2025 is considered a turning point year for the cryptocurrency market in Vietnam when it transformed from a "gray zone" to a pilot phase with control to unlock new growth momentum and limit risks.
The legal framework is officially established
Regarding the legal framework, the Law on Digital Technology Industry No. 71/2025/QH15 promulgated on June 14, 2025 has put the concept of "digital assets" into the framework of definition and management, considering digital assets as assets according to the Civil Code expressed in the form of digital data, creation, issuance, storage, transfer, authentication using digital technology.
At the same time, classifying digital assets, in which "crypted assets" are types of assets using encryption technology (or similar technology) for authentication in the process of formation and rotation. The Law creates a basis for protecting ownership rights for these types of assets from January 1, 2026.
In addition, from September 9, 2025, Resolution 05/2025/NQ-CP officially launched a pilot program for the cryptocurrency asset market in Vietnam for 5 years. This allows domestic enterprises to register to provide cryptocurrency asset transaction services under the State's control.
Bloodshed" from virtual currency to cryptocurrencies
Regarding the impact of the shift from virtual currency to cryptocurrencies, Dr. Tran Quy - Director of the Vietnam Institute for Digital Economic Development - said that cryptocurrencies are a trend and a vital condition when joining the digital economy.
The concept of virtual assets has actually existed since 2010 in Vietnam, but before, thinking often considered it as "virtual money". When the State has clear policies and laws, this is an opportunity to "change blood" - that is, switch from virtual currency thinking to the accurate concept of virtual assets" - Mr. Quy assessed.
On the business side, Mr. Quy said that many units are still confused because previously encrypted assets were often understood as things arising after an "Enter key", not associated with real economic benefits and causing many legal consequences. Currently, when put into the legal framework, it is like an official "birth certificate" for this type of asset.
Besides the challenges in management and implementation, the Director of the Vietnam Institute for Digital Economic Development said: "Vietnam has a significant advantage: The advantage of the latter. Although slower, we start right at the time when a new trend is forming and can be anticipated. That is the On-chain trend - where all transactions, payments and operations are carried out in an invisible environment - untouchable.
According to Mr. Quy, Vietnam's International Financial Center model cannot be separated from the digital asset ecosystem. The first core of this model is Sandbox - a controlled testing mechanism. Sandbox allows the deployment of thinking and management models that the external legal framework cannot yet apply.
Mr. Quy gave an example, in the field of arbitration, customers at the International Financial Center can choose arbitrators from any country, even using the laws of another country to resolve disputes, instead of being limited to the Vietnamese arbitration framework.
The second special point is the diverse payment mechanism. Within the framework of the International Financial Center, businesses can pay in many foreign currencies - which is not allowed outside.
Third, this model allows the use of some encrypted asset units for payment. This is an important opening step to integrate digitized financial products into practical operations.
