Every year, over $91 billion in cryptocurrency flows into Vietnam. That’s not a typo. It’s more than the entire GDP of some small countries. And yet, the government doesn’t allow crypto as legal tender. It doesn’t tax it properly. It doesn’t even fully approve of it. So how did this happen? And why is Vietnam still one of the top three crypto markets in Asia?
The answer isn’t about regulation. It’s about people. Vietnamese citizens didn’t wait for permission. They built their own crypto economy - using apps, mobile wallets, and decentralized networks - while officials watched from the sidelines. This isn’t a story of rebellion. It’s a story of adaptation.
How Vietnam Became a Crypto Powerhouse
In 2021, Vietnam exploded onto the global crypto stage - not because of banks or big investors, but because of a game. Axie Infinity, a play-to-earn blockchain game built by a Vietnamese team, became a phenomenon. Millions of ordinary people - teachers, factory workers, students - started playing to earn income. They didn’t need a bank account. They needed a phone. And a wallet.
By 2024, an estimated 21.2 million Vietnamese adults had used crypto. That’s nearly a quarter of the country’s population. Daily trading volumes hit $600 million. Annual transaction value topped $100 billion. The country ranked fifth globally in crypto adoption, according to Chainalysis. It wasn’t speculation driving this. It was survival. In a country where wages are low and banking access is uneven, crypto offered real, immediate value.
What made it stick? Three things: mobile internet, tech talent, and community. Vietnam has over 70 million smartphone users. It produces 60,000 new IT graduates every year. And its developers - mostly under 35 - built tools used worldwide: wallet apps, DeFi protocols, blockchain infrastructure. These weren’t just for locals. They became global products.
The Paradox of Restrictions
Here’s the twist: Vietnam has never legalized crypto. The State Bank of Vietnam says cryptocurrency isn’t money. Trading crypto is allowed, but only as an asset - not a currency. You can’t use Bitcoin to buy rice at the market. You can’t pay your rent in Ethereum. And you can’t open a crypto bank account.
But here’s what they did do. In September 2024, the government launched a five-year pilot program for crypto trading. It didn’t ban anything. It didn’t shut down exchanges. Instead, it created a legal gray zone - one that allowed platforms to operate under strict oversight. Exchanges like Binance, OKX, and local players like SBTX and VCC were given a path to compliance. They had to register. They had to verify users. They had to report suspicious activity.
This wasn’t freedom. It was control. But it was also recognition. The government knew the market was too big to ignore. So they chose to manage it - not kill it.
The result? Crypto activity didn’t slow down. It grew. From July 2024 to June 2025, transaction volumes jumped 55%. People didn’t stop using crypto because of rules. They found ways to work within them.
Who’s Using Crypto - and Why
Forget rich investors. The real users are everyday people.
- Freelancers - They get paid in USDT for remote work. It’s faster than PayPal and cheaper than Western Union.
- Small business owners - They accept crypto from international clients. No chargebacks. No delays.
- Students - They earn from play-to-earn games, then use those earnings to pay for tuition or buy food.
- Farmers - Some in the Mekong Delta now use crypto to sell rice to overseas buyers, bypassing middlemen and getting paid in hours, not weeks.
One user in Ho Chi Minh City told a local reporter: "I used to wait three days for a money transfer from my brother in Germany. Now I get it in 12 minutes. No fees. No paperwork. That’s not a luxury. That’s life."
There’s no central authority here. No single app. No government-backed platform. People use what works: Binance, Trust Wallet, MetaMask, Ronin. They switch between them. They learn from each other. They teach their parents. This is organic adoption - not marketing.
The Role of Regulation - Not as a Barrier, But as a Filter
Many assume restrictions kill innovation. Vietnam proves the opposite. When rules are clear - even if strict - they create safety. And safety invites participation.
Before the 2024 pilot program, many Vietnamese users traded on unregulated offshore platforms. That meant no protection. No recourse if things went wrong. Now, licensed exchanges must follow anti-fraud, KYC, and AML rules. Users still have freedom - but they have more security.
That’s why crypto adoption didn’t drop after the rules came in. It got smarter. People moved from shady platforms to regulated ones. Trading volumes didn’t shrink - they stabilized. And the average transaction size grew. People weren’t gambling anymore. They were transacting.
IMARC Group projects Vietnam’s crypto market will hit $22.4 billion by 2033. That’s more than double today’s value. Why? Because the foundation is solid. Not built on hype. Built on need.
What Makes Vietnam Different
Other countries have high crypto adoption. India has more users. Pakistan has higher peer-to-peer trading. But Vietnam has something neither does: depth.
It’s not just about how many people use crypto. It’s about what they do with it.
In India, crypto is mostly speculative. In Pakistan, it’s a hedge against inflation. In Vietnam, it’s a tool. People use it to build businesses. To create jobs. To connect with global markets. They don’t just buy Bitcoin. They build NFT games. They code DeFi protocols. They launch blockchain startups.
Vietnam has over 560,000 IT professionals. That’s more than the entire tech workforce of some European countries. And nearly all of them are young. Many of them started coding because of crypto. That’s not a coincidence. That’s a feedback loop: more users → more builders → better tools → more users.
That’s why Vietnam’s crypto economy is growing at 9.4% annually - even with restrictions. It’s not fighting regulation. It’s outgrowing it.
What Comes Next
The next five years will be critical. The government’s five-year pilot program ends in 2029. By then, Vietnam could either become a regional crypto hub - or it could tighten controls further.
There are risks. A sudden crackdown. A global crypto crash. A banking system that finally catches up. But the momentum is too strong to stop.
What’s clear: Vietnam didn’t need permission to build its crypto economy. It just needed access. And once people had access - to phones, to apps, to knowledge - the rest followed.
The $91 billion isn’t just a number. It’s proof. Proof that when people have a real reason to use something - even if it’s not officially allowed - they will. And they’ll find a way to make it work.
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