#VietnamCryptoPolicy Vietnam has made significant strides in cryptocurrency regulation with the passage of the Law on Digital Technology Industry. Here's a breakdown of the country's crypto policy ¹ ²:
- *Recognition of Crypto Assets*: The law officially recognizes cryptocurrency and digital assets, providing a clear definition and classification system. It distinguishes between virtual assets (non-financial tokens, loyalty points, and digital goods) and crypto assets (assets based on cryptographic technologies and distributed ledgers, such as Bitcoin and Ethereum).
- *Regulatory Framework*: The government is tasked with outlining specific business conditions, classifications, and oversight mechanisms for digital assets. The law also mandates cybersecurity and Anti-Money Laundering (AML) safeguards aligned with international norms.
- *Incentives for Digital Innovation*: The law introduces sweeping incentives for enterprises working in AI, semiconductors, and digital infrastructure, including:
- *Tax Breaks*: Digital assets companies receive tax breaks to encourage growth and innovation.
- *Land-Use Benefits*: Companies in the digital sector can benefit from favorable land-use policies.
- *R&D Support*: The government provides grants for research and development, particularly for chip design and AI data centers.
- *Workforce Development*: Regional governments are directed to support workforce development through subsidies and training programs, while education policies will integrate digital tech skills into national curricula.
-*Consumer Protection*: The law strengthens consumer protection for cryptocurrency transactions and encourages legitimate digital assets innovation.
- *International Compliance*: Vietnam aims to improve its position after being placed on the Financial Action Task Force's (FATF) "gray list" in 2023 by aligning its regulations with international standards.
The Law on Digital Technology Industry takes effect on January 1, 2026,and is expected to position Vietnam as a regional leader in digital innovation and cryptocurrency regulation.
