07/09/25
Vietnam has enacted the Law on Digital Technology Industry (No. 71/2025/QH15), a landmark statute recognising digital and crypto-assets as property for the first time. This article explains the law’s scope, the ongoing prohibition on using cryptocurrencies as payment, and what businesses and investors should expect as implementing regulations take effect.
📜 Regulations and Official Standards
Vietnam’s regulatory approach has long been restrictive. The State Bank of Vietnam (SBV) has consistently prohibited the issuance, supply, or use of cryptocurrencies as a means of payment. Violations may be subject to administrative fines of up to VND 200 million under existing decrees. Ownership and trading were not prohibited, but participants lacked legal protection if disputes arose.
In recent years, the government began preparing for a clearer framework. Directive No. 05/CT-TTg and subsequent Prime Ministerial decisions tasked the Ministry of Finance and the SBV with developing draft laws for virtual assets. This culminated in the passage of the Law on Digital Technology Industry on 14 June 2025.
The law takes effect on 1 January 2026 and establishes digital assets—including cryptocurrencies, tokens, and stablecoins-as recognised property under the Civil Code. It introduces definitions distinguishing “virtual assets” from “crypto-assets”, clarifies rights of ownership, transfer, inheritance, and enforcement, and lays the statutory foundation for dispute resolution.
Crucially, the law provides for regulatory sandboxes, tax incentives, and innovation support programmes. However, the SBV and MOF will issue implementing decrees and circulars to detail licensing requirements, AML/CFT obligations, cybersecurity standards, and consumer-protection mechanisms.
⚖️ Analysis and Comparative Perspective
This legislation represents a decisive departure from Vietnam’s prior “grey-area” regime. For the first time, crypto-asset holders will enjoy legal recognition and remedies under property law. Disputes involving fraud, misappropriation, or contractual breaches can now be pursued in Vietnamese courts with statutory backing.
Compared to regional peers, Vietnam’s approach is both enabling and cautious. It mirrors trends in jurisdictions that legally recognise digital assets as property but maintain restrictions on their use as currency. Unlike some states that rely purely on restrictive oversight, Vietnam has combined recognition with incentives—such as tax relief and support for digital-tech start-ups foster sectoral growth.
Nonetheless, Vietnam remains conservative in its financial stability policy. Crypto will not become legal tender, and banks remain restricted from processing payments in cryptocurrencies. The government’s pilot licensing regimes will determine how exchanges, custodians, and tokenisation projects may operate lawfully.
🏛️ Evidence, Case Illustrations, and Applicability
Under the former regime, a Vietnamese individual who purchased Bitcoin through an international exchange was not breaking the law by holding the asset. However, they lacked enforceable rights if defrauded, and could face penalties if they attempted to use the Bitcoin as a means of payment.
From 1 January 2026, this position changes materially. Owners will have enforceable property rights, including transfer, inheritance, and legal recourse in disputes. Civil-law protections under the Civil Code will extend to digital assets, aligning them with other forms of recognised property.
For enterprises, this law enables the lawful foundation of blockchain-based services. Pilot projects, such as tokenisation initiatives, digital securities, or blockchain-enabled payments within regulatory sandboxes, will now be able to operate under a clearer legal framework. However, the operational reality will depend on forthcoming regulations on licensing, AML compliance, and sectoral supervision.
Vietnam’s Law on Digital Technology Industry is a watershed moment: it recognises digital assets as property, provides long-awaited civil-law protection, and signals the state’s commitment to innovation. Yet, crypto remains banned as a payment instrument, and the real impact of the law will depend on implementing decrees and pilot schemes now being drafted by the SBV and MOF.
For investors and businesses, the law offers opportunity but also demands vigilance—compliance with AML/CFT standards and forthcoming licensing rules will be essential.
If your organisation seeks tailored advice on navigating Vietnam’s evolving crypto-asset regulations-whether for investment structuring, compliance, or dispute resolution NUR Legal is ready to assist. Please contact us for expert guidance.
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Emil Korpinen