Vietnam has issued a new law known as the Digital Technology Industry Law, which for the first time legalizes digital assets such as cryptocurrencies. This law aims to establish a clear regulatory framework for activities related to digital currencies in the country.
*Key Features of the Law* ¹ ² ³:
- *Recognition of Digital Currencies*: The law recognizes digital currencies and classifies them into two categories: virtual assets and cryptocurrencies.
- *Regulation*: Regulatory provisions will be established to determine how companies and platforms related to digital currencies will operate in Vietnam.
- *Anti-Money Laundering and Terrorism*: The law includes strict requirements for anti-money laundering and counter-terrorism financing, in line with global standards.
- *Cybersecurity*: The law emphasizes the importance of complying with cybersecurity standards to protect the digital ecosystem.
*Expected Impact* ¹ ⁴:
- *Boosting Investment*: This law is expected to boost investment in Vietnam and make it a more attractive destination for investors in the digital technology sector.
- *Digital Transformation*: This law is a significant step towards digital transformation in Vietnam, aiming to enhance technological innovation and economic development.
*Specified Date for the Law to Take Effect* ² ¹:
- *January 1, 2026*: The new law will take effect, giving companies and platforms time to comply with the new regulations.