#VietnamCryptoPolicy Vietnam has officially become the first country in the world to adopt a separate law dedicated to the digital technology industry. The National Assembly approved the Law on Digital Technology Industry, which regulates the circulation of cryptoassets and establishes state oversight over this sector.
The government of the country stated that this step demonstrates a willingness to regulate the crypto market rather than ban it, providing legal frameworks for innovation.
The downside: rise in crypto fraud
However, the legalization comes against the backdrop of a series of high-profile scandals related to crypto fraud:
February 2025 — police arrested four individuals behind the fake mining platform BitMiner. Posing as a Dubai company, they sold fake packages and training materials, defrauding over 200 people for more than 4 billion dong (about $157,000).
December 2024 — a massive investment fraud involving the cryptocurrency QFS, distributed by the company Million Smiles, was thwarted in Hanoi. The scheme affected around 500 investors — 100 companies and 400 individuals. The damage amounted to over 30 billion dong (approximately $1.17 million).
