Vietnam’s National Assembly has passed the Law on the Digital Technology Industry, a comprehensive legal framework that will formally bring digital assets under strict regulatory control. Passed on June 14 and set to come into force on January 1, 2026, the law is considered a landmark in promoting digital innovation in the nation. Vietnam enacts standalone digital tech law Local publications reported that under the new law, digital assets will be classified into two large groups: virtual assets and crypto assets. Both use encryption and digital technology to authenticate and transfer. However, they also specifically remove securities, digital fiat, and other financial instruments from the definition. It is now up to Vietnam’s government to specify, for example, what kind of business is allowed and what kind of scrutiny will apply to the use and transferability of such assets. The law requires cybersecurity processes and anti-money laundering (AML) actions to comply with the global requirements issued by the law. It must be in sync with international best practices. This move is possibly in response to the Financial Action Task Force (FATF) including Vietnam on its “gray list” in 2023 for increased scrutiny. In addition to regulating crypto, the laws symbolize Vietnam’s larger aspiration to take its place as a regional digital technology center . It would offer sweeping incentives to companies in areas like artificial intelligence, semiconductors, and digital infrastructure. Those perks include tax breaks, friendly land-use policies, and research and development investments—especially for chip design companies and AI data centers. Push for digital literacy and investor protection intensifies The law also aims for a digitally literate workforce. Provincial governments have been tasked with developing education and training plans, and national curricula will be reformed to include digital technology skills. “With this move, Viet Nam has become the first country in the world to enact a standalone law specifically dedicated to the digital technology industry,” the Vietnamese government said. In the meantime, Vietnam still grapples with crypto scams. Vietnamese authorities have recently arrested key figures behind a nationwide cryptocurrency scam that defrauded tens of thousands of investors out of nearly 10 trillion Vietnamese dong (approximately $400 million). According to local reporting, the fraud ring operated under the guise of a fake virtual currency exchange called MTC (Matrix Chain). The Dong Nai Provincial Police led the months-long investigation with support from the Ministry of Public Security and other regional forces. After nearly 200 days of surveillance and evidence collection, officers arrested the group’s ringleader, Nguyen Quoc Hung, and four accomplices during coordinated raids across multiple provinces. Police also rounded up four suspects earlier this year, accused of coming up with BitMiner, a bogus cryptocurrency mining company that pretended to be based in Dubai. More than 200 people lost more than 4 billion Vietnamese dong (about $157,300) in a scheme that sold fraudulent mining packages and educational content. In December 2024, Hanoi City Police foiled a large-scale crypto scam that defrauded around 100 businesses and 400 individuals of 30 billion Vietnamese dong (approximately $1.17 million). Authorities intervened just in time to stop an additional 300 people from falling victim. Operating under Million Smiles, the company promoted an in-house cryptocurrency, QFS, or Quantum Financial System, using deceptive advertising that linked it to ancestral treasures and spiritual claims. Vietnam’s new laws help fill the legal void around cryptocurrencies and signal the country’s willingness to be a global leader in the next era of global technology. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
