Vietnam has passed a law to legalize digital assets

What’s new? Vietnam’s National Assembly has passed the Law on Digital Technology Industry, which legalizes digital assets. The document, drafted by the Ministry of Science and Technology, will take effect on January 1, 2026. It lays the legal framework for the development of the digital technology sector in Vietnam.

Material by The Investor

What else is known? The law categorizes digital assets into two types: virtual assets and crypto assets. Virtual assets are a form of digital assets used for exchange or investment. They do not include securities, digital representations of fiat currency, or other financial instruments defined in civil and financial laws.

Crypto assets, on the other hand, are digital assets that use encryption technology to verify transactions and ownership. They also do not include securities, digital fiat currency, or other financial assets under the existing legal framework.

The law makes the government responsible for detailing the classification, terms of business, and management of digital assets.

It also obliges regulators to take measures to ensure cybersecurity and prevent money laundering, terrorist financing, and proliferation of weapons of mass destruction.

Vietnam lacks a clear legal framework for digital assets, and as a result, the Financial Action Task Force (FATF) placed the country on a gray list in 2023.

The passage of the law is expected to help improve Vietnam’s legal framework, bring it in line with international standards and potentially lead to its removal from the FATF monitoring list.

The law also introduces various special incentives for digital technology enterprises and encourages innovation, controlled experimentation with technology, and the development of shared digital infrastructure.

It provides that local governments must implement policies to support the development of human resources for the industry. One of them is to subsidize the cost of hiring highly qualified personnel, training, retraining, and professional development.