Vietnam just dropped a high profile move. On June 14, 2025, their National Assembly gave the green light to a brand-new Law on Digital Technology Industry. What’s the big deal?
Well, for starters, this law officially legalizes crypto assets, so crypto is now under the government’s watchful eye, with rules set to kick in from January 1, next year.
New reality
Now, this law isn’t just about Bitcoin or Ethereum. It splits digital assets into two camps, virtual assets and crypto assets.
Both rely on fancy encryption tech, but they don’t include securities or digital fiat currencies.
The government’s got the job of hammering out the nitty-gritty details on how businesses can operate in this space and how they’ll be supervised.
And because Vietnam’s been hanging out on the unelected Financial Action Task Force’s gray list since 2023, this law also tightens up cybersecurity and anti-money laundering rules to meet international standards. Vietnam wants to clean up its act and shake off that stigma.
Progress is unstoppable
But this isn’t just a crypto legalization party at all. Vietnam’s aiming to become a big name in the global digital tech arena.
The law rolls out the red carpet with juicy incentives for companies diving into AI, semiconductors, and digital infrastructure.
Think tax breaks, free land use for up to 10 years, and fat R&D support, especially for firms cooking up chip designs and AI data centers.
Picture this, local governments are now on the hook to train and subsidize a workforce ready to tackle the digital future, while schools will start pumping digital tech skills into the curriculum.
Vietnam’s basically saying, we want tech talent, and we’re gonna make sure you get it.
The government even claims it’s the first country worldwide to pass a standalone law solely for the digital technology industry. That’s some pretty serious ambition.
No land for sneaky scammers
Of course, the country’s digital dream isn’t without its dark side. Vietnam’s been battling some ugly crypto scams.
Earlier this year, cops busted a fake crypto mining platform called BitMiner, which hoodwinked over 200 people out of around $157,000 by selling bogus mining packages and fake education materials. The scammers pretended to be based in Dubai, classic smoke and mirrors.
And if that wasn’t enough, back in December, Hanoi police stopped a massive crypto scam named Million Smiles.
This con artist crew had already swindled about $1.17 million from hundreds of businesses and individuals by pushing a fake cryptocurrency called QFS, dressed up with mystical claims about ancestral treasures. Talk about snake oil in the digital age.
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