Vietnam Takes a Key Step Towards Digital Technology Regulation, Cryptocurrency Welcomes Legalization Opportunities
On June 14, the Vietnamese National Assembly officially included cryptocurrencies in the regulatory framework for the first time and also planned further development in high-tech fields such as artificial intelligence and semiconductors. This move aims to accelerate planning and seize the initiative in the digital age.
The new law categorizes digital assets into two types: virtual assets and crypto assets, both of which must be transaction-verified through encryption or other digital technologies. This classification also excludes traditional financial instruments such as securities and digital fiat currencies. At the same time, the bill introduces an international standard framework for anti-money laundering and cybersecurity regulation to standardize the market.
Since 2023, Vietnam has been on the “grey list” of the Financial Action Task Force (FATF) for “anti-money laundering,” and the implementation of this new law is seen as a key step to escape this predicament. However, before the law takes effect, relevant agencies will conduct strict compliance reviews of transactions and platforms.
Moreover, this legislation is not limited to cryptocurrencies; it also encompasses fields such as artificial intelligence, chip design, and data center construction, providing incentives such as tax reductions, land lease benefits, and R&D subsidies.
At the same time, the frequent cryptocurrency fraud cases in the past two years have directly prompted the country's regulatory legislation. In February 2025, the fraudulent mining platform BitMiner cheated over 200 investors out of more than 4 billion Vietnamese Dong (approximately $157,000); in December 2024, the “Million Smiles” scam defrauded companies and individuals of a total of 30 billion Vietnamese Dong (approximately $1.17 million) with fake tokens, further highlighting the urgency of market standardization.
The passage of this new law indicates Vietnam's determination to shape its technological destiny through cryptocurrencies. The new regulations are expected to take effect on January 1 of next year, at which point corporate investors and individual participants will face new regulatory rules and development opportunities.
Market views suggest that if the new regulations are strictly enforced, it will help local genuine projects gain market recognition; conversely, if promotion is inadequate, it may exacerbate grey list and fraud issues. Currently, the bill has entered the countdown to formal enactment.
What are your thoughts on the changes in Vietnam's cryptocurrency regulatory rules? How do you think this will affect the cryptocurrency market in Vietnam and globally?
