Vietnam has always been a leader in using crypto. But even though many people use it, the country’s crypto market has been in a confusing state because the rules weren’t clear. This left investors and businesses unsure about what they could and couldn’t do. That’s finally changing. On June 14, 2024, Vietnam passed a new law called the Law on Digital Technology Industry. This is a big step forward to make crypto legal and set clear rules. The law will start on January 1, 2026. It aims to make the rules clear, protect users, and help Vietnam move towards a more digital and transparent economy, just like the rest of the world.
Vietnam’s New Crypto Law
Vietnam has just made a big decision with its new Law on Digital Technology Industry. This new policy sets the rules for how the country will deal with crypto and digital technology in the future. Here’s what it means: First, the law officially recognizes cryptocurrencies as digital assets and divides them into two groups, virtual assets and crypto assets. It does not cover things like stocks, digital versions of traditional money, or other typical financial tools. This makes it very clear what is included. This new clarity is great news for crypto businesses and investors who were unsure about the rules before.
The law also puts the government in charge of defining business rules, licensing conditions, and oversight for these digital assets. Importantly, it comes with strict cybersecurity and anti-money laundering (AML) requirements bringing Vietnam in line with global standards set by the Financial Action Task Force (FATF). Vietnam has been on FATF’s “gray list” since 2023, and this law is a big step toward fixing that by tightening up rules to stop money laundering and terrorist financing.
But this new law isn’t only about crypto. It also offers big benefits to the entire digital tech industry. These benefits include tax breaks, incentives for land use, support for research and development, and even training programs to develop local skills. The aim is to make Vietnam a leader in new technologies like AI, semiconductors, and blockchain. This law isn’t just a set of rules, it’s Vietnam’s way of declaring itself a leader in the global digital economy.
Key Features of Vietnam’s Crypto Policy
To better understand the law’s impact, here’s a breakdown of its key components:
| Aspect | Details |
|---|---|
| Asset Classification | Separates virtual assets and crypto assets, excludes securities and digital fiat |
| Regulatory Oversight | Government to define business conditions, classifications, and mechanisms |
| Security and Compliance | Mandates AML and cybersecurity aligned with FATF standards |
| Incentives | Tax breaks, land-use benefits, R&D support, workforce subsidies |
| Effective Date | January 1, 2026 |
This table illustrates how Vietnam’s crypto policy balances regulation with innovation, creating a structured yet attractive environment for digital assets.
Vietnam Crypto Policy Sparks Optimism
The crypto community is very excited about Vietnam crypto policy, seeing it as a big step forward. The recently passed law officially recognizes digital and crypto assets, provides financial support and tax breaks for blockchain startups, and strengthens measures against money laundering. These actions are expected to attract serious developers and investors to Vietnam’s crypto scene, even though the law will take effect in 2026.
This move places Vietnam as a leader in clear regulations within the region, setting an example that other Southeast Asian countries might follow. The law clearly separates virtual assets from crypto assets, follows international guidelines to get off the financial grey list, and sets up direct government oversight on creating, storing, and transferring cryptocurrencies, all while enforcing rules against money laundering. With this proactive approach and Vietnam is set to become more prominent in the digital finance world.
Hope and Caution on Vietnam’s New Crypto Policy
Analysts believe this new move could lead to more people using digital assets. However, not everyone is convinced. While some experts are positive about Vietnam’s progress in crypto, others advise caution, especially considering past events like the $400 million Matrix Chain scam. This shows the need for strong rules and educating investors as the country moves forward with its new crypto laws. Overall, the outlook is positive, but how the market will react after 2026 is still uncertain.
Vietnam’s new crypto policy, part of the Law on Digital Technology Industry, is an important step toward the future of finance. By making cryptocurrencies legal, setting clear rules, and offering benefits to promote innovation, Vietnam is preparing for a surge in digital assets. Some say that “more countries will follow, and the shift is already happening,” suggesting this could inspire global changes. Everyone will be watching as Vietnam’s crypto journey develops, with the potential to change digital finance in Southeast Asia and beyond.
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About the Author: John Brok
