The adoption of digital currencies is rapidly increasing this year, with numerous reports about countries opening their doors to digital assets, accepting their utility, and declaring their legality.
Recently, the Vietnamese National Assembly gave the green light to the Digital Technology Industry Law. Under this law, cryptocurrencies have been legalized.
Regulating Cryptocurrencies in Vietnam
Under the newly enacted Digital Technology Law in Vietnam, digital assets are classified as "virtual assets" or "digital assets." The digital representation of fiat currencies, securities, or other financial instruments does not fall under this definition in the mentioned law.
Under this law, cryptocurrencies refer to encrypted digital tokens used to transfer and store value, while virtual assets cover broader digital representations with potential utility in virtual environments.
