Approved on June 14, 2025, the Law on Digital Technology Industry brings crypto assets under regulatory oversight and offers incentives for cutting-edge sectors like AI and semiconductors.

Crypto Assets Officially Recognized

Vietnam’s new legislation categorizes digital assets into two types: virtual assets and crypto assets. These classifications exclude securities, fiat currencies, or financial instruments. The law mandates the government to define operational rules, business conditions, and supervision methods for these asset classes.

Crucially, the bill introduces anti-money laundering and cybersecurity safeguards in line with global standards, aiming to address the FATF’s concerns. Vietnam has been on the FATF “gray list” since 2023, and this law could be a significant step toward removal.

Incentives Beyond Crypto: AI and Infrastructure Focus

The law goes beyond cryptocurrencies. It offers tax relief, land-use advantages, and R&D funding for companies working on core technologies such as AI, semiconductor design, and digital infrastructure. Regional authorities will also invest in workforce development and update national education programs to include digital skills.

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According to the Vietnamese government, this marks the world’s first comprehensive standalone law dedicated to the digital technology industry.

Rising Scams in the Crypto Market

With rising crypto adoption, scams have become more frequent. In February 2025, four people were arrested for running a fake crypto mining platform called BitMiner, posing as a Dubai-based firm. They defrauded over 200 individuals of 4 billion Vietnamese dong (about $157,300).

In another high-profile case from December 2024, a company named Million Smiles lured 100 companies and 400 individuals into investing in a fake cryptocurrency, QFS, using misleading claims tied to ancestral treasures. Losses reached over 30 billion dong ($1.17 million).

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The world of cryptocurrency saw a significant recovery in 2023, with investors enjoying a hefty sum of $37.6 billion in realized gains. Realized gains, or profits made from selling assets at a higher price than their purchase price, marked a notable turnaround from the $127.1 billion in losses recorded in 2022. This recovery, as reported by the blockchain analytics firm Chainalysis, suggests a cautious optimism in the crypto market. Despite this positive shift, the gains in 2023 did not quite reach the heights of 2021, when investors celebrated $159.7 billion in profits. The growth in asset prices was similar in both years, hinting that investors in 2023 might have held back from cashing out, anticipating further price increases.

Consistent Gains Through 2023 with Minor Setbacks

The journey through 2023 wasn’t entirely smooth for crypto investors. The market experienced a brief period of losses in August and September, attributed to regulatory actions by the United States against cryptocurrency companies. However, the mood shifted towards the end of the year, with gains picking up once more in November and December. This resurgence was fueled by the anticipation surrounding the approval of Bitcoin exchange-traded funds (ETFs), highlighting the market’s reactive nature to regulatory and investment news.

Global Participation and the Rise of Middle-Income Countries

The United States led the charge in realized crypto gains by a significant margin, boasting $9.36 billion over the year. The United Kingdom followed with an estimated $1.39 billion in profits. Notably, countries such as Vietnam, China, Indonesia, India, Russia, and South Korea also crossed the billion-dollar mark in gains, underlining the global nature of cryptocurrency investments. Chainalysis pointed out the remarkable performance of middle-income countries, particularly in Asia, where residents achieved substantial gains. This trend underscores the growing adoption of cryptocurrency in these regions, demonstrating resilience even during the market’s downturns.

The data from Chainalysis, based on asset movements into and out of platforms exchangeable for fiat currency, paints a picture of a recovering and vibrant global crypto market in 2023. While the market did not reach the unprecedented profit levels of 2021, the consistent gains throughout the year, despite regulatory challenges, signal a mature and cautiously optimistic investor base.

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