Key Takeaways
- Lawmakers in Vietnam have passed a new law that recognizes digital assets and cryptocurrencies.
- The new law will take effect on January 1, 2026.
- Vietnam has become the first country in the world to enact a standalone law specifically dedicated to the digital technology industry.
The Vietnamese National Assembly has approved the Digital Technology Industry Law, marking a pivotal moment as it formally incorporates cryptocurrencies into the nation’s legal framework.
According to reports from local media outlets, the legislation, which will take effect on January 1, 2026, provides a clear regulatory foundation for digital assets and fosters a more structured environment for blockchain innovation across Vietnam.
Media reports indicate that the digital technology industry law categorizes digital assets into two categories: virtual assets and cryptocurrencies. While both classes of digital assets rely on digital technologies for encryption, asset transfer and validation, none of them include securities, digital fiat currencies, or other financial instruments. It will now be the government’s responsibility to outline the specific business conditions, classifications, and oversight mechanisms for these asset types.
Integrate Digital Tech Skills into National Curricula
According to the new digital technology industry law, there will be efforts to incorporate cybersecurity and Anti-Money Laundering safeguards that are aligned with international norms. The move is likely aimed at addressing the Financial Action Task Force’s (FATF) concerns, considering that Vietnam has been on the FATF “gray list” since 2023.
The new law also proposes a range of incentives for establishing an enterprise to manufacture digital and AI infrastructure. The law also focuses on land use benefits, tax breaks, and R&D support, especially for firms involved in manufacturing core technologies, such as chip design and AI data centers. The law directs regional governments to support workforce development through subsidies and training programs, while education policies will integrate digital tech skills into national curricula. A statement from the Vietnamese government said:
“With this move, Vietnam has become the first country in the world to enact a standalone law specifically dedicated to the digital technology industry.”
Transparent Infrastructure for Digital Identity
The passing of the digital technology industry law is part of the country’s broader effort to modernize its infrastructure. Under the Ministry of Public Security, the National Data Association has developed NDAChain, a national blockchain platform designed to provide secure, decentralized, and transparent infrastructure for digital identity, data transactions, and digital transformation applications.
Conclusion
The legalization of digital assets in Vietnam, through the passage of the Digital Technology Industry Law, highlights the country’s commitment to embracing innovation and digital technology. The law now provides a clear legal framework for cryptocurrencies and is expected to attract more foreign investment and innovation within the local digital asset space. The move is expected to position Vietnam as a leading player in the global digital economy.
Frequently Asked Questions
Is cryptocurrency legal in Vietnam?
The State Bank of Vietnam says cryptocurrency is not a legal means of payment. Nevertheless, the law does not prohibit ownership or investment in cryptocurrencies, provided they are not used for payment.
Is crypto tax-free in Vietnam?
Currently, there is no wealth or inheritance tax on cryptocurrencies, although this could change as laws evolve.
How crypto-friendly is Vietnam?
Crypto assets are currently in a legal grey zone in Vietnam – neither banned nor legally recognized or protected as an asset, a type of money, commodity, or security in Vietnam.
