1. Core of the bill: Separation of virtual assets and crypto assets.
Vietnam classifies digital assets into two categories:
Virtual Assets (VA): Digital assets used for exchange or investment (such as game tokens, NFTs), explicitly excluding securities and fiat-linked assets;
Crypto Assets (CA): Assets that rely on cryptographic technology to verify transactions and ownership (such as BTC, ETH), prohibited from being mixed with securities and digital fiat.
Key Data:
The government will formulate tax incentives, land policies, and R&D subsidies to focus support on AI, semiconductor, and blockchain companies.
Top 3 on-chain transaction projects can receive a 50% reduction in corporate income tax, and startups will be tax-exempt for the first three years.
In 2023, Vietnam was placed on the FATF grey list for ineffective anti-money laundering, but the probability of removal exceeds 80% after the new law is passed.
Conflict Point: Vietnam previously faced rampant fraud (e.g., BitMiner embezzling $15.73 million), new laws require exchanges to enforce KYC and on-chain transaction tracking, leading to skyrocketing compliance costs for smaller exchanges.
2. Market Impact: Institutional FOMO has begun.
Exchanges rushing in: Bitget's BitEXC Vietnam version saw a 230% increase in daily app downloads, OKX announced a compliance center in Hanoi.
On-chain fund movements: The USDT on-chain recharge volume for Vietnamese users surged by 470% week-on-week, with local OTC premium rates reaching 3.7% (global average 1.2%).
Project Migration Trend: Leading meme project FARTCOIN announced it will relocate its DAO governance node to Ho Chi Minh City, and the AURA development team has registered a local entity in Vietnam.
Constructive Strategy:
Compliance targets in ambush: The local exchanges Coin98 and TomoChain (TOMO) may become the first beneficiaries of licensing.
Beware of Policy Fluctuations: The government may conduct sudden reviews of 'grey OTC merchants' before 2026; it is advisable to diversify USDT holdings into more than five wallets.
3. Asian Situation: Will other countries follow?
Vietnam's move directly counters the 'conservatives' like Singapore and Japan:
Singapore still restricts stablecoin issuers to licensed institutions, increasing the financing threshold for small and medium projects by three times.
Japan requires exchanges to hold over 95% of cold wallet reserves, severely locking liquidity.
Hong Kong becomes the biggest variable: If it follows the Vietnam model, Bitcoin ETF inflows could exceed $10 billion.
Data Comparison: The number of crypto users in Vietnam has reached 27 million (27% of the population), far exceeding the Philippines (12%) and Thailand (9%). After compliance, the annual trading volume aims at $1 trillion.
Risk Warning: The Vietnamese Dong's exchange rate volatility is the highest in Asia (14% depreciation in 2024), so be sure to pay attention to the USDT/VND exchange rate arbitrage space before stablecoins are launched.
Action Guide: The compliance window is only 18 months left; either thoroughly understand the policy or be consumed by it.
Conclusion: The Vietnamese National Assembly unexpectedly passed the Digital Technology Industry Law early yesterday, marking the world's first independent crypto asset legislation! After its effect on January 1, 2026, Vietnam will become the first Asian country to legalize crypto assets, officially opening the compliance dividend period for the on-chain ecosystem, exchanges, and project parties.
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