Vietnam has taken a significant step towards the legitimization of digital and crypto assets with new legislation. The law gives the Vietnamese government leverage to develop tailored regulatory circumstances. This means enforcing anti-money laundering controls and creating cybersecurity standards on par with international guidelines. This move aims to improve Vietnam's standing within the Financial Action Task Force (FATF), an international body focused on combating money laundering and terrorist financing.
The legislation categorizes digital assets into two distinct groups: virtual assets and crypto assets. It is currently slated to go into effect on January 1, 2026, allowing time for the industry to implement and come into compliance with the new standard.
The approval of this legislation represents a historic progression in the treatment of digital assets in Vietnam. This is the intention of the federal government to encourage innovation by providing a legal framework. Simultaneously, it strives to reduce risks tied to money laundering and cybercrime. The law establishes regulatory requirements consistent with international best practices. This all-encompassing strategy underlines Vietnam’s deep determination in becoming a reliable partner in the international fight against financial crimes.
The Financial Action Task Force (FATF) establishes these essential international standards as the broad guidelines for combatting money laundering and related financial crimes. It further ensures that we can fight terrorist financing worldwide. Vietnam’s promise to develop a safe and open monetary space. It exemplifies this commitment by introducing new legislation to raise compliance with FATF recommendations. The hope is that this will result in a more favorable rating from the FATF.
In other news, Francisco Rodrigues is a crypto and personal finance geek turned CoinDesk reporter. He is personally invested in all of these crypto assets, including bitcoin, ether, solana, and PAXG. The value of Rodrigues' cryptocurrency holdings exceeds CoinDesk's $1,000 disclosure threshold.
