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Vietnam has placed digital assets under regulatory control, mood in the cryptocurrency market is still positive despite the continuing Israel-Iran confrontation, and Bitcoin ETFs have had inflows for five days in spite of global unrest.
Vietnam's new digital technology law makes cryptocurrency legal.
On June 14, the Law on Digital Technology Industry was enacted by the Vietnamese National Assembly, placing digital assets under regulatory control.
According to local media sites, the law, which will go into effect on January 1, 2026, acknowledges cryptocurrency assets and establishes the framework for more widespread digital innovation nationwide.
Virtual assets and crypto assets are the two categories into which the law divides digital assets. Neither comprises securities, digital fiat currencies, or other financial products, even if they both rely on encryption or digital technologies for validation and transfer.
For these asset classes, the government is now responsible for defining particular business conditions, classifications, and supervisory procedures.
In an apparent attempt to allay the worries of the Financial Action Task Force (FATF), the bill also requires cybersecurity and anti-money laundering measures that are in line with international standards. Since 2023, Vietnam has been on the FATF "gray list."
Despite the Israel-Iran confrontation, the Crypto Fear & Greed Index remains in the greed zone.
Despite growing global tensions following Israel's series of airstrikes on Iran, the Crypto Fear & Greed Index, which measures mood in the cryptocurrency market generally, has stayed in the "greed" zone.
Despite Bitcoin dropping 2.8% to $103,000 on Friday, the index maintained its position in the greed region with a score of 60 in its Sunday edition. This came after Israel claimed credit for explosives that were allegedly heard in Tehran at 22:50 UTC on Thursday. Iran allegedly launched "dozens of ballistic missiles" in retaliation on Friday evening.
The Index had a Greed score of 71 on Thursday.
As Bitcoin was getting closer to retesting its all-time high of $111,970 on May 22, its price started to drop. According to CoinMarketCap, the price of Bitcoin is $105,670 at the time of writing.
Bitcoin ETFs saw capital inflows for five days in a row.
Notwithstanding the geopolitical unrest in the Middle East and the impending uncertainties in international financial markets, Bitcoin exchange-traded funds (ETFs) had a five-day inflow streak.
Since Monday, Bitcoin ETFs have had inflows of more than $1.3 billion, according to statistics from Farside Investors.
Nevertheless, Puckrin cautioned that if tensions rise and Iran closes the Strait of Hormuz this weekend, all risk-on assets could suffer a significant setback. A vital oil transport route, the tiny canal may have far-reaching effects on the world economy.
