從監管灰色地帶到創新中心的歷史性飛躍
在一項決定性的舉措中，越南國會於2025年6月14日以壓倒性支持通過了《數位科技產業法》，將越南從加密貨幣監管灰色地帶轉變為潛在的區域區塊鏈強國。這項里程碑式的立法遠不止是簡單的加密貨幣認可，它是越南數位未來的全面藍圖，將加密貨幣監管與AI發展和半導體製造的雄心勃勃計劃交織在一起。
該法律的通過標誌著多年監管不確定性的終結，在此期間越南同時躋身全球加密貨幣採用率最高的國家之列，但卻在沒有明確法律框架的情況下運作。據估計，越南有1700萬加密貨幣持有者，持有價值約1000億美元，越南的加密貨幣社群長期以來一直期待這種監管明確性。
「通過這一舉措，越南已成為世界上第一個專門制定數位科技產業獨立法律的國家。」
— 越南政府門戶網站(VGP)官方聲明
解讀雙層數位資產分類
該立法引入了一個複雜的雙層分類系統，明確區分不同類型的數位資產，在保持創新靈活性的同時提供法律確定性：
數位資產類別：
- 虛擬資產：用於交換或投資的數位財產，不包括數位法定貨幣、證券或傳統金融工具。此類別包括非金融代幣、忠誠度積分和遊戲資產。
- 加密資產：在創建、發行、存儲和轉移過程中利用加密或類似數位技術進行驗證的數位資產。這包括Bitcoin和Ethereum等主要加密貨幣，以及可能的NFT。
至關重要的是，該法律明確排除了證券、央行數位貨幣(CBDC)和其他傳統金融工具，創建了明確的監管邊界，防止與現有金融法規重疊。
實施時間表：
- 2025年3月1日：總理范明政指示完成加密貨幣框架
- 2025年5月9日：國會開始最終辯論
- 2025年6月14日：法律以441-4票通過
- 2026年1月1日：法律生效
- 2026年第二季：預期加密服務提供商詳細法規出台
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：挑戰與機遇
雖然這項法律代表著一個里程碑式的進步，但實施挑戰依然存在。距離2026年1月還有18個月的準備時間，為企業提供了準備空間，但也在詳細法規制定過程中創造了一段不確定期。
市場參與者的關鍵考量：
- 許可證要求：交易所和服務提供商必須為合規做好準備
- 稅務影響：加密貨幣交易的詳細稅收規則有待澄清
- 國際協調：與全球加密生態系統的整合
- 技術基礎設施：為受監管營運建立能力
- 人才招聘：對熟練區塊鏈開發者的競爭
財政部和越南國家銀行預計將在2026年第二季度發布詳細的實施指導方針，涵蓋許可程序、資本要求和營運標準。這種分階段的方法允許利益相關者諮詢，同時保持朝向2026年1月實施日期的動力。