In a significant move towards embracing the digital economy, Vietnam has passed a comprehensive digital technology law that officially legalizes crypto assets. The Law on Digital Technology Industry, approved on June 14, 2025, not only recognizes digital assets but also sets the stage for promoting artificial intelligence (AI), semiconductors, and infrastructure development within the country.
The legislation, which will come into effect on January 1, 2026, categorizes digital assets into two main groups: virtual assets and crypto assets. Virtual assets are defined as digital assets used for exchange or investment purposes, while crypto assets are digital assets that rely on encryption technology for transaction validation and ownership confirmation.
It is important to note that the law explicitly excludes securities, digital representations of fiat currency, or any other financial instruments that are already regulated under existing financial laws. The Vietnamese government will be responsible for classifying digital assets, setting criteria for their management, and establishing business conditions to ensure proper oversight.
Additionally, the regulatory agency will be tasked with implementing measures to enhance cybersecurity, prevent money laundering, counter-terrorism financing, and other illicit activities. Vietnam has been on the Financial Action Task Force’s (FATF) grey list since 2023, and these regulatory efforts are aimed at improving compliance with international standards.
Vietnam’s move to legalize crypto assets comes at a time when the country has been witnessing significant adoption of cryptocurrencies. According to Chainalysis, Vietnam ranked fifth globally in overall cryptocurrency adoption in 2024, trailing behind countries like India, Nigeria, and the United States. However, Vietnam led the list in 2021 and 2022, showcasing a strong interest in digital assets among its population.
While Vietnam’s progressive stance on crypto regulation is commendable, other jurisdictions around the world are also grappling with defining and regulating digital assets. The European Union introduced the Markets in Crypto-Assets Regulation (MiCA) to oversee the crypto industry, while the United States, a key market for cryptocurrencies, is yet to introduce specific regulations for the sector.
In conclusion, Vietnam’s decision to legalize crypto assets under its new digital technology law marks a significant milestone in the country’s journey towards embracing the digital economy. By providing clarity on the classification and management of digital assets, Vietnam aims to foster innovation, enhance cybersecurity, and promote a more transparent and compliant digital ecosystem.
References:
1. Vietnam legalizes crypto under new digital technology law – [https://cointelegraph.com/news/vietnam-legalizes-crypto-sets-digital-tech-ambitions?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound]
2. Vietnam Legally Defines Crypto in Newly Approved Legislation – [https://www.financemagnates.com/cryptocurrency/vietnam-legally-defines-crypto-in-newly-approved-legislation/]
