Vietnam legalizes cryptocurrencies ๐ค๐
Vietnam's National Assembly approved the Law on the Digital Technology Industry, placing digital assets under formal regulatory oversight. The legislation will come into effect on January 1, 2026.
๐ The law officially recognizes crypto assets, marking a significant step toward digital innovation across the country.
๐ Key Points:
๐น Digital assets are classified into two types:
๐น Virtual assets
๐น Crypto assets
๐น Both rely on encryption or digital technology for validation and transfer but exclude securities, fiat digital currencies, and other financial instruments.
๐น The Vietnamese government will define:
๐น Commercial conditions
๐น Asset classifications
๐น Supervisory mechanisms
๐น The law mandates cybersecurity and anti-money laundering (AML) measures aligned with international standards, a move likely aimed at addressing concerns from the Financial Action Task Force (FATF).
๐ Vietnam has been on the FATF grey list since 2023, and this legislation could help improve its standing by enhancing regulatory transparency in the digital asset space.
