When you hear cryptocurrency Vietnam 2025, the growing but legally uncertain adoption of digital assets by Vietnamese users, you’re not just talking about trading apps or meme coins—you’re talking about people finding ways to send money, hedge inflation, and access global markets despite government warnings. Vietnam has one of the highest crypto adoption rates in Asia, but it’s also one of the most confusing places to operate. The state doesn’t ban crypto outright, but it doesn’t recognize it as legal tender either. That gray zone is where exchanges like Bvnex, a now-defunct Vietnam-focused platform that collapsed after losing user trust died, and where new players either stay hidden or risk fines.
Local traders aren’t waiting for permission. Many use peer-to-peer platforms to buy Bitcoin with Vietnamese dong, often through bank transfers that don’t trigger alerts. But this informal system comes with real dangers. Scams like fake airdrops claiming to be from Vietnamese projects, or exchanges like LongBit, a non-existent platform designed to steal funds, target people who don’t know how to verify legitimacy. Even legitimate tools get misused—some users think using a foreign exchange like OKX Chain or ARzPaya is safe, but if it’s not licensed locally, your money has no legal protection. And when regulators crack down, like they did in South Korea with Upbit’s $34 billion penalty, Vietnam watches closely. The government has signaled it wants to control crypto through taxation and oversight, not eliminate it. But without clear rules, trust keeps crumbling.
What you’ll find below isn’t hype. It’s the real story of what happened to Vietnam’s crypto scene: exchanges that vanished, tokens that vanished with them, and the quiet, stubborn people still trading every day. You’ll see how Bvnex’s failure taught traders to check audits, how fake airdrops like CovidToken and HyperGraph HGT prey on hope, and why the only thing more dangerous than a scam is believing a rumor. This isn’t about getting rich quick. It’s about staying safe in a market where the rules are written in shadows—and the only thing you can rely on is knowing what to look for.
Vietnam launched the world's first legal crypto pilot program in 2025, allowing regulated trading until 2030. Learn how it works, who it affects, and what you must do to stay compliant.