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Vietnam Legalizes Crypto, Launches Bold Tech Development Plan
- Vietnam has legalized virtual assets and crypto assets, excluding fiat currency and traditional financial instruments.
- Authorities will regulate digital asset activity, establish business rules, and enforce compliance to address money laundering and terrorism financing.
- The updates aim to align Vietnam with global standards and potentially remove the country from the FATF gray list.
- Vietnam's focus extends beyond crypto to include semiconductor innovation, artificial intelligence, and digital infrastructure.
- The law offers incentives like tax breaks and land-use benefits to encourage investment in chip manufacturing and software development.
- Local governments will support high-tech training and recruitment, enhancing R&D and workforce development for AI and semiconductor sectors.
- Vietnam seeks to strengthen its position in the global supply chain and attract foreign investment.
- The strategic pivot aims for Vietnam to lead in digital innovation and integrate digital skills in national education systems.
- The new law signifies Vietnam's shift from following tech trends to being a central player in digital advancements.
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