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Highlights
- Vietnam has joined a growing list of countries to legalize cryptocurrencies.
- The Southeast Asian country is keen on establishing clear guidelines to prevent their misuse.
- Pakistan, Ukraine, and Ireland are showing significant interests in establishing a Strategic Bitcoin reserve.
Vietnam Recognizes Bitcoin In Historic Move
The National Assembly of Vietnam has passed the Law on Digital Technology, a wide-reaching piece of legislation designed to improve the country’s quest for digitization. According to a local publication, the law recognizing Bitcoin and other cryptocurrencies scaled through the legislative process and garnered a majority vote on the House floor.
A community reading of the provisions indicates a classification of digital assets into two broad categories – virtual assets and crypto assets. By their definition, the National Assembly of Vietnam excludes them as “securities, digital currency, and other financial assets.”
The new law is the first time Vietnamese authorities are recognizing Bitcoin and cryptocurrencies. Per the report, the law will come into effect on January 1, 2026, allowing key sector players to brace for a raft of changes.
Despite the strict classification, investors say it is the first step in the long, uphill climb toward a full embrace of digital assets. Currently, Vietnam has no robust framework for the regulation of digital currencies, but the new legislation is a worthy attempt. The law attempts to align Vietnam’s financial system with global anti-money laundering (AML) best practices as the country eyes its removal from the FATF’s monitoring list.
Apart from recognizing Bitcoin, the law makes provision for the nationwide integration of blockchain and artificial intelligence (AI). South Korea is also making progress with a bill to legalize stablecoins as the global race to integrate cryptocurrencies in finance heats up.
Nation-States Are Joining The Bitcoin Race
Countries, including Vietnam, are turning their gaze toward Bitcoin and a raft of cryptocurrencies to improve local payment systems and hedge against inflation. Pakistan is leading the charge with incoming regulations to legalize cryptocurrencies, but its plans for a Strategic Bitcoin Reserve are raising eyebrows.
Amid the buzz about its reserve plans, its national Bitcoin mining plan has caught the eye of the International Monetary Fund (IMF). The IMF is seeking clarification from Pakistan’s Finance Ministry over the legality of its Bitcoin mining initiative.
The possibility of a Ukrainian Strategic Bitcoin Reserve has spiked as lawmakers begin mulling over the prospect of the offering. Furthermore, lawmakers are pushing for the central bank to oversee the Strategic Bitcoin Reserve operations upon its launch.
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