Vietnam's National Assembly has enacted the Digital Technology Law, which will come into force on January 1, 2026. This law is seen as a significant move towards regulating digital assets in the country.
Legal Framework for Digital Assets
The law classifies digital assets into two categories: virtual assets and crypto assets. These assets use encryption and digital technology for authentication and transfer, excluding securities and digital fiat from the definition.
Digital Literacy and Investor Protection
The law also aims at creating a digitally literate workforce. Provincial governments are tasked with developing training plans, while national curricula will be reformed to emphasize digital technology skills. "With this move, Vietnam has become the first country in the world to enact a standalone law specifically dedicated to the digital technology industry," stated the Vietnamese government.
Combating Crypto Fraud in Vietnam
Despite the new laws, Vietnam still grapples with crypto fraud. Recently, key figures behind a nationwide cryptocurrency scam were arrested, defrauding tens of thousands of investors out of nearly 10 trillion dong. Authorities have apprehended those responsible for fraudulent schemes, including creators of fake cryptocurrency companies.
Vietnam's new laws help fill the legal void surrounding cryptocurrencies and signal the nation's readiness to be a global leader in the next era of digital technology.
