Vietnam legalises digital and crypto assets

Vietnam legalises digital and crypto assets

Vietnam legalised digital and cryptoassets in the Law on Digital Technology Industry passed by the National Assembly on June 14.

The law stipulates that digital assets including virtual assets in the electronic environment are a type of digital asset that can be used for exchange or investment purposes. Virtual assets do not include securities, digital forms of legal currency, or other financial assets as prescribed by civil and financial laws.

Photo: baodautu.vn

Cryptoassets are a type of digital asset that use encryption technology or digital technology with similar functions to authenticate assets during the process of creation, issuance, storage, and transfer. Cryptoassets do not include securities or digital forms of legal currency, and other financial assets as prescribed by civil and financial laws.

The law regulates that digital asset management includes creation, issuance, storage, transfer, and establishment of ownership of digital assets; rights and obligations of parties regarding activities related to digital assets; measures to ensure network safety and security; prevention and combat of money laundering, prevention and combat of terrorist financing; inspection, examination, and handling of violations; business conditions for providing cryptographic asset services; and other management contents.

According to experts, Vietnam is one of the most promising emerging markets in the digital asset space in Southeast Asia. With its tech-savvy, young population, and proactive approach to blockchain innovation, the country is well-positioned to become a regional leader. Several factors that set Vietnam apart include high crypto adoption, government support, and regulatory progress, all giving the country a competitive edge over other regional markets.

According to data from the Triple-A payment gateway, Vietnam has more than 17 million people who own crypto assets, ranking seventh globally. Over 85 per cent of freelancers own crypto assets, the highest in the world, and over 34 per cent of freelancers accept crypto payments.

A representative of Tether, a blockchain-enabled platform that facilitates the use of fiat currencies digitally, said that their company sees Vietnam as a critical part of its long-term vision for digital assets and education. The company is excited about the opportunity to contribute further to the country’s blockchain evolution through strategic support.

"Regulatory clarity helps provide a structured environment for cryptocurrencies to thrive as reliable financial instruments, supporting versatile real-life use cases," said the Tether representative, adding "We look forward to how Vietnam structures its approach to innovations like this."

VIR