Based on the search results, here's a detailed overview of VietnamCryptoPolicy:
1. **Legalization and Classification**: Vietnam passed the **Law on Digital Technology Industry** on June 14, 2025, legally recognizing digital assets for the first time. The law classifies them into two categories:
- **Virtual Assets**: Non-financial digital tools for exchange/investment (excluding securities, fiat currencies).
- **Crypto Assets**: Encrypted digital units using blockchain for validation/ownership (e.g., Bitcoin, Ethereum) .
2. **Effective Date and Framework**: The law takes effect on **January 1, 2026**. The government will define specific business conditions, classifications, and oversight mechanisms post-implementation .
3. **Regulatory Drivers**:
- Addresses FATF's "gray list" status (since 2023) by mandating **anti-money laundering (AML)**, counter-terrorism financing, and cybersecurity safeguards aligned with global standards .
- Responds to high domestic adoption (17M users, $105B in 2023–24 inflows) and scams like BitMiner ($157K fraud) .
4. **Tax and Economic Goals**:
- Proposes a **0.1% transaction tax** (potentially generating $800M annually) and corporate income taxes on crypto businesses .
- Aims to retain revenue by discouraging offshore registrations of Vietnamese crypto firms .
5. **Broader Tech Ambitions**: Part of Vietnam's strategy to become a digital hub, offering **tax breaks, R&D funding, and training** for AI, semiconductors, and blockchain infrastructure .
