- Vietnam passed its first digital asset law, legalising crypto and dividing digital assets into two categories: crypto and virtual assets.
- The central government will oversee enforcement, covering compliance, AML, cybersecurity, and terrorism financing, aiming to address FATF concerns and exit its gray list.
- The law also includes incentives for chip R&D and semiconductor supply chains to attract foreign investment, and a lot of benefits for those working in AI and other priority industries.
Vietnam has officially legalised crypto now that its technology law was approved by Vietnam’s National Assembly.
The Law on Digital Technology Industry is the first to establish a legal framework for digital assets and related technologies, and will come into force on January 1, 2026.
In short, the law divides digital assets into two categories: crypto and virtual assets. Neither classification covers securities, central bank digital currencies (CBDCs), or other traditional financial instruments.
Beyond crypto, the law also provides incentives for firms participating in chip R&D and supply chain localisation. The rationale here is to attract foreign investment to accelerate the country’s entry into high-value segments of the semiconductor economy.
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Central Government to Oversee Digital Asset Law
As reported by local media outlet The Investor, the central government will oversee the law and define asset classifications, business conditions, compliance frameworks, etc.
Moving on, Vietnam’s regulatory agencies are tasked with enforcing measures for cybersecurity, anti-money laundering (AML), counter-terrorism financing, and controls against weapons proliferation.
Interestingly, The Investor notes that this law comes as a response to “persistent gaps” flagged by the Financial Action Task Force, which is basically an international organisation founded by the G7, which placed Vietnam on its gray list in 2023 due to “inadequate” AML provisions. So, they might as well be looking into a potential removal from FATF monitoring.
Last but not least, institutions, founders, individuals and basically everyone working in booming sectors like AI, chip production, and AI data centers will enjoy benefits, including access to capital, tax relief, and land-use concessions, because they’re classified as priority industries.
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