Which exchanges is Pi Network listed on? Is income from Pi Network business subject to Corporate Income Tax in Vietnam?
Which exchanges is Pi Network listed on?
The Pi Network (PI) coin has been officially listed on cryptocurrency exchanges after the Pi Network's mainnet transitioned to the Open Network phase at 3:00 PM (Vietnam time) on February 20, 2025. Below are details about the exchanges where Pi Network is listed and its price fluctuations:
(1) OKX Exchange
- Listing time: 3:00 PM on February 20, 2025 (Vietnam time)
- Opening price: 1.3 - 2 USD/PI
- Minutes after listing: The price quickly surpassed 2 USD, then dropped to around 1.4 USD/PI.
- The PI deposit gateway has been open since 9:45 AM on February 12, 2025, in preparation for trading.
(2) Bitget Exchange
- Listing time: 3:00 PM on February 20, 2025
- Opening price: 3.4 USD/PI, equivalent to nearly 90,000 VND
- Price fluctuation: Rapid decline due to large sell orders, fluctuating around 2 USD/PI.
(3) MEXC Exchange
- Listing time: 3:00 PM on February 20, 2025
- Opening price: 1.5 USD/PI
- After a few minutes of trading: The price rose above 2 USD, then dropped to 1.4 USD/PI.
(4) HTX Exchange (formerly Huobi)
- On February 13, 2025, the exchange delisted the Pi IOU version to prepare for the official listing of the PI coin after the mainnet launch.
Additionally, Binance – one of the world's largest cryptocurrency exchanges – is holding a vote to determine whether to list the Pi coin. The results are expected to be announced on February 27, 2025.
Note*: Information regarding the Pi Network listing on exchanges is for reference only.*
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Which exchanges is Pi Network listed on? Is income from Pi Network business subject to Corporate Income Tax in Vietnam?
Is income from Pi Network business subject to Corporate Income Tax in Vietnam?
Currently, there is no legislation regulating cryptocurrencies or virtual assets. However, reference can be made to the following provisions:
According to Clause 1, Article 7 of the Enterprise Law 2020, it is stipulated as follows:
Rights of the enterprise
- Freedom to do business in industries and trades that are not prohibited by law.
...
In addition, according to Official Dispatch 5747/NHNN-PC in 2017 of the State Bank of Vietnam, the guidance is as follows:
According to the above regulation, virtual currencies in general, including Bitcoin and Litecoin, are not currencies and are not legal payment methods in accordance with Vietnamese law. The issuance, supply, and use of virtual currencies in general and Bitcoin, Litecoin in particular (as non-legal payment instruments) as currency or payment means is prohibited. This conduct has its sanctions stipulated in Decree 96/2014/ND-CP of the Government of Vietnam on administrative penalty in currency and banking and the Criminal Code 2015 (amended, supplemented). Moreover, with regards to virtual currency investments, the State Bank of Vietnam has repeatedly warned that this investment entails significant risks for investors.
According to Article 3 of the Corporate Income Tax Law 2008, as amended by Clause 1, Article 1 of Law No. 71/2014/QH13 on amending tax laws 2014, it defines taxable income types, including:
Taxable income
- Taxable income includes income from manufacturing, trading goods, providing services activities, and other income.
- Other income includes: income from the transfer of capital, transfer of contributed capital rights; income from transferring real estate, transferring investment projects, transferring the right to participate in investment projects, transferring rights to explore, extract, and process minerals; income from property use rights and property ownership rights, including income from intellectual property rights according to the law; income from transferring, leasing, liquidating assets, including valuable papers; income from interest on deposits, lending funds, selling foreign currency; amounts recovered from bad debts already written off; amounts received from debts payable where the creditor cannot be identified; income from business in previous years omitted and other income.
Vietnamese enterprises investing abroad must repatriate their income after having paid corporate income tax abroad. For countries where Vietnam has signed an agreement to avoid double taxation, the agreement's provisions will be applied. For countries where Vietnam has not signed an agreement to avoid double taxation, if the foreign country's corporate income tax rate is lower, the difference will be collected in accordance with Vietnam's Corporate Income Tax Law.
Thus, it can be seen that Pi Network is not currency and is not a legal payment method in Vietnam, and Vietnam has not established a business industry code for Pi Network activities. Since Pi Network is not currency, it is not considered a commodity for business, and hence income from doing business in Pi Network is not subject to corporate income tax (CIT). Additionally, in practice, there has been no instance where enterprises have been required to pay CIT from Pi Network business specifically or virtual currency in general. Therefore, income from Pi Network trading is currently not considered taxable income for CIT.
Furthermore, if an enterprise uses Pi Network as currency or a legal payment method, penalties would involve fines ranging from 50,000,000 VND to 100,000,000 VND for individuals and from 100,000,000 VND to 200,000,000 VND for enterprises (Clause 6, Article 26 of Decree 88/2019/ND-CP, amended by Point d, Clause 15, Article 1 of Decree 143/2021/ND-CP) if it does not reach the level of criminal prosecution:
Who is required to pay Corporate Income Tax in Vietnam?
According to Article 2 of the Corporate Income Tax Law 2008 (as amended, supplemented by Clause 1, Article 1 of the Revised Corporate Income Tax Law 2013), it stipulates as follows regarding CIT taxpayers:
- Corporate income taxpayers are organizations engaged in the production, trading of goods, or provision of services with taxable income as prescribed by the Corporate Income Tax Law 2008 (hereinafter referred to as enterprises), including:
+ Enterprises established under Vietnamese law;
+ Enterprises established under foreign law (referred to as foreign enterprises) with or without a permanent establishment in Vietnam;
+ Organizations established under the Cooperative Law 2023;
+ Public service units established under Vietnamese law;
+ Other organizations engaged in production and business activities generating income.
- Enterprises having taxable income defined in Article 3 of the Corporate Income Tax Law 2008 are required to pay corporate income tax as follows:
+ Enterprises established under Vietnamese law must pay tax on taxable income generated within and outside Vietnam;
+ Foreign enterprises with a permanent establishment in Vietnam must pay tax on taxable income generated within and outside Vietnam in relation to the activities of that permanent establishment;
+ Foreign enterprises with a permanent establishment in Vietnam must pay tax on taxable income generated in Vietnam if the income is unrelated to the activities of the permanent establishment;
+ Foreign enterprises without a permanent establishment in Vietnam must pay tax on taxable income generated in Vietnam.
- A permanent establishment of a foreign enterprise is a production or business premise through which the foreign enterprise conducts part or all of its production and business activities in Vietnam, including:
+ Branches, executive offices, factories, workshops, means of transportation, oil and gas wells, mines or other places of resource extraction in Vietnam;
+ Construction sites, construction, installation, and assembly works;
+ Service-providing facilities, including consultancy services through employees or other organizations or individuals;
+ Agencies for foreign enterprises;
+ Representation in Vietnam, where the representative is authorized to sign contracts in the name of the foreign enterprise or where there is a representative without the authority to sign contracts in the name of the foreign enterprise but regularly performs the delivery of goods or services in Vietnam.
