Vietnam’s National Assembly has approved a landmark Law on Digital Technology Industry, setting comprehensive rules for digital assets and broader tech innovation, while mandating robust cybersecurity and Anti-Money Laundering (AML) measures in line with international standards.

Passed on June 14 and effective from January 1, 2026, the new law officially brings crypto assets under regulatory oversight, classifying them into “virtual assets” and “crypto assets.” The classification excludes securities, digital fiat currencies, and other traditional financial instruments. The government will further define business conditions and oversight mechanisms for these asset types, signaling a significant shift in the country’s digital asset landscape.

Crucially, the law enforces stringent cybersecurity and AML safeguards, aligning Vietnam’s regulatory framework with the Financial Action Task Force’s (FATF) recommendations. This move aims to address the concerns that have kept Vietnam on the FATF’s “gray list” since 2023.

Beyond cryptocurrencies, the legislation showcases Vietnam’s ambitions to establish itself as a regional digital technology hub. It offers sweeping incentives to enterprises engaged in artificial intelligence (AI), semiconductor development, and digital infrastructure. These incentives include tax breaks, favorable land-use policies, and substantial research and development support for companies developing core technologies such as chip design and AI data centers.

To build a future-ready workforce, regional governments are directed to roll out subsidies and training programs, while the national education system will integrate digital technology skills into its curricula.

“With this move, Vietnam has become the first country in the world to enact a standalone law specifically dedicated to the digital technology industry,” a government statement emphasized.

The need for stricter oversight has been underscored by recent scams. In February 2025, police arrested four individuals for running BitMiner, a fake crypto mining scheme that defrauded over 200 victims. Similarly, in December 2024, Hanoi police halted an elaborate scam by Million Smiles, which used false claims to promote its in-house cryptocurrency, QFS, and had already swindled 30 billion dong ($1.17 million).

Experts believe the new law will foster safer digital asset markets and position Vietnam as a trusted player in the global digital economy.

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Filed under: Bitcoin - @ June 17, 2025 5:23 pm