Vietnam legalizes crypto assets
Vietnam has moved to take a positive approach to crypto assets by passing legislation to legalize them.
Last week, the Southeast Asian nation’s National Assembly passed the Digital Technology Industry Law, which takes effect on Jan. 1, 2026, according to a report published in the official online newspaper of the Vietnamese government.
Categorizing digital assets
The law sets out two categories of digital assets, virtual assets and crypto assets. The legislation frames virtual assets as digital assets used for exchange or investments. Meanwhile, crypto assets are to be regarded as digital assets utilized to validate transactions and confirm ownership while relying on the use of encryption technology.
Neither category includes securities or digital versions of fiat currencies such as central bank digital currencies (CBDCs) or other financial instruments.
The legislation gives the Vietnamese government the authority to define and apply specific regulatory conditions when it comes to items such as anti-money laundering (AML) measures and the inclusion of international cybersecurity standards.
It is hoped that the law will pave the way for the development of home-grown technological enterprises within Vietnam, while also promoting a nationwide digital transformation process.
Regulatory clarity
The legislation is significant as it clearly sets out the legal status of digital assets in Vietnam after years of uncertainty and regulatory ambiguity. Singapore-based blockchain-focused Business Strategist, Anndy Lian, said that such legal clarity could result in Vietnam becoming a regional hub for the crypto sector.
Anh Tran, who belongs to Superteam Vietnam, a community for Solana builders in Vietnam, said that the development was huge for founders, developers and investors in the crypto space in Vietnam. He stated:
“For a country who has always been at the forefront of crypto adoption, [Vietnam] is now a 'green-lighted zone' in principle, but we're still waiting at the red light for operational rules.”
He refers to the fact that Vietnamese regulators still have until Jan. 1, 2026, to flesh out the details in terms of defining who can issue, trade, custody or manage crypto, and how AML, cybersecurity and taxation are handled.
Vietnamese officials are likely to give strong consideration to AML measures relative to crypto given that the Southeast Asian nation has been on the grey list of the Financial Action Task Force since 2023. Countries who appear on the grey list are under considerably more scrutiny with regard to AML matters.
While another community member claimed that anywhere crypto regulation has been implemented, actual usage has declined, Tran maintained that regulation is inevitable and that “crypto doesn’t need to be lawless to be free.”
Last October, Vietnam set out its blockchain strategy, aspiring to the goal of achieving regional leadership in the sector by 2030. In March, the country’s Prime Minister, Pham Minh Chinh, requested that a legal framework for cryptocurrencies be established.
According to Chainalysis’ 2024 Global Crypto Adoption Index, Vietnam ranks fifth in the world.
