In early 2025, the Vietnamese government accelerated the pace of promoting encryption policies, clearly incorporating digital assets into the regulatory framework. Prime Minister Pham Minh Chinh issued a directive in March, requiring the Ministry of Finance and the State Bank of Vietnam to develop detailed regulations by the end of March, including KYC/AML mechanisms, sandbox pilots, transaction licenses, and tax arrangements. Currently, although the use of cryptocurrency as a means of payment remains illegal, 'holding and trading' is not prohibited by law. The aim of this policy is to encourage the development of local crypto enterprises, attract blockchain investment, and fill the tax gap. As one of the leading countries in global crypto adoption (with users accounting for about 21% and transaction volume exceeding $120 billion), Vietnam hopes to become a standout market in Southeast Asia for digital asset competition through clear regulations. However, the regulatory path still needs to strike a balance between promoting innovation and preventing risks, with future sandbox policies and exchange licenses being key points.