Vietnam has officially entered a new digital era by passing its first law centered on digital assets. This forward-looking legislation grants legal status to cryptocurrencies and outlines a regulatory roadmap for the growing sector. It also strengthens the country’s framework for combating financial crimes such as money laundering and terrorism financing.

A legal foundation for the digital economy

On June 14, 2024, the National Assembly approved the “Law on the Digital Technology Industry,” which will be implemented starting January 1, 2026. The law acknowledges the existence and use of digital assets and tasks the government with defining specific regulations before that date.

It introduces two main asset types: virtual assets, primarily used for investment or exchange outside traditional finance, and crypto-assets, which rely on cryptographic systems such as Bitcoin, Ethereum, or Solana. The Vietnamese government hailed the adoption of the law as a world first:

“Vietnam is now the first country globally to enact a dedicated law for the digital industry.”

In addition to legal recognition, the law places a strong emphasis on security and transparency, aligning with global standards set by the Financial Action Task Force (FATF), which currently lists Vietnam on its « grey list. »

The Ministry of Science and Technology will oversee the details of implementation, while regulators will be responsible for establishing strict oversight mechanisms.

Accelerating digital innovation and investment

This legislation goes beyond crypto. Vietnam aims to energize its digital economy by offering incentives to tech-focused businesses. These include tax exemptions, land-use benefits, and funding for R&D in sectors like artificial intelligence, chip design, and data centers. Developing a skilled digital workforce is also a key priority.

Le Quang Huy, head of the National Assembly’s Science and Technology Committee, emphasized:

“The law sets a clear vision: to build a strong semiconductor ecosystem and secure Vietnam’s place in the global tech supply chain.”

This combination of innovation support and crypto regulation is designed to attract institutional investment and potentially help Vietnam improve its standing with international watchdogs.

Crypto platforms face new compliance standards

Crypto exchanges and service providers now have a timeline to align with the law. They will be required to register, follow customer verification protocols, and ensure transparent reporting. With Vietnam seeing rapid growth in crypto adoption, international players now have a clearer path to entering the market by 2026.