🇻🇳 New Legal Recognition (June 14, 2025)
Digital Technology Industry Law passed by the National Assembly on June 14, 2025, formally recognizes and regulates crypto assets under Vietnamese law.
* The law defines “crypto assets” as a distinct category and establishes standards for AML, CFT, cybersecurity, asset custody, and classification .
* It takes effect on January 1, 2026, creating the legal foundation for crypto operations .
🔬 Sandbox & Pilot Exchange Progress
* Following the Prime Minister’s March 2025 directive, the MOF and SBV were tasked to propose a regulatory framework—completed by May—covering:
* Sandbox for crypto/trading platforms
* Licensing pilots for issuance, custody, and trading
pilot crypto-exchange platform, supported by both the government and private partners (e.g., SSI, Bybit), is actively being developed and is expected to launch under sandbox conditions
📊 Why It Matters
* Vietnam boasts one of the world’s **highest crypto adoption rates (\~21% penetration), yet has lacked formal regulation—this change aims to better protect users, foster innovation, and increase public revenue ([cryptoforinnovation.org][5]).
* The new law aligns Vietnam with **global financial standards (FATF), particularly in AML/CFT compliance.
* Recognition of crypto assets enables their use in DeFi, tokenized services, and integration within regulated markets.
🧭 Updated Timeline
| Milestone | Status |
| Framework draft (Prime Minister directive) | Completed by May 2025
| Blockchain & digital asset law passed | June 14, 2025 |
| Law effective | January 1, 2026 |
| Pilot exchange & sandbox launch | Mid-to-late 2025 |
| Nationwide crypto trading | Pilot in 2025; full rollout likely in 2026 |
✅ What’s New as of Mid‑June 2025
1. Legal Framework Approved** – Historic law now legalizes crypto under Vietnamese regulation, effective 2026.
2. Sandbox & Pilot Platforms** – Pilot exchange development is underway with government backing.
3. Global Standard Compliance** – AML/CFT provisions ensure alignment with international compliance.
4. Focused Innovation** – Regulatory clarity paves the way for new services like tokenization, custody solutions, and green mining.
🛡️ Implications for Stakeholders
* Investors & Traders** — Will operate through **licensed, transparent platforms**, with enhanced protection and AML compliance.
* Crypto Startups** — Can benefit from sandbox access for innovation, licensing, and partnerships (e.g., Bybit, SSI).
* Regulators & Institutions** — Have a structured roadmap to oversee and gradually expand crypto services nationwide.
🧩 Bottom Line
Vietnam has advanced significantly since March:
* June’s Big Leap: Legislative approval gives legal footing to crypto activities.
* Sandbox & Pilot in Flight: Pilot exchange development underway.
* Next Phase: Look forward to the **first operational, licensed crypto platforms this year**, and full-scale trading by early 2026.
