丞相

In recent years, Vietnam's cryptocurrency policy has undergone a significant transformation, shifting from strict restrictions to gradually establishing a comprehensive regulatory framework. The following are the main characteristics and impact analysis:

Policy Evolution and Regulatory Framework
The Vietnamese government's attitude towards cryptocurrency has shifted from resistance to gradual acceptance:
1. Early Restriction Phase: In 2017, the State Bank of Vietnam banned cryptocurrency as a means of payment, and in 2018, regulations were further tightened.
2. Regulatory Transition Phase: In 2024, the Ministry of Justice clarified that holding cryptocurrency is not illegal, and the policy shifted from prohibition to regulated management.
3. Regulatory Improvement Phase: A comprehensive cryptocurrency regulation is planned for launch in 2025, including licensing, anti-money laundering, and tax requirements.

### Current Legal Status and Regulatory Division
- **Legal Status**: Cryptocurrency cannot be used as a legal means of payment, but personal holding and trading are legal; mining activities are allowed under compliance conditions.
- **Regulatory Agencies**:
- The State Bank of Vietnam is responsible for the payment ban and licensing of digital asset companies.
- The Ministry of Finance leads cryptocurrency tax policies.
- The Ministry of Justice promotes legal definitions and ownership confirmation.

### Latest Legislation and Market Impact
The "Digital Technology Industry Law," passed in June 2025, legally recognizes cryptocurrency assets for the first time and is set to take effect in 2026. The bill clarifies:
- Classification standards for virtual assets and cryptocurrency assets.
- Tax incentives and support policies for the blockchain industry.
- Alignment with international anti-money laundering standards.

### Challenges and Prospects
Vietnam is one of the countries with the highest cryptocurrency adoption rates globally, but regulatory enforcement still faces issues such as monitoring anonymous transactions and P2P market fraud. The implementation of new regulations may propel Vietnam to become a regional cryptocurrency hub, but it needs to balance innovation incentives with risk control.

Overall, Vietnam is gradually incorporating cryptocurrency assets into the formal economic system through incremental legislation, and future development depends on the effectiveness of regulatory implementation and market adaptability.

Since its inception in 2009, Bitcoin, as a decentralized digital currency, has sparked widespread controversy. Supporters believe it is a revolutionary tool for financial freedom, with its core advantages being: 1. Anti-inflation characteristics, with a fixed total supply of 21 million coins; 2. Transparency and security guaranteed by blockchain technology; 3. Efficiency in cross-border payments. However, critics point out significant flaws: extreme price volatility (experiencing multiple drops of over 80% between 2021 and 2022), energy consumption issues (annual electricity consumption exceeding that of Norway), regulatory risks, and limited practical application scenarios. In recent years, the entry of institutional investors has somewhat 'assetized' Bitcoin, but it essentially remains a high-risk speculative asset. Its future direction depends on technological evolution, regulatory attitudes, and the degree of integration with the traditional financial system, and investors need to be acutely aware of the high-risk nature behind its 'digital gold' narrative. Overall, decentralization is the trend of the future; fairness, openness, and justice have always been humanity's eternal pursuits, so the future of virtual currency is immeasurable. Bitcoin is expected to fluctuate between 100,000 and 110,000 in the short term; if it stabilizes above 110,000, it may challenge 120,000; otherwise, a significant pullback may follow.