If I swap 100 USDT for USDC as a test and have no profit, do I need to declare it?

In theory, Circular 32 considers every swap a taxable event. However, if your total annual transfer volume is under 100 million VND, you are exempt from detailed reporting. A single 100 USDT (~2.5 million VND) trade is clearly below this threshold. You only need to keep a log in case you have other transactions by the end of the year.

I use Phantom Wallet to swap SOL ↔ USDC on Jupiter. Does this DEX report to Vietnamese tax authorities?

Decentralized exchanges like Jupiter do not have a legal entity in Vietnam and are not required to report under Circular 32. However, the Solana blockchain is public. Anyone, including tax authorities, can trace your wallet on Solscan. You still have an obligation to self-declare. Whether Vietnamese tax authorities actively trace the blockchain is currently unknown, but the legal obligation remains.

When I transfer USDT from my Binance wallet to my personal MetaMask wallet (no swap, just a withdrawal), is it a taxable event?

No. Transferring assets between wallets you own is not a taxable event because you have not disposed of the asset. The exception is the gas/withdrawal fee, if paid in USDT, which could be considered a small taxable event (paying for a service with a digital asset). Many overlook this fee due to its small value.

I bought USDT via P2P from a friend (not on an exchange) at 25,000 VND/USDT. What is my cost basis?

Your cost basis is the price you actually paid plus any fees. In this case, it's 25,000 VND/USDT. However, an off-exchange P2P transaction has no automatic reporting. You must keep transfer receipts, contracts, or messages as proof of your cost basis for the tax authorities. It is highly recommended to use P2P on a licensed Vietnamese exchange for a proper audit trail.

I have 50,000 USDT from before 2026 (not declared). Now that Circular 32 applies, do I have to pay back taxes for the previous period?

Circular 32 applies to transactions from January 1, 2026, onwards. Your USDT balance before 2026 is considered 'inherited stock.' Your cost basis is the market price on January 1, 2026 (if you have no purchase receipts) or the original cost if you can prove it. You will not be taxed for the period before 2026, but all transactions from 2026 must be declared according to the new regulations.

Do algorithmic stablecoins like UST (collapsed in 2022) or USDe (Ethena) have different tax implications?

Under Circular 32, both stablecoins and tokens are 'digital assets.' There is no differentiation in their mechanism. All are subject to the same taxable event rules upon swapping. The exception is yield-bearing stablecoins like sUSDe (from Ethena). The received yield is taxable income at the time of receipt, valued at the market price.

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Thuế & Pháp lýTrung cấp#Thông tư 32/2026#Thuế stablecoin#Swap USDT USDC

Tax Declaration When Swapping Stablecoins (USDT↔USDC↔DAI) Under Circular 32/2026: A Detailed Guide to Cost Basis and Taxable Events

Cập nhật: 11 tháng 5, 2026

With Circular 32/2026/TT-BTC officially in effect, many Vietnamese stablecoin holders are asking: "If I swap USDT to USDC to transfer exchanges, do I need to declare it for tax purposes?" This seemingly small action can lead to errors come year-end tax reporting because, under Circular 32, every swap is a taxable event. This article provides a complete legal framework for stablecoin swaps, explains how to calculate cost basis for each pair, offers four real-world examples, and warns against five common mistakes.

Tâm — CMO MaHoa AI Team2026-05-11T02:43:01.907Z11 phút đọc1,980 lượt xem

Ảnh bìa bài viết: Tax Declaration When Swapping Stablecoins (USDT↔USDC↔DAI) Under Circular 32/2026: A Detailed Guide to Cost Basis and Taxable Events — Thuế & Pháp lý⏱ 11p

Tax Declaration When Swapping Stablecoins (USDT↔USDC↔DAI) Under Circular 32/2026: A Detailed Guide to Cost Basis and Taxable Events

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Tâm — CMO MaHoa AI Team

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