Vietnam legalizes cryptocurrencies with a new digital technology law

Vietnam has approved a digital technology law that legalizes crypto assets and establishes incentives for artificial intelligence, semiconductors, and infrastructure.

The National Assembly of Vietnam approved the Law on the Digital Technology Industry on June 14, subjecting digital assets to regulatory oversight.

The legislation, which will come into effect on January 1, 2026, recognizes crypto assets and lays the groundwork for broader digital innovation across the country, according to local media reports.

The law classifies digital assets into two categories: virtual assets and crypto assets. Although both are based on encryption or digital technologies for their validation and transfer, neither includes securities, digital fiat currencies, or other financial instruments.

The government now has the task of defining specific business conditions, classifications, and oversight mechanisms for these types of assets.

The law also requires cybersecurity measures and anti-money laundering efforts in line with international standards, in a likely effort to address the concerns of the Financial Action Task Force (FATF). Vietnam has been on the FATF's "grey list" since 2023.Vietnam aspires to play a global technological role

Beyond cryptocurrencies, the legislation highlights Vietnam's ambition to become a digital technology hub.

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