Vietnam has made significant progress in the recognition and regulation of cryptocurrencies. Here are some key points about Vietnam's cryptocurrency policy [2][1]:
- Recognition of Digital Assets: The new Digital Technology Industry Law of Vietnam, approved on June 14, 2025, officially recognizes digital assets, including virtual assets and cryptocurrencies. This law will come into effect on January 1, 2026.
- Definition of Crypto Assets: The law defines virtual assets as digital assets used for exchange or investment, while crypto assets are defined as digital assets that rely on cryptographic technology to validate transactions and ownership.
- Regulatory Framework: The Vietnamese government will be responsible for classifying digital assets, specifying management criteria, and detailing business conditions. The government will also implement measures to ensure cybersecurity and prevent money laundering, terrorist financing, and other illegal activities.
- Cryptocurrency Adoption: Vietnam has a high cryptocurrency adoption rate, ranking fifth globally in 2024, according to Chainalysis. The country led the list for two consecutive years in 2021 and 2022.
- Regulatory Progress: Vietnam aims to finalize cryptocurrency regulations, with an earlier deadline for completion set for March 2025. The country's growing cryptocurrency market, supported by strong legal frameworks, could potentially surpass the US and Europe.
In general, Vietnam's cryptocurrency policy is evolving to accommodate the growing demand for digital assets while ensuring regulatory oversight to prevent illicit activities.