The National Assembly of Vietnam approved a historic legislation last Saturday (15) that legalizes cryptocurrencies in the country. In addition, the law establishes a comprehensive set of incentives for semiconductor manufacturing, artificial intelligence development, and digital technology startups.
The Digital Technology Industry Law received approval with 441 favorable votes out of 445 lawmakers present.
The new regulation makes Vietnam one of the first countries to regulate cryptocurrencies through its own legislation, outside traditional financial regulatory models. The law will take effect from January 1, 2026.
According to the legislation, digital assets are products 'created, issued, transferred, and authenticated using blockchain technology,' with property rights recognized by the Civil Code.
With this measure, the Vietnamese government seeks to address a problem that led local technology and crypto companies to transfer their operations to jurisdictions like Singapore, which already have clearer rules.
Vietnam legalizes cryptocurrencies
According to local media, the legislation classifies digital assets into three main categories:
• Virtual assets used for exchange or investment;
• Crypto assets that use cryptography in issuance, storage, and transfer and
• Other digital assets.
These categories do not include securities, digital representations of fiat currencies, nor financial instruments already regulated.
The initiative follows a directive from Prime Minister Pham Minh Chinh. In March of this year, he instructed the Ministry of Finance and the Central Bank to finalize regulatory proposals for cryptocurrencies as part of a strategy to achieve 8% economic growth.
Despite the absence of a legal framework until then, Vietnam was ranked 5th in the global crypto adoption ranking by Chainalysis.
in 2024.
Between 2023 and 2024, investments of over $105 billion in blockchain have passed through the country, many structured abroad, with no direct impact on the national economy.
In addition to regulating cryptocurrencies, the law aims to consolidate Vietnam as a regional technology hub. The government has set a goal of reaching 150,000 digital companies by 2035. In this regard, the country will offer incentives such as a 10% corporate tax rate for 15 years, import tax exemptions, and land rent exemptions.
Large-scale projects that invest over $80 million in data centers or $160 million in semiconductor factories will be able to access special incentives, such as income tax exemption for five years for foreign specialists.
The legislation further reinforces the country's goal of 'becoming an essential link in the global semiconductor supply chain.'