Ah, the sweet scent of progress wafts through the air as Vietnam takes a bold step towards legitimizing and regulating its digital economy with the passage of the Law on Digital Technology Industry – its first comprehensive legal framework recognizing crypto assets. 🌟💸
Not only does this legislation distinguish between virtual and crypto assets, but it also aligns the country with global anti-money laundering standards, potentially paving the way for removal from the Financial Action Task Force’s (FATF) gray list. 🚧🚨
Vietnam’s presence on the FATF gray list since 2023 has created compliance challenges for local financial institutions and increased scrutiny of cross-border transactions. 😞📉
Vietnam establishes a two-tier classification system
The National Assembly approved the so-called “Law on Digital Technology Industry” on Saturday, June 14. Slated for implementation in 2026, the law marks a broader push to spur innovation in emerging technologies like artificial intelligence and semiconductors, while setting clearer rules for the crypto sector after years of regulatory limbo.
According to The Investor Vafie Magazine, “the law defines crypto assets as digital assets that use encryption or similar digital technologies for validation during creation, issuance, storage, or transfer.” 🔐📊
The legislation establishes clear distinctions between different categories of digital assets and also excludes securities and fiat currencies from the crypto asset definition. 📜💸
The new law creates separate categories for virtual assets and crypto assets. Virtual assets are considered as digital assets used for exchange or investment. At the same time, cryptocurrencies use encryption technology to validate transactions and also ownership. 💱🔒
The government retains the authority to develop detailed classifications, business conditions, and management protocols for digital assets. In compliance with global best practices, regulatory bodies must implement cybersecurity measures to stop the proliferation of weapons, money laundering, and terrorism financing. 🛡️🚫
The FATF has specifically recommended establishing clear virtual asset regulations as part of anti-money laundering compliance efforts. 📜🚨
Implementation begins Jan. 1, 2026 and provides a transition period for businesses and regulators to prepare operational frameworks. The Ministry of Science and Technology drafted the legislation as part of broader digital technology sector development initiatives. 🔬📚
Beyond cryptocurrency regulation, the law establishes extensive incentives for digital technology enterprises and innovation programs. Special policies encourage controlled technology experimentation and shared digital infrastructure development across multiple sectors. 💡🤝
Local governments must implement human resource development policies for digital technology industries, particularly for key projects involving semiconductors, artificial intelligence systems, and digital technology products. Subsidies will support hiring high-quality personnel and workforce training programs. 👩🎓👨💻
The legislation also prioritizes software production and AI data centers for investment, tax, and land-use incentives. These sectors receive formal recognition as strategic priorities under Vietnamese law. 💻📈
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2025-06-16 05:33