Vietnam Legalizes Crypto Assets, Aims for 2026 Implementation

On June 14, the Vietnamese National Assembly passed the "Digital Technology Industry Law," marking a significant milestone in the country's approach to digital assets. The law, which will come into effect on January 1, 2026, officially incorporates crypto assets into Vietnam's legal regulatory framework for the first time. This legislation not only recognizes the legal status of crypto assets but also sets the stage for broader digital innovation across the nation.

The new law categorizes digital assets into two main types: virtual assets and crypto assets. Both types rely on cryptographic or digital technology for validation and transfer, but they do not include securities, digital fiat currencies, or other financial instruments. The government will now be tasked with developing the necessary operational conditions, classification standards, and regulatory mechanisms for these assets.

One of the key provisions of the law is its mandate for compliance with international norms, particularly in the areas of cybersecurity and anti-money laundering (AML). This requirement addresses regulatory concerns from the Financial Action Task Force (FATF), an intergovernmental body that sets standards to combat money laundering and terrorist financing. Since 2023, Vietnam has been on FATF's "Grey List," indicating that the country needs to strengthen its measures to prevent financial crimes.

By bringing crypto assets under a formal regulatory framework, Vietnam aims to foster a more secure and transparent environment for digital innovation. This move is expected to attract more investment and technological advancements in the digital asset sector, positioning Vietnam as a forward-thinking player in the global digital economy. The passage of this law reflects the government's commitment to embracing new technologies while ensuring that they are used responsibly and in compliance with international standards.