Cryptocurrency Legislation in Vietnam Points Toward an Ambitious Future, as Crypto is Now Legalised
Vietnam Embraces Digital Technology with New Law
Vietnam has taken a significant step forward in its digital transformation journey with the passing of the Law on Digital Technology Industry. Effective from January 1, 2026, the law establishes rules for dealing with crypto and digital technology, offering benefits to the entire digital tech industry and officially recognizing cryptocurrencies as digital assets.
The law separates virtual assets and crypto assets, excluding securities and digital fiat. This classification is crucial for the regulation of these digital assets. The Ministry of Industry and Trade will take responsibility under the law for defining business rules, licensing conditions, and oversight of digital assets. This aligns with the ministry's role mentioned in recent plans for digital transformation.
The new law offers a host of incentives to attract serious developers and investors to Vietnam. These include tax breaks, land-use benefits, support for research and development, and training programs to develop local skills. The aim is to make Vietnam a leader in new technologies like AI, semiconductors, and blockchain.
However, the market's reaction after 2026 remains uncertain. The outlook is positive, but analysts believe this new move could lead to more people using digital assets. The crypto community is optimistic about Vietnam's crypto policy, seeing it as a significant step forward.
The law comes with strict cybersecurity and anti-money laundering (AML) requirements, aligning with global standards set by the Financial Action Task Force (FATF). The government will have direct oversight on creating, storing, and transferring cryptocurrencies. The law sets up rules against money laundering and mandates AML and cybersecurity measures in line with FATF standards.
The law follows international guidelines to prevent being on the financial grey list. It also strengthens measures against money laundering, providing a secure environment for the growth of the digital tech industry.
In conclusion, the Law on Digital Technology Industry marks a significant milestone in Vietnam's digital transformation journey. By establishing clear rules for digital assets and offering incentives to the digital tech industry, the law is expected to attract serious developers and investors, making Vietnam a leader in new technologies. However, the market's reaction after 2026 remains to be seen.
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