Vietnam has made significant strides in cryptocurrency regulation with the passage of the Law on Digital Technology Industry. Here's a breakdown of the country's crypto policy ¹ ²:
- *Recognition of Crypto Assets*: The law officially recognizes cryptocurrency and digital assets, providing a clear definition and classification system. It distinguishes between "virtual assets" (non-financial tokens, loyalty points, and digital goods) and "crypto assets" (assets based on cryptographic technologies and distributed ledgers, like Bitcoin and NFTs).
- *Regulatory Oversight*: The government will outline specific business conditions, classifications, and oversight mechanisms for digital assets. The law also mandates cybersecurity and Anti-Money Laundering (AML) safeguards aligned with international norms.
- *Incentives for Tech Development*: The law introduces sweeping incentives for enterprises working in AI, semiconductors, and digital infrastructure, including:
- *Tax Breaks*: Companies in these sectors will receive tax breaks to encourage growth and innovation.
- *Land-Use Benefits*: Favorable land-use policies will support the development of digital infrastructure.
- *R&D Support*: Grants and funding will be available for research and development in emerging technologies.
- *Workforce Development*: Regional governments will support workforce development through subsidies and training programs, while education policies will integrate digital tech skills into national curricula.
- *Consumer Protection*: The law strengthens user protection by addressing recent episodes of massive fraud in the crypto sector and imposing stringent cybersecurity processes.
- *International Standards*: Vietnam aims to improve its position after being placed on the Financial Action Task Force's (FATF) "gray list" in 2023 by aligning its regulations with international best practices.
The law takes effect on January 1, 2026, and is expected to position Vietnam as a regional leader in blockchain innovation and digital asset adoption ² ³.
