Vietnam legislature requests legal framework for pilot crypto asset market

The parliament has requested prompt establishment of legal frameworks to pilot a crypto asset market in Vietnam, per a resolution adopted on Friday.

According to the newly-approved Law on Digital Technology Industry, crypto assets are defined as a type of digital asset that uses cryptographic technology or other digital technologies for verification during creation, issuance, storage, and transfer.

However, there is currently no specific legal framework governing the management of such assets, especially regarding transaction processes, ownership transfer, or tax obligations.

The Ministry of Finance and the State Bank of Vietnam are studying and drafting related regulations. In response, the National Assembly, the country's legislature, has asked the government to soon introduce a comprehensive legal framework to facilitate the pilot operation of a crypto asset market.

The Vietnam Blockchain Association (VBA) cited data from blockchain analytics firm Chainalysis as saying that blockchain-related capital inflows into Vietnam reached over $105 billion between 2023 and 2024, generating profits of nearly $1.2 billion in 2023.

According to payment platform Triple-A, Vietnam has over 17 million crypto asset holders, ranking seventh globally, with an average ownership rate of 17%, significantly higher than the global average of 6.5%.

Under the Law on Digital Technology Industry, digital assets are categorized into two types: virtual assets and crypto assets.

Virtual assets are a form of digital asset used for exchange or investment. These do not include securities, digital representations of fiat currency, or other financial instruments as defined under civil and financial laws.

Crypto assets are digital assets that rely on encryption technology to validate transactions and ownership. Like virtual assets, they explicitly exclude securities, digital fiat currency, and other financial assets under existing legal frameworks.

The law assigns the government to detail the classification, business conditions, and management of digital assets.

It also mandates that regulatory agencies implement measures to ensure cybersecurity, and prevent money laundering, counter-terrorism financing, and the proliferation of weapons of mass destruction.

Vietnam has officially legalized digital assets with the approval of the Law on Digital Technology Industry by the National Assembly on June 14. The law is set to take effect on January 1, 2026.