What happened?
Vietnam has officially legalized digital assets with the passing of the Law on Digital Technology Industry. The new legislation classifies and regulates digital assets, distinguishing between virtual and crypto assets. This follows years of regulatory uncertainty and aims to enhance clarity and compliance in the digital economy.
Who does this affect?
The new law impacts digital asset holders, businesses involved in digital technologies, and regulatory agencies in Vietnam. It affects approximately 17 million Vietnamese citizens who hold digital assets, as well as companies operating within the country’s digital economy. Regulatory bodies are now tasked with enforcing standards on cybersecurity and anti-money laundering to ensure compliance with international norms.
Why does this matter?
The legalization of digital assets in Vietnam is expected to significantly affect the market by boosting investor confidence and aligning with global standards. With $105 billion in crypto inflows recently recorded, this move intends to create a safer market structure and encourage foreign investment. The law is part of broader ambitions to advance Vietnam’s position in the global tech industry, including areas like AI and semiconductor supply chains.