Vietnam's legislation recognizes encryption assets! The "Digital Technology Industry Law" fully defines the strategy for Blockchain, AI, and chips.

On June 14, the Vietnamese National Assembly officially passed the "Digital Technology Industry Law," which further refines regulatory mechanisms in areas such as encryption assets, AI, semiconductors, and digital infrastructure, while providing various incentives to attract foreign investment. The law will officially take effect on January 1, 2026.

Clarify the classification standards for digital assets and reshape the international financial image.

According to official reports, Vietnam has for the first time included "digital assets" within the regulatory framework, categorizing them into "virtual assets" and "encryption assets," but excluding securities, central bank digital currency (CBDC), and other financial instruments. Below are the definitions of "virtual assets" and "encryption assets" as outlined in the legislation:

Virtual assets (: A type of digital asset used for trading or investment, excluding securities defined by civil law or financial law, digital forms of legal tender, or other financial instruments.

Encryption assets )Crypto assets(: Digital assets that rely on encryption technology to verify transactions and ownership, clearly excluding securities, digital currencies, and other financial instruments under the current legal framework, similar to virtual assets.

Since 2023, Vietnam has been included in the "Gray List" by the Financial Action Task Force )FATF( to combat money laundering. To improve international credit ratings and financial image, the newly passed law will further refine the business conditions, classification methods, and regulatory mechanisms for these assets, while also implementing cybersecurity and anti-money laundering )AML( mechanisms in accordance with international standards.

Actively encourage foreign investment, with significant increases in subsidies for AI, chips, and infrastructure.

In addition to encryption assets, the law also clearly identifies AI, semiconductors, and digital infrastructure as key support priorities, while providing incentives such as tax reductions, land use preferences, and R&D funding to encourage the development of core technologies such as chip manufacturing and AI data center construction.

The law also requires local governments to assist in developing digital talent, including providing subsidies, establishing training programs, and incorporating digital technology skills into the national education system. The Vietnamese government stated:

"This is the world's first independent legislation specifically designed for the digital technology industry."

The image shows the Vietnamese government passing the "Digital Technology Industry Law" bill. Local scams are rampant, ranging from "mining tutorials" to "spirituality".

This wave of reforms is also related to the frequent fraud cases seen in the past. In February of this year, Vietnamese authorities arrested 4 individuals suspected of operating a fraudulent mining platform called BitMiner, with a total of 200 victims who lost over 150,000 USD due to these 4 scammers selling "mining package plans" and "tutorial courses."

Another case is the "Million Smiles" scam that occurred in Hanoi in December last year, where nearly 400 people and 100 businesses were defrauded, resulting in a total loss of 1.17 million USD. "Million Smiles" promoted its own token QFS through false advertising, even claiming it was related to "ancestral heritage" and "spiritual power," with methods that were quite absurd.

Setting the tone for the development of digital technology, legislation and investment are actively in place.

Overall, Vietnam's wave of reforms aims not only to rectify the chaos of fraud and reshape its international financial image but also to support the development of high-tech industries such as encryption assets, AI, and chips through legislation, striving to become a new digital technology hub in Asia. With the "Digital Technology Industry Law" set to take effect on New Year's Day next year, the success of its transformation will be closely monitored.

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