Introduction
Non-Fungible Tokens (“NFTs”) have evolved far beyond digital artwork and collectibles. Today, NFTs are used in gaming ecosystems, membership programs, loyalty schemes, intellectual property management, ticketing solutions, tokenized experiences, digital commerce and numerous other business applications.
For several years, NFTs operated in a legal grey area in Vietnam. This changed significantly with the adoption of the Law on Digital Technology Industry (Law No. 71/2025/QH15), which entered into force on 1 January 2026 and introduced Vietnam’s first comprehensive framework recognizing digital assets.
This development has created greater legal certainty for businesses and investors, while simultaneously raising important compliance questions regarding the issuance, sale, marketing and use of NFTs in Vietnam.
This article explains:
- What NFTs are;
- Whether NFTs are legal in Vietnam;
- How NFTs are likely to be classified under Vietnamese law;
- The principal legal risks associated with NFT projects;
- How foreign companies can offer NFTs into Vietnam;
- Practical implementation and compliance considerations; and
- How Vietnam compares with other leading digital asset jurisdictions.
- What Is an NFT?
An NFT (Non-Fungible Token) is a unique digital token recorded on a blockchain.
Unlike Bitcoin or other cryptocurrencies, which are interchangeable and identical in value, each NFT is unique and can represent specific ownership rights, access rights or other interests.
NFTs may be linked to:
- Digital artwork;
- Collectibles;
- Gaming assets;
- Membership programs;
- Event tickets;
- Intellectual property rights;
- Digital identities;
- Tokenized experiences; and
- Certain real-world assets.
Importantly, the NFT itself is usually not the underlying asset. Rather, it functions as a blockchain-based certificate evidencing ownership or rights relating to a particular asset or service.
Simply put:
Cryptocurrency functions like digital money.
An NFT functions like a digital certificate of ownership or entitlement.
- Are NFTs Legal in Vietnam?
The short answer is yes.
Vietnamese law does not prohibit NFTs.
The Law on Digital Technology Industry now formally recognizes digital assets and introduces legal concepts including virtual assets and crypto assets.
Although the law does not specifically define NFTs, NFTs are likely to fall within the broader category of recognized digital assets.
As a result, NFTs today enjoy a significantly clearer legal status than in previous years.
However, legal recognition does not mean complete deregulation.
NFT projects must still be assessed under applicable laws relating to consumer protection, intellectual property, cybersecurity, personal data protection, taxation, anti-money laundering and other relevant legal frameworks.
- How Are NFTs Likely Classified Under Vietnamese Law?
The law recognizes categories of digital assets, including virtual assets and crypto assets.
Most NFTs are likely to qualify as digital assets because they are:
- Created electronically;
- Recorded on blockchain technology;
- Digitally authenticated;
- Capable of being transferred electronically; and
- Capable of holding economic value.
The exact classification of an NFT will depend on its characteristics and functionality.
Vietnamese regulators are increasingly likely to focus on economic substance rather than technological labels.
Accordingly, the critical legal question is not:
“Is this an NFT?”
The more important question is:
“What rights does this NFT provide?”
- The Most Important Legal Question: What Rights Does the NFT Grant?
This is where the regulatory analysis begins.
Collectible NFTs
Examples include:
- Digital art;
- Collectibles;
- Gaming skins;
- Event memorabilia.
These generally present relatively lower regulatory risk.
Utility NFTs
Examples include:
- Membership programs;
- Access to exclusive communities;
- Loyalty programs;
- Premium subscriptions.
These remain relatively manageable from a regulatory perspective but may trigger consumer protection and e-commerce requirements.
Investment NFTs
Examples include:
- Profit-sharing rights;
- Revenue participation;
- Dividend-like distributions;
- Investment pooling structures;
- Yield-generating arrangements.
These present substantially higher regulatory risks.
The more an NFT resembles an investment product, the more likely regulators will examine whether it functions similarly to a security, investment contract or other regulated financial product.
The label “NFT” will not determine the legal outcome.
The rights attached to the NFT will.
- NFTs Are Not Legal Tender
Businesses should clearly distinguish between digital assets and legal tender.
NFTs are not recognized as legal tender in Vietnam and cannot be promoted as official payment substitutes.
This distinction remains important for marketing materials, payment arrangements and platform operations.
- Can Foreign Companies Sell NFTs into Vietnam?
In many cases, yes.
There is currently no general prohibition preventing foreign issuers from offering NFTs to Vietnamese users on a cross-border basis.
However, foreign issuers should carefully assess:
- NFT functionality;
- Marketing materials;
- Consumer disclosures;
- Payment mechanisms;
- Intellectual property rights;
- Data protection obligations;
- Tax implications; and
- AML considerations.
The more investment-like the NFT becomes, the greater the potential regulatory scrutiny.
- Practical Legal Issues Frequently Overlooked
Intellectual Property
Key questions include:
- Who owns the underlying artwork?
- What rights are transferred?
- Does the NFT purchaser acquire copyright ownership?
- Is only a limited licence granted?
Many NFT disputes arise because buyers incorrectly assume ownership of the underlying intellectual property.
Consumer Protection
NFT purchasers should receive transparent information regarding:
- Risks;
- Limitations;
- Functionality;
- Transfer restrictions;
- Refund policies;
- Platform dependency.
Data Protection
NFT platforms collecting information from Vietnamese users may need to consider:
- Personal data protection requirements;
- Cybersecurity obligations;
- Cross-border data transfer considerations.
Taxation
NFT transactions may create:
- Corporate income tax implications;
- Value-added tax issues;
- Personal income tax consequences;
- Cross-border tax considerations.
