Vietnam's regulatory attitude towards encryption assets is undergoing a significant transformation, gradually transitioning from strict restrictions to orderly regulation.

Looking back at Vietnam's encryption regulatory journey, in 2017, the central bank of Vietnam explicitly prohibited the use of cryptocurrency as a legal payment tool, but there was a regulatory gap regarding personal holding and peer-to-peer transactions, leading to a legal gray area. From 2018 to 2021, Vietnam's encryption activities grew rapidly, accompanied by an increase in fraud cases. Due to the lack of a comprehensive regulatory framework, many businesses chose to relocate their operations abroad. In 2023, Vietnam was placed on the gray list by the Financial Action Task Force (FATF) due to ineffective anti-money laundering regulation of encryption assets, prompting the Vietnamese government to strengthen its regulatory efforts on encryption businesses.

Recently, the Vietnamese government has shown a positive shift in attitude. In 2024, Vietnam will launch the "National Blockchain Strategy 2024-2030" aimed at promoting the application of blockchain technology across various fields, and emphasizing standardized trials through digital asset regulatory sandboxes. The Prime Minister of Vietnam has instructed the Ministry of Finance and the central bank to build a complete digital asset regulatory system by 2025, and the Ministry of Finance also plans to collaborate with international exchanges to develop an encryption cryptocurrency sandbox project.

It is worth noting that on June 14, 2025, the National Assembly of Vietnam passed the landmark "Digital Technology Industry Law," officially incorporating encryption assets into the national legal system for the first time. The bill clearly categorizes digital assets into two main types: "virtual assets" and "encryption assets," while excluding traditional financial instruments such as securities and digital legal tender, and particularly emphasizes cybersecurity and anti-money laundering requirements. This law will officially take effect on January 1, 2026, marking a new phase in Vietnam's encryption regulation.

This series of policy adjustments reflects the Vietnamese government's efforts to find a balance between promoting innovation and strengthening regulation, creating a clearer development environment for the digital asset industry.