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Vietnam Legally Defines Crypto in Newly Approved Legislation
- Vietnam recently approved the Law on Digital Technology Industry, officially recognizing digital assets including cryptocurrencies.
- The new legislation classifies digital assets into virtual assets and crypto assets, specifying their uses and characteristics.
- Virtual assets are described as digital assets used for exchange or investment, while crypto assets rely on encryption for transactions.
- The law clarifies that virtual assets and crypto assets do not include securities or representations of fiat currency.
- After the law's implementation on 1 January 2026, the Vietnamese government will manage digital assets and set business conditions.
- Regulatory measures will focus on cybersecurity, preventing money laundering, counter-terrorism financing, and illegal activities.
- Vietnam, despite being on FATF's grey list, has high crypto adoption rates, ranking fifth globally in 2024.
- Cryptocurrency adoption in Vietnam has been significant, with the country leading in adoption in 2021 and 2022.
- While crypto adoption is growing globally, regulatory clarity on digital assets remains unclear in many jurisdictions.
- Last year, the European Union introduced regulations to govern the crypto industry through MiCA.
- The United States, a major market for cryptocurrencies, is yet to introduce specific crypto regulations.
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