从监管灰色地带到创新中心的历史性飞跃
2025年6月14日，越南国会以压倒性支持通过了《数字技术产业法》，这一决定性举措将越南从加密货币监管灰色地带转变为潜在的区域区块链强国。这项里程碑式立法远不止是简单的加密货币认可——它是越南数字未来的全面蓝图，将加密货币监管与AI发展和半导体制造的雄心勃勃计划交织在一起。
该法律的通过标志着多年监管不确定性的终结，越南在此期间同时位列全球加密货币采用率最高的国家之一，却没有明确的法律框架。据估计，越南有1700万加密货币持有者，持有价值约1000亿美元，越南的加密货币社区长期以来一直在等待这种监管明确性。
"通过这一举措，越南已成为世界上第一个专门制定数字技术产业独立法律的国家。"
——越南政府门户网站(VGP)官方声明
解读双层数字资产分类体系
该立法引入了一个复杂的双层分类系统，明确区分不同类型的数字资产，在保持创新灵活性的同时提供法律确定性：
数字资产类别：
- 虚拟资产：用于交换或投资的数字财产，不包括数字法定货币、证券或传统金融工具。此类别包括非金融代币、积分和游戏资产。
- 加密资产：在创建、发行、存储和转移过程中使用加密或类似数字技术进行验证的数字资产。这包括比特币和以太坊等主要加密货币，以及可能的NFT。
至关重要的是，该法律明确排除了证券、央行数字货币(CBDC)和其他传统金融工具，创建了明确的监管边界，防止与现有金融法规重叠。
实施时间表：
- 2025年3月1日：总理范明政指示完成加密货币框架
- 2025年5月9日：国会开始最终辩论
- 2025年6月14日：法律以441-4票通过
- 2026年1月1日：法律生效
- 2026年第二季度：预计出台加密服务提供商详细法规
Breaking free from the FATF grey list
Vietnam's inclusion on the Financial Action Task Force (FATF) grey list since June 2023 has cast a shadow over its financial sector, creating barriers to international business and investment. The new law directly addresses FATF's concerns through comprehensive Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) provisions.
The legislation mandates strict compliance with international AML/CFT standards, including robust Know Your Customer (KYC) procedures, suspicious transaction reporting, and measures to prevent the use of digital assets for weapons proliferation financing. These provisions align Vietnam with global best practices and signal the country's commitment to financial integrity.
Industry experts view this as a strategic move to expedite Vietnam's removal from the grey list. The law requires crypto exchanges to be licensed, maintain minimum capital requirements, establish local offices, and implement comprehensive compliance programs—all key elements that FATF evaluates when assessing a country's AML/CFT regime.
Beyond crypto: Unprecedented incentives for digital innovation
While cryptocurrency legalization captures headlines, the law's most transformative aspects may lie in its sweeping incentives for digital technology development. Vietnam has set an ambitious target of establishing 150,000 digital technology enterprises by 2035, backed by what industry analysts are calling the most generous tech incentive package in Southeast Asia.
Key incentive structures:
- Corporate tax rates as low as 10% for up to 15 years for qualifying tech companies
- Import duty exemptions for equipment and materials used in digital technology projects
- Land rental fee waivers for strategic technology developments
- Special incentives for large-scale projects:
- Projects investing over $80 million in data centers
- Semiconductor facilities with investments exceeding $160 million
- Five-year personal income tax exemption for foreign experts
- R&D subsidies particularly targeting chip design and AI data centers
- Blockchain pilot sandboxes for controlled experimentation
"The newly passed law clearly outlines Vietnam's strategic goal to develop a comprehensive semiconductor industry and gradually become an essential link in the global supply chain."
— Le Quang Huy, Chairman of the National Assembly's Committee on Science, Technology and Environment
Learning from past mistakes: The scam prevention imperative
The urgency behind Vietnam's crypto regulation stems partly from a series of high-profile scams that highlighted the risks of operating in a regulatory vacuum. Recent cases underscore why consumer protection measures feature prominently in the new law:
Major crypto scams that shaped the legislation:
- MTC (Matrix Chain) scandal: Defrauded tens of thousands of investors of nearly 10 trillion Vietnamese dong (~$400 million)
- BitMiner fraud (February 2025): Four arrested for operating fake Dubai-based mining platform that stole over 4 billion VND ($157,300) from 200+ victims
- Million Smiles scheme (December 2024): Scammed 30 billion VND ($1.17 million) from 400 individuals and 100 businesses using spiritual claims and fake "ancestral treasures" to promote QFS token
The new law introduces strict consumer protection measures including transparent disclosure requirements, secure custody practices, and clear dispute resolution processes. These safeguards aim to restore public trust while creating a framework that legitimate businesses can operate within confidently.
Building tomorrow's digital workforce
Recognizing that technological advancement requires human capital, the law mandates comprehensive workforce development initiatives. Provincial governments must implement training programs and provide subsidies for high-skilled personnel in digital technology sectors.
The legislation calls for integration of digital technology skills into national curricula from primary education levels, ensuring future generations are equipped for the digital economy. Universities and vocational schools will receive funding to develop specialized programs in blockchain technology, AI development, and semiconductor engineering.
Companies hiring high-quality personnel for strategic technology projects can access government subsidies, while foreign experts working in priority sectors enjoy personal income tax exemptions for up to five years—a significant incentive to attract global talent.
Positioning Vietnam as Southeast Asia's crypto capital
Vietnam's comprehensive approach to crypto regulation could set a precedent for the region. While Singapore and Thailand have implemented crypto-friendly policies, Vietnam's dedicated standalone legislation represents an unprecedented level of governmental commitment to the digital asset sector.
The law positions Vietnam to potentially become Southeast Asia's largest regulated crypto market. With clear rules in place, the brain drain that saw many Vietnamese blockchain startups relocate to Singapore may reverse. Local developers gain legal protection, foreign exchanges can apply for licenses, and venture capital firms gain confidence that exits won't be trapped in regulatory dead ends.
Competitive advantages:
- First-mover advantage: First country with standalone digital technology law
- Large existing user base: 17 million crypto holders ready to engage legally
- Strategic location: Gateway between Chinese and Southeast Asian markets
- Government commitment: Clear political will at highest levels
- Comprehensive incentives: Unmatched support for tech ecosystem development
前路展望：挑战与机遇
虽然该法律代表着向前迈出的重要一步，但实施挑战依然存在。距离2026年1月还有18个月的准备时间，为企业提供了准备时间，但也在详细法规制定过程中创造了一段不确定期。
市场参与者的关键考虑因素：
- 许可要求：交易所和服务提供商必须为合规做好准备
- 税务影响：加密货币交易的详细税收规则有待澄清
- 国际协调：与全球加密生态系统的整合
- 技术基础设施：为受监管运营建设能力
- 人才获取：对熟练区块链开发者的竞争
预计财政部和越南国家银行将在2026年第二季度发布详细的实施指导方针，涵盖许可程序、资本要求和运营标准。这种分阶段的方法允许利益相关者咨询，同时保持朝着2026年1月实施日期的势头。