Vietnam approves law that recognizes cryptocurrencies

Vietnam took an important step in adoption with the approval of a new law that recognizes cryptocurrencies and establishes a legal framework for supervision.

The legislation, which was approved yesterday, June 14, by the National Assembly of Vietnam, Feel the bases and aims to create the conditions to promote digital innovation in that country.

Specifically, the regulations classify digital assets as follows: virtual and cryptocurrency assets. Although they rely on encryption technologies for validation and transfer, they do not include values, fiduciary digital currencies or other financial instruments.

After approval, the Vietnam government must work to establish what type of commercial activity is allowed and what type of scrutiny will be applied to the use and transferability of said assets, according to local media.

In addition, the law establishes that cybersecurity processes and measures against money laundering (AML) must comply with the most demanding international standards.

This implies that local regulations will be aligned with global best practices in the field. This step seems to respond to the inclusion of Vietnam in the “gray list” of the Financial Action Group (GAFI) in 2023, which has increased surveillance over the country.

Beyond the regulation of cryptography, these laws reflect Vietnam’s ambition to position itself as a technological hub In the region.

This initiative seeks to offer significant incentives to companies dedicated to areas such as artificial intelligence, semiconductors and digital infrastructure. It also includes fiscal benefits, favorable policies for the use of land and investments in research and development, especially for companies focused on chip design and AI data centers.