Abstract

This article examines the need to improve Vietnam’s legal framework for digital currency in the context of the country’s recognition of digital assets, pilot implementation of a crypto-asset market, and establishment of specialized administrative sanctions. The study seeks to clarify the scope and legal status of different forms of digital value, assess recent legislative developments and remaining regulatory gaps in Vietnam, and propose directions for legal reform based on a risk-oriented approach. Employing doctrinal legal analysis, comparative legal analysis, and regulatory assessment, the article distinguishes electronic money, virtual assets, crypto-assets, stablecoins, and central bank digital currency (CBDC). It also draws on regulatory experience from the European Union, Singapore, Japan, and China, as well as standards developed by the Financial Action Task Force, the Financial Stability Board, and the Bank for International Settlements. The findings indicate that Vietnam has made significant progress through the 2025 Law on Digital Technology Industry, Resolution No. 05/2025/NQ-CP, and Decree No. 284/2026/NĐ- CP, but detailed regulations remain necessary in relation to property rights, custody, payments, CBDC, anti-money- laundering measures, taxation, dispute resolution, and inter-agency supervision. The article therefore proposes a risk-based, technology-neutral regulatory framework, together with strengthened enforcement capacity and controlled pilot mechanisms, with a view to safeguarding financial stability, protecting market participants, and preserving space for responsible innovation in Vietnam’s digital economy.

Keywords: CBDC, crypto-assets, digital currency, legal framework, Vietnam.