#VietnamCryptoPolicy Development of the Legal Framework

I have discovered that Vietnam recently passed a new law on digital industry technology on June 14, 2025, which will come into effect on January 1, 2026. This law represents a significant shift, as it legitimizes cryptocurrency assets and classifies them as property under civil law. This contrasts with the previous stance of the State Bank of Vietnam, which banned the use of cryptocurrencies as a means of payment in 2017, although trading them as commodities or virtual assets was not explicitly prohibited. This new law aims to provide a comprehensive regulatory framework for digital assets, including classifying them into four types: security tokens, payment tokens, utility tokens, and hybrid tokens.

Regulations and Future Plans

In addition to the new law, there are several decrees and decisions that shape the regulatory landscape. For example, Decree No. 52/2024/ND-CP, which will come into effect on July 1, 2024, focuses on cashless payments and provides a definition for electronic money. There are also plans for experimental programs, such as the "Decision on the Experimental Implementation of Cryptocurrency in Vietnam" project, which aims to manage, issue, trade, and own cryptocurrency assets by the end of 2027. These developments underscore Vietnam's commitment to developing a regulated environment for digital assets, with a focus on combating money laundering.