Vietnam has taken an important step towards regulating digital currencies. Here’s a summary of the updates:

* Digital asset legislation: On June 14, 2025, the National Assembly of Vietnam approved the Law on Digital Technology Industry. This historic law legitimizes digital assets, including cryptocurrencies, and recognizes them as "property" under civil law.

* Effective date: The new law will come into effect on January 1, 2026.

* Classification of digital assets: The law classifies digital assets into two main types: virtual assets and encrypted assets.

* Regulatory framework: The Vietnamese government will now work on establishing specific operating conditions, classifications, and oversight mechanisms for these types of assets.

* Anti-money laundering and cybersecurity: The new law imposes strict compliance with cybersecurity standards and anti-money laundering (AML) measures aimed at adhering to global standards.

* Not legal tender: Despite being legislated as digital assets, the State Bank of Vietnam still asserts that they are not a legal means of payment.

In summary, Vietnam is transitioning from a "legal gray area" for cryptocurrencies to a more organized and clear environment, aiming to foster innovation and attract investments.