Vietnam's $91 Billion Crypto Flow: How Restrictions Shape the Market

Every year, over $91 billion in cryptocurrency flows into Vietnam. That’s not a typo. It’s more than the GDP of some small countries. And yet, the government doesn’t allow crypto as legal tender. No banks process it. No ATMs spit out Bitcoin. You can’t pay for pho with Ethereum. So how does this happen? And why hasn’t it been shut down?

How $91 Billion Gets In Without Being Legal

Vietnam’s crypto market doesn’t operate in the shadows-it operates in plain sight, just under a different name. People aren’t breaking laws. They’re using loopholes built into how the system works. The $91 billion isn’t cash deposited in banks. It’s peer-to-peer trades on platforms like Binance, Bybit, and local exchanges. It’s payments for online services, freelance gigs, and digital goods. It’s the winnings from play-to-earn games like Axie Infinity, where millions of Vietnamese players earn crypto daily just by playing.

The government calls it a "pilot program"-a five-year trial that lets crypto trading happen under strict rules. But those rules don’t ban ownership. They don’t ban transfers. They ban banks from touching it. That’s the trick. People buy crypto with cash at local exchange shops, send it to overseas wallets, and trade it globally. No bank account needed. No paperwork. Just a phone, a QR code, and a Wi-Fi connection.

Why Vietnam Leads Asia in Crypto Adoption

Vietnam isn’t just big-it’s unique. In 2024, over 21 million adults owned or used crypto. That’s more than 20% of the entire adult population. Compare that to the U.S., where adoption is around 16%, or China, where it’s nearly zero due to total bans. Vietnam’s growth didn’t come from Wall Street investors. It came from students, factory workers, and farmers who needed a better way to save and earn.

When Axie Infinity exploded in 2021, it didn’t just bring gamers-it brought financial independence. A player in rural Vietnam could earn $5-$15 a day playing a game, enough to cover meals, school fees, or medical costs. That’s real value. And it spread fast. By 2024, Vietnam ranked third in Asia-Pacific for crypto adoption, behind only India and Pakistan. But unlike those countries, Vietnam has a deep tech talent pool: over 560,000 IT professionals, most under 35. They’re not just users-they’re builders. Local teams created DeFi protocols, wallet apps, and blockchain infrastructure used worldwide.

The Hidden Infrastructure: Mobile-First, Cash-Based

You won’t find crypto ATMs in Hanoi. But you’ll find hundreds of small shops with signs saying "Buy Bitcoin with Cash." These aren’t shady operations-they’re licensed exchange points. You walk in, hand over 5 million VND (about $200), and get a QR code for your wallet. The shop owner gets a cut. The system works because it’s simple, fast, and doesn’t need a bank.

Mobile payments dominate Vietnam. Over 80% of the population uses ZaloPay or Momo. Crypto adoption piggybacked on that. Apps like Trust Wallet and Phantom let users send and receive crypto directly from their phones. No ID checks. No KYC if you’re under $1,000 a day. That’s why daily trading volumes hit $600 million in 2025. It’s not speculation-it’s daily commerce.

What the Government Really Wants

The Vietnamese government doesn’t hate crypto. It fears chaos. It saw how unregulated crypto in 2021 led to scams, pyramid schemes, and people losing life savings. So instead of banning it, they created a controlled sandbox. The five-year pilot program lets trading happen-but only under oversight. Exchanges must register. Large transfers are flagged. Tax reporting is coming. But for now, the door is open, just with a lock.

They’re watching. They’re learning. And they’re preparing for the next step: a digital dong. Vietnam is testing a central bank digital currency (CBDC) that could eventually replace cash. Crypto might be the training ground. If people can handle Bitcoin, they can handle a digital dollar.

Why Restrictions Are Actually Helping

Most countries that ban crypto see adoption go underground-and get dangerous. Vietnam’s restrictions are the opposite. By keeping banks out, they forced innovation. People built tools that work without them. They created a parallel financial system that’s more resilient than the official one.

Compare Vietnam to Thailand, where crypto is legal but tightly controlled. Thai users pay high fees, deal with long verification times, and can’t easily move money abroad. Vietnamese users? They trade globally, earn in crypto, and spend locally. They’re not waiting for permission. They’re building their own rules.

The result? A market that’s growing at 9.4% per year, projected to hit $22 billion by 2033. And it’s not driven by hype. It’s driven by need. People use crypto because it works better than the alternatives.

What’s Next? The Tightrope Walk

The next three years will decide Vietnam’s crypto future. If the government moves too fast-imposing heavy taxes, forcing KYC on all trades, or banning peer-to-peer exchanges-they’ll crush the ecosystem. If they move too slow, they risk losing control to underground networks or foreign exchanges.

Right now, they’re walking the line. They’re allowing trading but cracking down on scams. They’re letting developers build but requiring licenses. They’re letting users earn crypto but preparing to tax it. It’s messy. But it’s working.

The $91 billion isn’t a loophole. It’s a signal. Vietnam has built a crypto economy that’s too big to ignore, too useful to ban, and too innovative to control with old rules. The government’s job now isn’t to stop it-it’s to guide it.

What This Means for You

If you’re a trader, investor, or developer: Vietnam is not a gamble. It’s a laboratory. It’s the only country where crypto adoption is driven by real economic need, not speculation. The tech talent, the mobile infrastructure, the user base-it’s all here. And it’s growing.

If you’re from a country with strict crypto bans: Vietnam shows it’s possible to coexist. You don’t have to choose between control and freedom. You can create space for innovation without chaos.

If you’re just curious: Look at the numbers. 21 million people. $91 billion a year. $600 million daily. This isn’t a trend. It’s a transformation.