Vietnam has taken a significant step towards regulating cryptocurrencies with the approval of the Law on Digital Technology Industry on June 14. The legislation, which will come into effect on January 1, 2026, recognizes crypto assets and establishes a framework for digital innovation across the country.
Classification of Digital Assets
The new law categorizes digital assets into two main types: virtual assets and crypto assets. Both categories utilize encryption or digital technologies for validation and transfer, but exclude securities, digital fiat currencies, and other financial instruments.
Regulatory Oversight
The government is now responsible for outlining specific business conditions, classifications, and oversight mechanisms for these asset types. The law also mandates cybersecurity and Anti-Money Laundering (AML) safeguards that align with international norms, likely addressing concerns raised by the Financial Action Task Force (FATF). Vietnam has been on the FATF’s “gray list” since 2023.
Ambitions in Digital Technology
Beyond cryptocurrency regulation, the legislation signals Vietnam’s ambition to become a digital technology hub. The law introduces incentives for enterprises working in areas such as AI, semiconductors, and digital infrastructure. These incentives include:
- Tax breaks
- Land-use benefits
- Research and development (R&D) support
Particular emphasis is placed on firms developing core technologies like chip design and AI data centers. Regional governments are directed to support workforce development through subsidies and training programs, while education policies will integrate digital tech skills into national curricula.
Impact and Future Developments
“With this move, Vietnam has become the first country in the world to enact a standalone law specifically dedicated to the digital technology industry,” the Vietnamese government stated. This development positions Vietnam at the forefront of digital technology regulation and innovation.
Recent Crypto Scams in Vietnam
The new legislation comes amid ongoing efforts to combat cryptocurrency scams. In February 2025, Vietnamese police arrested four individuals behind a fake crypto mining platform called BitMiner, which had scammed over 200 victims out of more than 4 billion Vietnamese dong ($157,300). Another significant incident in December 2024 involved the Hanoi City Police Department preventing 300 potential victims from investing in an elaborate crypto scam known as “Million Smiles,” which had already defrauded about 100 businesses and 400 individuals of 30 billion Vietnamese dong ($1.17 million).
As Vietnam moves forward with its digital technology law, the country is likely to see increased activity in both the cryptocurrency and broader tech sectors, accompanied by enhanced regulatory oversight and consumer protection measures.
