Vietnam has just legalized cryptocurrencies – what does the new law really change?
What the law says, in 6 bullets
Legal recognition ‑ Cryptocurrencies are now considered “assets” under the civil code; they can appear on balance sheets and contracts.
Two macro-categories ‑ Crypto-assets (blockchain, cryptographic proof) ‑ Virtual assets (game tokens, miles, etc.) Securities, CBDC, and stablecoins backed by currency are excluded from this initial definition.
Subclassifications into four types ‑ Security token, payment, utility, or mixed (MiCA-lite model).
Licenses & business conditions ‑ Brokers, custodians, issuers, and staking providers will need authorization from the Ministry of Finance. ‑ AML/CTF standards aligned with FATF; exchanges must report transactions ≥ VND 50 million (~US$ 2 000).
Tax incentives ‑ Blockchain, AI, and semiconductor startups receive a reduction in corporate income tax for 15 years, exemption from import fees, and subsidized land rental.
Government sandbox ‑ The Central Bank and Bybit pilot a trading platform under direct supervision; it serves as a “laboratory” for definitive rules.
Regional repercussions
ASEAN in a domino effect – The Philippines is already studying to copy the “payment/security/utility” token regime.
Pressure on Thailand – Bangkok limits crypto derivatives; the new Vietnamese law may attract Thai volumes.
Singapore – loses some tax advantage but maintains an edge in governance and international arbitration.
What to observe until the law comes into effect (checklist)
Decree defining minimum capital and insurance for custodians.
How the Vietnamese Treasury will tax staking and airdrops.
If the country exits the FATF gray list before Jan/26 (green light for VC influx).
Design of the VND stablecoin: wholesale (banks) or retail (MoMo, ZaloPay).
IFRS accounting framework: degree of “mark-to-market” required for listed companies with bitcoin on the balance sheet.
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