Hanoi, Vietnam, June 14, 2024 – Vietnam's National Assembly passed a comprehensive digital technology law today, legalizing crypto assets and introducing incentives for digital innovation. This landmark legislation, set to take effect on January 1, 2026, marks a significant step in the country's digital transformation.
The law categorizes digital assets into virtual and crypto assets, excluding securities and digital fiat currencies. The government will now define business conditions and oversight mechanisms for these assets. The law also mandates cybersecurity and Anti-Money Laundering safeguards, aiming to address concerns from the Financial Action Task Force (FATF), which has listed Vietnam on its "gray list" since 2023.
Beyond crypto, the law offers incentives for AI, semiconductors, and digital infrastructure, including tax breaks and R&D support. Regional governments are tasked with workforce development through subsidies and training programs. Education policies will integrate digital tech skills into national curricula. The Vietnamese government stated that Vietnam is the first country to enact a standalone law specifically dedicated to the digital technology industry.