Introduction to New Legislation
On June 14, the National Assembly of Vietnam made a significant move by passing the Law on Digital Technology Industry, which will officially come into force on January 1, 2026. This pivotal legislation introduces regulatory measures that encompass digital assets, specifically recognizing both virtual and crypto assets. However, it is important to note that these classifications exclude traditional financial instruments like securities and digital fiat currencies, focusing instead on assets that depend on digital technology for their operations.
Government Responsibilities and Cybersecurity Measures
The Vietnamese government will now be responsible for defining specific business standards, classifications, and oversight mechanisms pertinent to these digital asset types. Additionally, the law is designed to enhance cybersecurity protocols and implement Anti-Money Laundering measures that align with global best practices. This initiative is particularly relevant as Vietnam has been listed on the Financial Action Task Force’s “gray list” since 2023, highlighting ongoing concerns about financial compliance within the nation.
Aspirations for a Digital Future
In a broader context, this legislative framework reflects Vietnam’s aspirations to position itself as a key player in the global digital technology landscape. Besides providing clarity on crypto assets, the new law offers incentives aimed at businesses involved in artificial intelligence, semiconductor manufacturing, and the development of digital infrastructure. These include tax exemptions, benefits related to land usage, and financial support for research and development of critical technologies, such as chip design and AI data centers.
Workforce Development Initiatives
Moreover, regional governments are encouraged to promote workforce development through subsidies and training initiatives, with an emphasis on integrating digital technology skills into the educational system of Vietnam. This strategic direction aims to bolster the country’s capabilities in the rapidly evolving tech sector.
Challenges in the Crypto Space
Accompanying these legislative developments are ongoing challenges within Vietnam’s crypto space. In February 2025, authorities apprehended four individuals involved in a fraudulent crypto mining scheme named BitMiner, which operated under the guise of a Dubai-based enterprise and deceived over 200 individuals, extracting upwards of 4 billion Vietnamese dong (approximately $157,300). Additionally, in December 2024, law enforcement in Hanoi successfully intervened in an elaborate scam known as Million Smiles, which had swindled around 30 billion Vietnamese dong ($1.17 million) from nearly 500 individuals and businesses through misleading promotions of an in-house cryptocurrency tied to fanciful claims.
