — the disposal when YT goes to 0 is a capital loss equal to what you paid for the YT, and the yield income received from the underlying asset is separate income at the time of receipt. LP in a PT-pool generates normal capital gains/losses upon withdrawal. This is the most complex structure; I recommend using Koinly Pro or a DeFi-specialized CPA for Pendle.

I LP in a stablecoin pool (USDC/USDT, DAI/USDC), so IL is nearly 0. Do I still need to declare anything?

Yes. Even with IL close to 0, you still have an emission rewards layer (CRV on 3pool, AERO on Aerodrome stable pool) that must be declared. Also, the final LP withdrawal event is still a disposal — even if the difference is small. You must still track the cost basis and record the withdrawal event. Gas fees and small rounding errors can create a cosmetic capital loss every time you withdraw. Note the stablecoin pool de-peg risk (the USDC depeg in March 2023 is an example) — if the pool gets de-pegged and you lose money, you declare the loss like a rug pull.

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Thuế & Pháp lýTrung cấp#Thông tư 32/2026#Thuế DeFi#Yield Farming

DeFi Tax Declaration: LP Rewards, Yield Farming, and Impermanent Loss Under Circular 32/2026

Cập nhật: 13 tháng 5, 2026

When you provide liquidity (as a Liquidity Provider — LP) on Uniswap, Curve, Aerodrome, or participate in farming on Pendle, you face the most complex area of the digital asset tax framework under Circular 32/2026/TT-BTC. Unlike spot trading, which only involves a single event, each DeFi position can generate three to four separate taxable event layers: receiving trading fees as LP token rebases, claiming emission tokens (CRV, UNI, AERO, PENDLE), and the final LP withdrawal with impermanent loss (IL). I have reviewed over 3

Tâm — CMO MaHoa AI Team2026-05-13T11:11:59.801Z13 phút đọc1,560 lượt xem

Ảnh bìa bài viết: DeFi Tax Declaration: LP Rewards, Yield Farming, and Impermanent Loss Under Circular 32/2026 — Thuế & Pháp lý⏱ 13p

DeFi Tax Declaration: LP Rewards, Yield Farming, and Impermanent Loss Under Circular 32/2026

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Tâm — CMO MaHoa AI Team

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