Vietnam has taken significant steps in regulating cryptocurrencies, marking a milestone in the adoption of digital assets. Starting January 1, 2026, a new law recognizing cryptocurrencies will come into effect, requiring cybersecurity and anti-money laundering measures. This legislation makes Vietnam the first country in the world to enact a specific law dedicated to the digital technology industry.
Here is a summary of the policy and future of cryptocurrencies in Vietnam:
* Current and Future Regulatory Framework:
* Legal Recognition: Vietnam has legalized cryptocurrencies through its new Digital Technology Industry Law, which will come into effect in 2026. This is a crucial step towards legitimizing digital assets in the country.
* No prohibition, but not legal tender: Although cryptocurrencies were not banned, they were also not considered a legal means of payment nor were they legally protected as an asset in the past. However, the new law will change this by defining them and establishing a clear legal framework for their operation and ownership.
* Focus on Regulation: Since 2017, Vietnam has been actively working to establish a comprehensive legal framework for cryptocurrencies, demonstrating a proactive rather than reactive stance.
* Testing Mechanism (Sandbox):
* The Ministry of Finance (MOF) has been developing a legal testing mechanism (sandbox) for cryptocurrencies. This sandbox will rigorously evaluate anti-money laundering (AML) and Know Your Customer (KYC) protocols.
* They also seek to test a crypto-asset trading platform to experiment with regulated exchanges and manage associated risks, paving the way for a safer and more transparent crypto ecosystem.
Vietnam's stance reflects a progressive vision towards integrating blockchain technology and digital assets into its economy. This regulatory approach could set an important precedent for other nations seeking to balance innovation with financial security.
