“Bitcoin in Vietnam: Exploring Legal Recognition, Ownership, and Inheritance”

At the Vietnam Investment Forum 2025 – Mid-Year Update, during a discussion on new crypto assets, Mr. Phan Vu Tuan, Head of Phan Law Vietnam Law Firm, emphasized the importance of recognizing crypto assets as legal property under civil law. He stated, “This is the first and crucial step as without legal recognition, they [crypto assets] will have no rights under civil law.”

Mr. Tuan further explained that the Civil Code defines property as consisting of only four types: money, objects, valuable papers, and property rights. He suggested that crypto assets are closest to property rights and determining them as such would facilitate the application of property regulations.

Highlighting the necessity of recognizing crypto assets as legal property, Mr. Tuan mentioned that currently, the owners of such assets are not protected by Vietnamese law. For instance, in the event of the death of an individual holding a large amount of crypto assets, would those assets be inheritable? He also referred to a recent case in Ho Chi Minh City involving a Bitcoin heist on the highway, which underscored the complexity of the issue. There were debates about whether stealing Bitcoin constituted robbery, and if the stolen Bitcoin could be used to determine the criminal charge since the law does not provide a clear definition.

“Therefore, we hope that the Digital Technology Law and the resolution on the crypto asset market will be promulgated soon,” Mr. Tuan added.

Mr. Phan Duc Trung, President of the Vietnam Blockchain Association (VBA), shared that he had debated whether crypto assets should be considered property. In other countries, civil law simplifies property into two types: tangible (such as land) and intangible (such as rights). However, in Vietnam, civil law is more complex, categorizing property into four types.

According to Mr. Trung, the current draft of the Digital Technology Law categorizes digital assets in various ways, such as by purpose or technology. He praised Vietnam’s digital technology law as being more comprehensive than many international laws and expressed his belief that it will help address issues like the Bitcoin heist. In that case, the prosecution faced challenges due to the lack of regulations regarding crypto assets. Similarly, tax authorities cannot collect taxes from a Bitcoin miner if the law does not recognize crypto assets as property.

Recent major scams, such as the Mr. Pip case, have underscored the urgency of enacting laws to prevent FOMO (fear of missing out) and channeling crypto assets into legal capital. “We shouldn’t worry too much about whether the law has been enacted or not, but when it is, it will continue to improve,” Mr. Trung assured. He hopes that policymakers will transform this “gray market” into a transparent and professional market, capable of attracting significant capital. According to unofficial reports, the total value of digital assets held by Vietnamese citizens is substantial.

Echoing this sentiment, Mr. To Tran Hoa, Deputy Head of Market Development, Securities Commission of the State, stated that as of now, Vietnam lacks regulations regarding the digital asset market and crypto assets. The government is currently presenting the Digital Industry Law to the National Assembly, which will provide a concept of digital and crypto assets, forming the basis for policy development.

“Crypto assets are part of the digital asset market, and we consider them a type of asset. When there is no legalization, all activities are in the gray area and carry risks. We have received many documents requesting verification of digital and crypto asset transactions, and almost 90% of the cases involve violations and fraud,” Mr. Hoa warned.

The Deputy Head of Market Development emphasized that legalizing the crypto asset market is a step forward by the government to protect citizens from fraud while creating new investment and fundraising channels for businesses and generating tax revenue. Recognizing the crypto asset market will also foster innovation and strengthen the digital economy.

“With a legal basis for the crypto asset market and the enactment of a legal framework, we expect to gain a more accurate overview of the market. This will be a new and attractive financial market for investors in Vietnam, especially considering the country’s young and tech-savvy population. We anticipate that this market will lead the financial market in the future,” Mr. Hoa concluded.