The National Assembly passed the Law on Digital Technology Industry on June 14, to take effect in 2026. The legislation marks a pivotal development in the country’s digital economy framework, recognising digital assets, including virtual and crypto, while explicitly excluding securities, central bank digital currencies, and other financial instruments.

“Virtual assets in electronic environments are a type of digital asset that may be used for exchange or investment purposes,” the law states. “Virtual assets do not include securities, digital forms of fiat currency, or other financial assets as defined by civil and financial legislation. Cryptoassets are defined as digital assets that utilise encryption technology or equivalent digital technologies to authenticate the asset throughout its creation, issuance, storage, and transfer processes.”

The law also mandates cybersecurity and anti-money laundering safeguards in alignment with international standards, likely aimed at addressing concerns raised by the Financial Action Task Force.

Before the vote, Le Quang Huy, chairman of the National Assembly’s Committee for Science, Technology, and Environment, presented the committee’s report on the draft law.

“With regard to digital assets, some opinions suggested that a comprehensive legal framework should be established to clearly define core issues, such as property rights, ownership, transactions, security, liability, dispute resolution, and risk management,” Huy said. “This framework must be consistent with Vietnam’s existing legal system and international practices, while also establishing mechanisms for regulation and risk prevention.”

There were also calls to clarify whether digital assets can be used for exchange or investment purposes, and to better define the criteria and classifications of digital assets, Huy added.

In response to lawmakers’ feedback, the final version of the law sets out clearer and more detailed provisions for key aspects of state management over digital assets.

These include the processes of creating, issuing, storing, transferring, and establishing ownership of digital assets; the rights and obligations of all involved parties; requirements for information security and cybersecurity; measures to combat money laundering and terrorism financing; procedures for inspection, enforcement, and penalties for violations; and licensing requirements for providers of crypto-related services.

The government is tasked with formulating detailed regulations regarding licensing conditions, classification, and supervision mechanisms for digital assets.

For the first time, digital assets, cryptocurrencies, and virtual currencies are now included in Vietnam’s list of national strategic technologies, alongside cloud computing and AI.

According to Vu Hoang Lien, chairman of the Vietnam Internet Association, cryptocurrencies and virtual currencies fall under the broader category of digital assets.

“Cryptocurrencies are a product of blockchain technology. If the government views cryptocurrencies within the broader context of digital assets, then individuals can legally own and transact them, even those acquired prior to the law. But if cryptocurrencies are seen strictly through a financial lens, then specific regulations will need to apply,” he added.

Truong Thanh Duc, director of ANVI Law Firm, emphasised that the new law marked the first time the concepts of digital assets and crypto are legally recognised in Vietnam, complete with detailed provisions on the rights and obligations of related parties and business conditions.

“While the law will not take effect until 2026, it effectively grants legal recognition. Previously, Vietnam had no specific regulation that denied the existence of cryptocurrencies, it simply did not allow them to be used as a means of payment. As a result, those involved in crypto transactions had no legal protection in the event of disputes or losses,” noted Duc. “Now, people will have the legal right to buy, sell, gift, or otherwise transact digital assets, and access legal remedies in case of conflict.”