Vietnam Legalizes Crypto, Targets Global Tech Leadership
The National Assembly of Vietnam approved the Law on Digital Technology Industry on June 14, bringing digital assets under regulatory oversight.
The legislation, set to take effect on Jan. 1, 2026, recognizes crypto assets and lays the groundwork for broader digital innovation across the country, according to reports from local media outlets.
The law classifies digital assets into two categories, including virtual assets and crypto assets. While both rely on encryption or digital technologies for validation and transfer, neither includes securities, digital fiat currencies, or other financial instruments.
The government is now tasked with outlining specific business conditions, classifications, and oversight mechanisms for these asset types.
The law also mandates cybersecurity and Anti-Money Laundering safeguards aligned with international norms, an effort likely aimed at addressing the Financial Action Task Force’s (FATF) concerns. Vietnam has been on the FATF “gray list” since 2023.
Related: Emerging markets lead crypto adoption, according to Consenys survey
Vietnam eyes global tech role
Beyond crypto, the legislation signals Vietnam’s ambition to become a digital tech hub.
It introduces sweeping incentives for enterprises working in AI, semiconductors, and digital infrastructure. These include tax breaks, land-use benefits, and R&D support, particularly for firms building 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.
“With this move, Viet Nam has become the first country in the world to enact a standalone law specifically dedicated to digital technology industry,” the Vietnamese government said.
Related: Bitget launches BitEXC customized crypto exchange in Vietnam
Vietnamese police bust fake crypto mining platform
In Feb. 2025, Vietnamese police arrested four individuals behind a fake crypto mining platform, BitMiner, which posed as a Dubai-based operation. The scam tricked over 200 victims out of more than 4 billion Vietnamese dong ($157,300) by selling bogus mining packages and education materials.
In another major incident in December 2024, the Hanoi City Police Department in Vietnam prevented 300 potential victims from investing in an elaborate crypto scam that had already defrauded 30 billion Vietnamese dong ($1.17 million) from about 100 businesses and 400 individuals.
Dubbed Million Smiles, the company promoted an in-house cryptocurrency, QFS, or Quantum Financial System, using deceptive advertising that linked it to ancestral treasures and spiritual claims.
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