On June 14, 2025, the National Assembly of Vietnam passed the "Digital Technology Industry Law", which for the first time legally recognizes the status of crypto assets, categorizing digital assets into two types: "virtual assets" and "crypto assets", along with accompanying cybersecurity and anti-money laundering regulations. This move is not only a strategic action for Vietnam to exit the FATF 'grey list', but it may also become a catalyst for cryptocurrency compliance and innovation in Southeast Asia.

Previously, Vietnam only prohibited the use of cryptocurrencies as payment tools, but did not clarify the legality of transactions, leading to long-term policy uncertainty for investors. The new law grants legal status to crypto assets for the first time and establishes classification standards, providing operational guidelines for exchanges, developers, and users, which may attract compliant platforms like Coinbase and Binance to accelerate their layout.

The law mandates that crypto businesses comply with FATF standards, directly addressing Vietnam's concerns about being placed on the 'grey list'. If implemented effectively, it will enhance international capital trust and promote Vietnam to become a hub for anti-money laundering in Southeast Asia, forming regional cooperation with Singapore and Malaysia.

Vietnam's new law provides a reusable regulatory template for Southeast Asia through the "compliance anchor + industry linkage" strategy. If successfully implemented, Southeast Asia may form the following landscape by 2027:

- Market level: The number of cryptocurrency users increases to 120 million, accounting for 15% of the global total;

- Technology level: Vietnam leads in hardware security modules (HSM), Singapore provides compliance frameworks, and Indonesia focuses on DeFi applications.

"Vietnam's ambition is not only to embrace cryptocurrencies but also to redefine the regional power chain in the digital age" — its success or failure will determine whether Southeast Asia becomes the 'new frontier' for global cryptocurrency innovation or remains a dependency of Western technologies.