Vietnam officially became the first country in the world to adopt a separate law dedicated to the digital technology industry. The National Assembly approved the Law on the Digital Technology Industry, which regulates the circulation of crypto assets and establishes government oversight in this area.
The country's government stated that this step demonstrates a readiness to regulate the crypto market rather than ban it, providing legal frameworks for innovation.
The flip side: rise of crypto fraud
However, legalization is happening against the backdrop of a series of high-profile scandals related to crypto fraud:
February 2025 — police arrested four people behind the fake mining platform BitMiner. Posing as a Dubai company, they sold fake packages and training materials, deceiving over 200 people out of more than 4 billion dong (about $157,000).
December 2024 — a large-scale investment fraud involving the cryptocurrency QFS, distributed by the company Million Smiles, was prevented in Hanoi. The scheme affected about 500 investors — 100 companies and 400 individuals. The damage amounted to over 30 billion dong (approximately $1.17 million).
These cases highlight the need for regulation. The new law could become a tool in the fight against fraud by establishing transparent rules for market participants.