Vietnam has taken a monumental step forward in its digital transformation journey by passing the Law on Digital Technology Industry. This law legalizes crypto assets and establishes a comprehensive regulatory framework for digital innovation. Approved by the National Assembly of Vietnam on June 14, the law aims to position the country as a global leader in technology. It also fosters advancements in artificial intelligence (AI), semiconductors, and digital infrastructure.
Set to take effect on January 1, 2026, the legislation marks Vietnam’s emergence as a pioneer in regulating digital assets, according to reports from local media outlets. This event makes Vietnam become one of the first nations to enact a standalone law dedicated to the digital technology industry.
Legalizing Crypto Assets: A New Era for Vietnam
The Law on Digital Technology Industry introduces a clear classification system for digital assets. It divides them into two categories: virtual assets and crypto assets. Both types rely on encryption or digital technologies for validation and transfer. However, they exclude securities, digital fiat currencies, and other traditional financial instruments.
While the law provides a foundational framework, the Vietnamese government will now develop specific business conditions, classifications, and oversight mechanisms for these asset types. This includes implementing robust cybersecurity measures and Anti-Money Laundering (AML) safeguards aligned with international standards.
This regulatory clarity is particularly significant as Vietnam has been on the Financial Action Task Force (FATF) “gray list” since 2023 due to concerns about illicit financial activities. By addressing these issues, Vietnam aims to enhance its reputation on the global stage. The country seeks to attract foreign investment in its burgeoning digital economy.
Beyond Crypto: Vietnam’s Ambition to Become a Tech Hub
The legislation goes far beyond crypto regulation, signaling Vietnam’s ambition to become a global digital technology hub. It introduces sweeping incentives for enterprises operating in key sectors such as AI, semiconductors, and digital infrastructure. These incentives include:
- Tax breaks for tech companies.
- Land-use benefits for firms building core technologies like chip design and AI data centers.
- Research and development (R&D) support to encourage innovation.
Regional governments are also tasked with fostering workforce development through subsidies and training programs. Meanwhile, education policies will integrate digital tech skills into national curricula.
As stated by the Vietnamese government:
“With this move, Vietnam has become the first country in the world to enact a standalone law specifically dedicated to the digital technology industry.”
This bold initiative underscores Vietnam’s commitment to transforming itself into a leader in the global tech landscape.
Addressing Crypto Scams: Lessons from Recent Incidents
Despite the legalization of crypto assets, Vietnam remains vigilant against fraudulent activities in the digital space. In February 2025, Vietnamese police dismantled a fake crypto mining platform called BitMiner, which posed as a Dubai-based operation. The scam duped over 200 victims out of more than 4 billion Vietnamese dong ($157,300) by selling bogus mining packages and educational materials.
In another major crackdown in December 2024, the Hanoi City Police Department prevented 300 potential victims from falling prey to an elaborate scheme orchestrated by a company named Million Smiles. The fraudsters promoted an in-house cryptocurrency, QFS (Quantum Financial System), using deceptive advertising that linked it to ancestral treasures and spiritual claims. The scam had already defrauded 30 billion Vietnamese dong ($1.17 million) from approximately 100 businesses and 400 individuals.
These incidents highlight the importance of stringent regulatory oversight and public awareness campaigns as Vietnam embraces the opportunities—and challenges—of a digital economy.
Implications for Vietnam’s Digital Future
The legalization of crypto assets under the Law on Digital Technology Industry represents a pivotal moment for Vietnam. It positions the country at the forefront of the global digital revolution. By providing a clear regulatory framework for digital assets and incentivizing innovation in high-tech industries, Vietnam is laying the groundwork for sustained economic growth and technological advancement.
However, the government must remain proactive in addressing risks such as scams and cybercrime. This will ensure that its digital ambitions translate into tangible benefits for businesses and citizens alike.
As the law takes effect in 2026, all eyes will be on Vietnam to see how it balances innovation with regulation. The country may set a potential example for other nations navigating the complexities of the digital age.
