Hanoi, Vietnam, June 14, 2024 - Vietnam has officially recognized digital and crypto assets through the passage of the Digital Technology Industry Law, which will take effect on January 1, 2026. This landmark legislation aims to regulate and promote the cryptocurrency economy within the country.
The law establishes a comprehensive framework for managing digital assets and fostering innovation in blockchain technology, as reported by local media. This move is part of Vietnam's effort to improve its standing with the Financial Action Task Force (FATF).
The legislation categorizes digital assets into virtual assets and crypto assets, with the latter defined by their use of encryption. The Vietnamese government will have the authority to establish specific regulatory conditions, including anti-money laundering measures and cybersecurity standards.
In addition to regulation, the law offers incentives to blockchain startups and digital infrastructure developers. These incentives include state subsidies, tax exemptions, and visa benefits.