On June 14, 2025, Vietnam’s National Assembly passed the Law on Digital Technology Industry, effective January 1, 2026, as part of a broader strategy to improve its standing with the Financial Action Task Force (FATF) after being grey-listed in 2023. This law establishes a comprehensive regulatory framework for digital assets, classifying them into crypto assets (like Bitcoin and Ether) and virtual assets (non-financial digital items). Key aspects include mandates for identity checks and transaction monitoring to combat fraud and money laundering, addressing FATF concerns regarding regulatory deficiencies. With the aim of fostering a digital economy, Vietnam’s new law also offers incentives for tech startups and plans to create extensive job opportunities in the digital sector. By solidifying its regulatory environment, Vietnam seeks to attract global venture capital and become a leading digital economy hub, thereby working towards its goal of emerging from the FATF gray list. The legislation emphasizes the importance of compliance, international cooperation, and innovation, positioning Vietnam positively on the global financial stage.

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