Vietnam just made a huge leap in its approach to cryptocurrency. A new digital technology law, passed in June 2024, officially brings crypto under the country’s legal umbrella for the first time. This isn’t just about crypto, though; it’s a broader push to become a tech powerhouse.
Sorting Out Digital Assets
The law categorizes digital assets into two groups: virtual assets and crypto assets. Both rely on encryption for transactions, but they exclude things like securities and regular digital money. The details on who can issue, trade, and hold these assets, along with the specific rules, will be worked out by January 1, 2026.
Cleaning Up the Act
This isn’t just about embracing new technology; it’s about cleaning up past problems. The law includes strict anti-money laundering and cybersecurity measures to meet international standards. Vietnam’s aim is to get off the Financial Action Task Force (FATF) grey list, where it’s been since 2023. Before the new law kicks in, agencies will be busy reviewing transaction processes and platforms.
Incentivizing Tech Growth
Beyond crypto, the law offers big incentives for tech companies. Think tax breaks, cheaper land, and research grants for companies working in AI, chip design, and data centers. The government is also investing in training programs for tech workers and incorporating digital skills into school curriculums. The goal? To compete with tech hubs like Singapore, Seoul, and Shenzhen.
Learning from Past Mistakes
The new law comes after a series of crypto scams in 2024 and 2025. Authorities busted a fake mining operation (“BitMiner”) that defrauded over 200 people of millions of Vietnamese Dong, and another scheme (“Million Smiles”) that swindled businesses and individuals out of millions more. These incidents clearly played a role in shaping the new regulations.
The Future of Crypto in Vietnam
The next two years will be crucial. By January 1, 2026, companies and users will have to adapt to the new rules. A smooth rollout could attract legitimate crypto projects, but delays or weak enforcement could lead to more scams and continued grey-list concerns. The clock is ticking.