Vietnam legalizes cryptocurrency: new law on digital assets and combating fraud

Vietnam has passed a law legalizing cryptocurrency as part of digital technology reforms that were officially approved by the National Assembly on June 14.

The law, which will come into effect on January 1, 2026, creates a regulatory framework for crypto assets, defining them as virtual or crypto assets, while clearly excluding securities and digital fiat currencies from this definition.

The government plans to develop detailed rules for cryptocurrency businesses, as well as oversight mechanisms that meet international standards, particularly in the areas of cybersecurity and anti-money laundering. This will be an important step for Vietnam as it seeks to ensure the growth of its technology sector, including in innovative areas such as artificial intelligence, semiconductor manufacturing, and digital infrastructure.

Alongside these initiatives, Vietnam is actively combating cryptocurrency fraud. In February 2025, police arrested four people involved in a fraudulent mining platform that defrauded more than 200 people. In December 2024, a fake cryptocurrency scheme called Quantum Financial System was exposed in Hanoi, resulting in the theft of over $1 million. These actions demonstrate Vietnam’s determination to protect investors and strengthen the security of digital assets in the market.