The UK's Legal Framework for Digital Assets and Recommendations for Vietnam (Science of law.)

Summary

• The United Kingdom Parliament passed the Property (Digital Assets etc.) Act 2025, which came into force on December 2, 2025, establishing a legal basis for a third category of personal property.p.2
• UK Parliament adopted secondary legislation on February 4, 2026, bringing qualifying crypto-assets within the scope of the Financial Services and Markets Act 2000.p.2
• The Financial Conduct Authority published final policy statements on June 30, 2026, with an authorization application portal open from September 30, 2026, to February 28, 2027.p.2
• The mandatory regulatory regime for crypto-assets in the UK will officially take effect on October 25, 2027.p.2
• Vietnam launched a pilot crypto-asset market under Resolution No. 05/2025/NQ-CP dated September 9, 2025.p.1

Key insights

1. The UK Property (Digital Assets etc.) Act 2025 provides an open framework allowing courts to develop property rules for digital assets on a case-by-case basis.p.2
2. Carrying out specified crypto-asset business activities in the UK requires authorization from the Financial Conduct Authority.p.2
3. The Financial Conduct Authority applies the same risk, same rules principle by extending traditional financial standards like the Consumer Duty to crypto-assets.p.2
4. The transition period from the Law Commission report in 2023 to the mandatory FSMA framework in 2027 spans up to four years.p.3
5. Vietnam's Law on Digital Technology Industry explicitly categorizes digital assets, crypto-assets, and virtual assets within its statutory framework.p.3
6. Vietnam is recommended to decouple anti-money laundering obligations and enforce them early ahead of the full business licensing framework.p.4
7. Adopting high consumer protection standards similar to the UK Consumer Duty can prevent foreseeable harm to retail investors in Vietnam.p.4