Tax treatment remains highly fact-specific.
- Practical Compliance Roadmap for NFT Projects
Before launching an NFT project targeting Vietnam, businesses should consider the following steps:
Step 1 – Classify the NFT
Determine whether the NFT is primarily:
- Collectible;
- Utility-based; or
- Investment-oriented.
Step 2 – Review Holder Rights
Identify exactly what NFT holders receive.
Step 3 – Review Marketing Materials
Avoid language implying:
- Guaranteed returns;
- Investment profits;
- Capital appreciation;
- Financial performance.
Step 4 – Review Consumer Disclosures
Ensure clear disclosure of:
- Risks;
- Ownership rights;
- Transfer limitations;
- Technical dependencies.
Step 5 – Review Data Protection Compliance
Assess:
- Data collection;
- Data storage;
- Cross-border transfers;
- User privacy obligations.
Step 6 – Review AML Considerations
Particular attention should be given to:
- High-value transactions;
- Secondary-market trading;
- Anonymous wallet structures.
Step 7 – Obtain Vietnam-Specific Legal Advice
Projects should be reviewed before launch rather than after regulatory issues arise.
- Key Takeaways for Foreign NFT Issuers
Foreign NFT issuers should remember the following:
Vietnam does not prohibit NFTs
NFTs are generally permissible under Vietnamese law.
Classification matters
The legal treatment depends on what the NFT does, not what it is called.
Avoid investment-style marketing
Statements regarding profits, returns or investment opportunities should be carefully reviewed.
Clarify ownership rights
Buyers should clearly understand what rights are acquired.
Review consumer protection obligations
Transparent disclosures reduce legal risk.
Assess cybersecurity and data protection obligations
NFT platforms often collect substantial user information.
Consider AML and tax implications early
Compliance should be integrated from the start.
Focus on substance
The strongest NFT projects are legally structured around transparency and functionality rather than speculation.
- Vietnam Compared with Singapore, Hong Kong and the UAE
Vietnam
Vietnam has recently recognized digital assets and is developing a comprehensive regulatory framework.
Significant opportunities exist, but implementation regulations are still evolving.
Singapore
Singapore adopts a sophisticated activity-based approach.
A simple collectible NFT may fall outside financial regulation, while investment-style NFTs may trigger securities or capital markets regulation.
Hong Kong
Hong Kong focuses heavily on investor protection and virtual asset regulation.
NFTs linked to investment activities may fall within securities or collective investment scheme frameworks.
United Arab Emirates
The UAE has developed one of the world’s most sophisticated virtual asset ecosystems.
Regulators in Dubai and Abu Dhabi provide structured licensing frameworks while encouraging innovation.
For serious NFT businesses seeking regulatory certainty, the UAE currently offers one of the most advanced environments globally.
Conclusion
Vietnam has entered a new chapter in the regulation of digital assets.
For the first time, the Law on Digital Technology Industry provides formal legal recognition of digital assets and establishes the foundation for a broader digital asset ecosystem. While NFTs are not specifically defined or regulated as a separate asset class, they are no longer operating in a complete legal vacuum. Instead, they must now be analyzed within Vietnam’s emerging framework governing virtual assets, crypto assets and other digital assets.
For businesses, investors and NFT issuers, the most important lesson is straightforward:
The legal analysis does not begin with the question “Is this an NFT?”
The more important question is:
“What rights does this NFT provide to its holder?”
A digital artwork NFT, a membership NFT, a gaming NFT and a profit-sharing NFT may all use identical blockchain technology while attracting very different regulatory treatment. Vietnamese authorities, like regulators in leading jurisdictions around the world, are increasingly focusing on economic substance rather than technological form.
Foreign issuers should therefore avoid viewing Vietnam merely as a technological market. Success in Vietnam requires careful consideration of consumer protection, intellectual property rights, marketing practices, data protection obligations, tax implications, anti-money laundering requirements and the evolving digital asset framework.
At the same time, businesses should recognize the opportunities. Vietnam is one of Southeast Asia’s most dynamic digital economies, with a young technology-oriented population, increasing blockchain adoption and a government that has now taken the important step of formally recognizing digital assets. This creates significant potential for NFT projects involving digital collectibles, gaming ecosystems, memberships, loyalty programs, tokenized experiences and other innovative use cases.
Nevertheless, caution remains essential. The Digital Technology Industry Law is only the beginning of the regulatory journey. Additional implementing decrees, regulations and supervisory guidance are expected over the coming years. Businesses entering the Vietnamese market today should therefore adopt a compliance-first strategy that allows flexibility as the regulatory framework continues to evolve.
In practical terms, the safest approach for NFT issuers remains:
- Clearly identify the rights attached to the NFT.
- Avoid creating investment-return expectations unless specifically structured and advised upon.
- Implement robust consumer disclosures.
- Review intellectual property ownership and licensing arrangements.
- Assess data protection and cybersecurity obligations.
- Consider tax and AML implications from the outset.
- Obtain Vietnam-specific legal advice before launch.
Vietnam’s digital asset market is moving from uncertainty toward regulation. Those who focus on transparency, compliance and responsible innovation will be best positioned to benefit from the opportunities created by this transition.
The future of NFTs in Vietnam will ultimately be shaped not by the technology itself, but by how effectively businesses align innovation with legal compliance, consumer trust and regulatory expectations. For market participants willing to take that approach, Vietnam represents one of the most promising emerging digital asset markets in Asia.
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For more information on the above, please do not hesitate to contact the author Dr. Oliver Massmann under [email protected]. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.