2025: The year foreign countries legalize digital assets in a new context

Global Signals: From Banning to Regulation

2025 marks a historic turning point in the global approach to crypto assets. Instead of prohibition or reactive measures, key nations have shifted towards building appropriate legal frameworks. The European Union continues to implement the MiCA framework, establishing a unified standard from licensing exchanges to investor protection. Many other major economies are opting for controlled management models rather than outright bans, reflecting the recognition that crypto assets have become an inseparable part of the modern financial ecosystem.

US Shapes Legal Classification Directions

In the United States, 2025 witnesses a shift from an “enforcement-first” strategy to proactive legal framework development. One of the main priorities is clarifying the jurisdictional boundaries between the (Securities and Exchange Commission) (SEC) and the (Commodity Futures Trading Commission) (CFTC).

Draft laws under discussion aim for clear classification: highly decentralized assets like Bitcoin may be categorized as commodities overseen by the CFTC, while tokens used for fundraising or under the control of large organizations will fall under the SEC’s scope.

Another focus is the legalization of stablecoins. The US Congress is pushing for stablecoins to be backed 1:1 by safe assets such as Treasury bonds or bank deposits, to maintain the central role of the US dollar and limit systemic risks. Simultaneously, the strong participation of traditional financial institutions—ranging from custody services to products like Bitcoin ETFs—is creating pressure to complete a transparent and secure legal framework for asset management.

Vietnam: Breakthrough from “Gray Area” to Pilot Framework

In this context, Vietnam has taken notable steps. In 2025, the National Assembly passed the Digital Technology Industry Law 2025, officially recognizing cryptocurrencies as a type of digital asset that can be owned and traded legally—though not as a means of payment. This law takes effect from 1/1/2026, laying an important legal foundation for the domestic blockchain ecosystem.

Additionally, the government issued Resolution 05/2025/NQ-CP to pilot a crypto asset market for five years. This resolution clearly distinguishes between digital assets and crypto assets, excluding securities, fiat currencies, and central bank digital currencies.

Regulatory Framework: Transparency and Risk Control Requirements

A legal sandbox allows all issuance, trading, and payment activities related to crypto assets to be conducted in Vietnamese dong and through licensed organizations. The management mechanism divides responsibilities among the Ministry of Finance, the State Bank of Vietnam, and the Ministry of Public Security, aiming to balance technological innovation incentives with financial, cybersecurity, and cybercrime risk control.

Additional regulations set requirements for KYC/AML, limits on offering targets, and a roadmap to transfer assets from international exchanges back to domestic investors within six months. Violations are subject to administrative sanctions, with the highest penalties for unlicensed operators.

Why Vietnam Needs to Legitimize

Before establishing a clear legal framework, Vietnam was among the markets with high participation rates in crypto assets. Millions of citizens hold Bitcoin, Ethereum, and other tokens, generating large trading volumes on international exchanges. As a result, capital flows out of the domestic financial system, complicating management.

Legalization aims to bring this activity under supervision, reducing risks such as scams, money laundering, and foreign currency loss. Control measures, transparency requirements, and monitoring tools will protect retail investors and stabilize the financial market.

Recommendations for 2025–2026

Complete implementation guidelines: Detailed documents for regulators and businesses are needed to minimize legal gaps during the transition.

Establish risk monitoring mechanisms: Enhance reporting, risk provisioning, and custody standards to protect investor assets.

Enhance capacity of officials: Equip managers, legal experts, and enforcement agencies with knowledge to handle high-tech disputes.

International cooperation: Participate in global forums to exchange experiences on AML/KYC, technological standards, and stablecoin policies.

Support innovation within the sandbox: Allocate resources to help businesses experiment, from technical infrastructure to compliant business models.

Conclusion: Proactive or Reactive Management?

2025 affirms a reality: crypto assets are no longer fringe phenomena but part of the global financial landscape. Vietnam, with its decision to establish a pilot legal framework, is trying to balance innovation encouragement with risk control. Major economies like the US focus on legal classification and ecosystem stability.

The 2025–2026 period will shift from framework development to implementation, effective supervision, and policy adjustments based on real-world data. The ultimate outcome will determine whether the crypto market can develop sustainably, safely, and integrate with the traditional financial system.

Disclaimer: This article compiles information from public sources. Readers should conduct thorough research before making any investment decisions.