Vietnam Just Legalized Crypto—And Has Big Digital Ambitions

In a world where most governments are still hand-wringing over what to do with Bitcoin, Vietnam has gone full send into the digital future. On June 14, the country’s National Assembly passed a comprehensive Law on the Digital Technology Industry—and it’s a game-changer. Among its boldest moves? Crypto assets are now legally recognized.

The law, which takes effect on January 1, 2026, doesn’t just nod at crypto—it gives it a home within a broader legal framework that also covers AI, semiconductors, digital infrastructure, and even workforce development. It’s not regulation by half-measures. This is Vietnam throwing its hat in the ring to become a serious player in the global tech race.

A Two-Tiered Crypto Framework

Unlike the regulatory paralysis we’ve seen in places like the U.S., Vietnam has taken a structured approach. The new law splits digital assets into two distinct classes:

• Virtual Assets: Likely non-financial tokens, loyalty points, or game-related digital goods.
  
• Crypto Assets: Assets based on cryptographic and distributed ledger technologies—your Bitcoins, Ethereum, and possibly NFTs.

Both categories are distinct from securities, fiat-backed stablecoins, and CBDCs, which remain outside this legislative scope. But the mere fact crypto is recognized—not outlawed, not tolerated in silence, but named in law—puts Vietnam in an elite club.

The government is now responsible for hammering out the finer details: licensing requirements, compliance protocols, consumer protections, and Anti-Money Laundering (AML) standards. Given Vietnam has been sitting on the Financial Action Task Force’s (FATF) gray list since 2023, expect aggressive moves to clean up its image with global watchdogs.

Vietnamese lawmakers vote to approve the new laws, Source: Vietnam National Assembly

 More Than Crypto: A National Tech Playbook

If this law were just about Bitcoin, it’d be noteworthy. But it’s so much bigger. This is Vietnam setting the foundation to become Southeast Asia’s digital tiger.

The law includes:

• Tax incentives for companies in AI and semiconductors
  
• R&D subsidies for chip design and data centers
  
• Land-use and infrastructure support for digital enterprises
  
• Curriculum integration of digital and computational skills from school age onward
  
• Workforce development funded at the regional level
  

In other words, Vietnam isn’t just betting on web3. It’s building an end-to-end sovereign digital stack: from silicon to software, from education to enterprise.

And it’s doing this while many developed nations are still talking in circles about AI governance and crypto regulation. While the West debates, Vietnam builds.

Bitcoin was steady over the weekend, unmoved by the Iran / Israel conflict, or a new Strategy Bitcoin buy, Source: BNC Bitcoin Liquid Index

The Dark Side: Crypto Scams Still Rampant

This pivot toward legitimacy comes against the backdrop of rampant crypto fraud in the country.

• In February 2025, Vietnamese police busted a fake mining platform, BitMiner, that scammed over 200 victims out of 4 billion VND (~$157,000). It posed as a Dubai-based operation selling fraudulent mining packages.
  
• In December 2024, the now-infamous “Million Smiles” scam conned investors out of 30 billion VND (~$1.17 million) using a fabricated token called QFS (Quantum Financial System). It claimed links to “ancestral treasures” and spiritual mumbo-jumbo. Police intervened just in time to stop another 300 victims from getting duped.

These high-profile cases are likely part of the motivation behind the AML provisions baked into the new legislation. Vietnam knows it can’t become a tech hub with scam smoke in the air.

 The Bigger Picture: Tech Sovereignty & Soft Power

Make no mistake—this is about more than economic growth. It’s about digital sovereignty. In the age of U.S.-China tech decoupling, Vietnam is signaling that it won’t be caught in the middle—it wants to stand on its own.

This law is the first of its kind: a standalone piece of national legislation specifically focused on the digital technology industry. No one else—not Singapore, not South Korea, not the EU—has moved with this kind of legislative decisiveness.

The strategy? Lock in crypto, incentivize AI, build semiconductor capacity, and train a digital-native workforce. Vietnam is aiming to become an Asia-based alternative to Silicon Valley and Shenzhen, with fewer geopolitical strings attached.

Vietnam’s new digital law isn’t just regulatory housekeeping. It’s a declaration of intent. While Western nations keep debating crypto frameworks and AI ethics panels, Vietnam is building the infrastructure—both legal and literal—for the next digital economy.