Legal identification for cryptocurrency assets
The Digital Technology Industry Law, passed by the National Assembly on June 14 with 92.26% of delegates in favor, has recognized for the first time in the Vietnamese legal system the concept of digital assets and cryptocurrencies. Although the information has been published, the legal significance and practical effectiveness of this law continue to attract the attention of the business community, the technology world and domestic and foreign investors.
The law stipulates that digital assets are a type of asset under the Civil Code, including two main groups: "virtual assets" (not encrypted, such as reward points, vouchers) and " amount of cryptocurrency" (using cryptocurrency to authenticate transactions, but not legal currency or securities). Based on that platform, the Government is empowered to specify in detail the licensing conditions, cybersecurity standards, anti-money laundering and anti-terrorism finance measures, in accordance with international practices.
This is the first time that the activities of creating, issuing, storing, transferring and trading cryptocurrency assets have been clearly recorded in the legal system.
According to experts, "legalizing" digital assets is an inevitable step, in the context of new forms of assets that have been widely present in economic and financial life but have long existed in legal space.
Strengthening trust, limiting fraud risks
In reality, digital asset fraud is becoming more and more sophisticated, using fake technology platforms and impersonating founding teams, making it difficult for people to distinguish between real and fake without support from independent warning systems and reliable media channels.
According to statistics from the Internet Crime Complaints Center (IC3 - FBI), in 2024, the world recorded more than 150,000 scams related to cryptocurrency assets, causing a loss of more than 9.3 billion USD - an increase of nearly 70% compared to the previous year. Vietnam is among the 6 countries with the highest number of fraudulent transactions globally.
The promulgation of the Law on Digital Technology Industry is considered a timely response to warnings about increased risks in the field of digital assets. Accordingly, the law clearly stipulates that only organizations with a minimum charter capital of VND 10,000 billion are licensed to operate in the field of providing cryptocurrency asset services. At the same time, Vietnamese users are forced to transact through licensed platforms, and any activities on the platform without permission are considered a violation of the law.
Towards a responsible digital ecosystem
Not only playing a management role, the Digital Technology Industry Law also integrates many supporting policies to promote innovation, especially in the field of blockchain and digital infrastructure. Startups, research organizations and international experts enjoy tax incentives, subsidies and favorable visa policies. This is considered a strategy for Vietnam to attract high-quality human resources, increasing competitiveness on the global technology map.
Along with the legalization of digital assets, in June 2025, the Government also issued a series of related policies. In particular, Decision 1131/QD-TTg identifies blockchain as a national strategic technology, prioritizing the development of infrastructure platforms such as "Blockchain as a Service" and "Vietnam Blockchain Service Network".
According to Dr. Do Van Thuat - Director of Blockchain Solutions and Architecture, 1 Matrix Company - to solve the 3 major challenges of blockchain (security, decentralization and expansion), it is necessary to design a multi-layered network, using the most advanced consensus mechanisms and technology.
He said: "The Digital Technology Industry Law is a solid foundation to promote the development of the digital technology ecosystem, while creating a transparent, sustainable and responsible management corridor".
The legalization of electronic assets is not only legal but also a long institutional step forward in Vietnam's digital transformation process. From the place where digital assets exist in the legal "gray" zone, there is now a clear legal corridor, helping people, businesses and investors feel secure in participating in the digital economy.
However, according to experts, to maximize the effectiveness of the law, it is necessary to accompany efforts to disseminate knowledge, provide specific implementation instructions and closely coordinate between authorities, technology enterprises and the press - media system.
