Vietnam has officially legalized crypto assets with the passage of the Law on Digital Technology Industry, approved by the National Assembly on June 14, 2025. This landmark legislation, set to take effect on January 1, 2026, brings digital assets under regulatory oversight and signals Vietnam’s broader ambitions in the digital technology sector.
The new law classifies digital assets into two primary categories: virtual assets and crypto assets. These assets are defined by their reliance on encryption or digital technologies for validation and transfer. Crucially, the classification explicitly excludes securities, digital fiat currencies, and other traditional financial instruments.
Following the enactment, the Vietnamese government is now tasked with establishing specific business conditions, classifications, and oversight mechanisms tailored to these newly recognized asset types. This regulatory framework aims to provide clarity and structure to the burgeoning digital asset market within the country.
In addition to legitimizing crypto assets, the Law on Digital Technology Industry mandates stringent cybersecurity and Anti-Money Laundering (AML) safeguards. These measures are designed to align with international norms and address concerns raised by the Financial Action Task Force (FATF), which placed Vietnam on its “gray list” in 2023.
Beyond the immediate implications for the crypto market, the legislation underscores Vietnam’s strategic vision to emerge as a global technology hub. The law introduces a comprehensive suite of incentives aimed at attracting and supporting enterprises operating in key sectors such as Artificial Intelligence (AI), semiconductors, and digital infrastructure.
These incentives include tax breaks, preferential land-use policies, and dedicated research and development (R&D) support, particularly for companies focused on developing core technologies like chip design and AI-driven data centers. The government aims to foster innovation and technological advancement across various industries by providing a supportive regulatory and economic environment.
To bolster the necessary workforce, regional governments are directed to implement workforce development initiatives through subsidies and specialized training programs. Furthermore, education policies will be updated to integrate digital technology skills into national curricula, ensuring that the future workforce is equipped with the skills needed to thrive in a digital economy.
According to the Vietnamese government, “With this move, Viet Nam has become the first country in the world to enact a standalone law specifically dedicated to digital technology industry.”
However, Vietnam’s journey in the crypto space has not been without its challenges. In February 2025, Vietnamese police arrested four individuals behind the fake crypto mining platform, BitMiner. This platform, masquerading as a Dubai-based operation, defrauded over 200 victims of more than 4 billion Vietnamese dong (approximately $157,300). The perpetrators sold fraudulent mining packages and educational materials to unsuspecting investors.
Prior to this, in December 2024, the Hanoi City Police Department intervened to prevent 300 potential victims from investing in a significant crypto scam known as Million Smiles. This company had already defrauded about 100 businesses and 400 individuals, totaling 30 billion Vietnamese dong (approximately $1.17 million). Million Smiles promoted its in-house cryptocurrency, QFS (Quantum Financial System), using deceptive advertising tactics that linked the asset to ancestral treasures and spiritual claims.
These incidents highlight the need for robust regulatory oversight and consumer protection measures as Vietnam embraces the digital asset revolution. The Law on Digital Technology Industry represents a significant step in this direction, aiming to balance innovation with investor safety and regulatory compliance.
