Vietnam’s legislative landscape is experiencing a remarkable shift with approval of the Law on Digital Technology Industry. This law is scheduled to go into effect on January 1, 2026. It embraces new and emerging crypto assets. It creates promising new incentives for industries of the future, including AI, semiconductors, and digital infrastructure. This transition highlights Vietnam’s aspirations to lead the region as a digital technology hub. Yet, regulators are still fighting an uphill battle against the surging wave of crypto scams.
The Law on Digital Technology Industry classifies digital assets into two categories: virtual assets and crypto assets. This legislation sets the stage for wider digital innovation throughout Vietnam. Through this new law, the Vietnamese government hopes to encourage the growth of its digital technology industry.
Crypto Scams on the Rise
Aside from the progressive legislation, Vietnam’s biggest challenge is an ongoing, acute wave of crypto-related scams. Just in December 2024, the Hanoi City Police Department made a major bust to rescue 300 victims of a crypto scam. This scam already had cheated nearly 100 businesses and 400 people out of a total of nearly 30 billion VND (about $1.17 million).
In one ponzi scheme, victims were lured by a fraudulent crypto mining scheme dubbed BitMiner, which falsely claimed to be based in Dubai. This platform scammed more than 200 victims, swindling more than 4 billion Vietnamese dong (more than $157,300). They did this by selling fictitious mining rigs and fake training courses. These incidents represent the consequences of a lack of clarity on regulations and consumer safeguards in the emergently-formed digital asset orbit. They cannot be ignored.
Implications of the New Law
The Law on Digital Technology Industry creates broad new incentives for companies operating in AI, semiconductors, and digital infrastructure. This targeted, proactive approach is designed to attract massive investment and catalyze widespread innovation in the industries of the future. The legislation would help act as an economic driver and increase Vietnam’s global digital economy competitiveness.
As per an investor report, the promulgation of this law finally recognizes the legalization of digital assets in Vietnam. This legislative change may bring greater foreign investment along with it, evidence of which was further reflected in the recent acquisition by SharpLink of $463 million in ETH.
Navigating the FATF Gray List
Beginning in 2023, Vietnam joined the Financial Action Task Force (FATF) “gray list.” This designation is troubling both politically and practically as it undermines the country’s strategy to fight against money laundering and terrorist financing. The recognition of crypto assets under the new law may present opportunities to address these concerns by implementing robust regulatory frameworks and compliance mechanisms.
The Vietnamese government is rightly proud of the fact that this law is a major achievement.
With this move, Viet Nam has become the first country in the world to enact a standalone law specifically dedicated to digital technology industry. - VGP
