#VietnamCryptoPolicy Vietnam's cryptocurrency policy has indeed evolved, and here's an update on the current state of affairs:
*Key Developments*
- *Legal Status*: Cryptocurrencies are now recognized under Vietnam's new digital technology law, which was approved on June 14, 2025, and will take effect on January 1, 2026. This law categorizes digital assets into virtual assets and crypto assets, paving the way for broader digital innovation.
- *Regulatory Framework*: The government is tasked with outlining specific business conditions, classifications, and oversight mechanisms for these asset types, including cybersecurity and Anti-Money Laundering (AML) safeguards aligned with international norms.
- *Taxation*: While crypto holdings are currently untaxed, policymakers are considering taxing transactions related to digital assets, which could generate revenue through personal or corporate income tax.
- *Central Bank Digital Currency (CBDC)*: Vietnam's State Bank has been exploring the possibility of introducing a CBDC, recognizing the potential of digital assets in the financial ecosystem.*Crypto Adoption in Vietnam*
- *High Adoption Rates*: Vietnam ranks third in Chainalysis' global crypto adoption index, with approximately 17% of the population owning or using cryptocurrencies.
- *Reasons for Adoption*: Vietnamese citizens use crypto to access banking services, invest, speculate, and transfer remittances. The lack of faith in the fiat currency, accessibility, and play-to-earn gaming (GameFi) are also significant factors driving adoption. *Crypto Activities*: Decentralized finance (DeFi) usage is high, with almost 90% of respondents engaging in DeFi activities, followed by GameFi, non-fungible tokens (NFTs), and SocialFi.
*Government's Approach*
*Increased Interest*: The government has become increasingly interested in studying crypto and is taking steps to regulate the sector, including introducing AML measures and know-your-customer (KYC) requirements.
*Proposed Regulations*: The Planning and Development Institute has proposed a legal framework that includes tr
