Vietnamese Congress Has Passed Its Landmark Crypto Bill Officially Recognizing XRP and Other Altc...

The Vietnamese Congress has passed its landmark crypto bill

This decision was made months ago and should go into effect next year.

Crypto enthusiasts debate the impact of this effect on altcoins like XRP

The Vietnamese Congress has passed its landmark crypto bill by officially approving the Digital Technology Industry Law, marking a major milestone in the country’s approach to digital and crypto assets. The crypto community come together to rejoice over another nation taking the steps to secure a greater blockchain and crypto-positive future. What impact can this move have on XRP and other altcoins?

Vietnamese Congress Has Passed Its Landmark Crypto Bill

Under the new law by the Vietnamese Congress, digital assets will henceforth be divided into two key categories in the eyes of the nation: virtual assets and crypto assets. While both are distinct from traditional financial instruments such as securities or central bank digital currencies, crypto assets are defined by their use of encryption to authenticate creation and transfers.

The law also empowers the Vietnamese government to set out detailed regulatory guidelines, covering areas like anti-money laundering (AML) compliance and cybersecurity standards in line with international benchmarks. Vietnam’s move comes as part of its broader effort to enhance its position with the Financial Action Task Force (FATF). The country is currently on the FATF ‘grey list’ due to gaps in its AML framework—particularly regarding oversight of virtual assets

By enacting this legislation, Vietnam aims to strengthen transparency and align with global financial standards. Beyond regulation, the law introduces a suite of incentives to encourage innovation in the blockchain and digital economy sectors. These include tax breaks, government subsidies, and special visa privileges for blockchain startups and digital infrastructure firms.

What Impact Will This Have on XRP and Other Altcoins?

With this landmark decision, Vietnam joins a growing list of nations formally acknowledging crypto assets, signaling its intent to become a regional hub for digital innovation and blockchain development. With clear regulations in play, crypto adoption, investing, and trading may see a significant increase in the country. One analyst goes on to highlight the impact of this move on altcoins like XRP

As we can see from the post above, this crypto enthusiast states that the Vietnamese Congress has passed its landmark Crypto Bill, officially recognizing XRP as a legitimate solution for cross-border payments, both through the Central Bank and for global transactions

Reputed faces immediately come in to correct him, saying that the nation recognized a broad range of crypto assets with no special treatment for XRP. Although this goes to show that there is great potential should the nation use the Ripple Network for its cross-border payments and transactions