Vietnam's Crypto Revolution: Youth, Technology, and Opportunities

For the past few years, Vietnam has stood out as a global leader in cryptocurrency adoption. According to the Chainalysis Global Crypto Adoption Index, Vietnam ranked first in 2021 and 2022, and third in 2023. This comprehensive study, which assesses countries based on five types of services, highlights regions where everyday people, motivated by practical needs like international remittances, drive crypto integration. In Vietnam, crypto-friendly users are usually young, tech-savvy individuals.

In late April, VN Express reported statements from a Ministry of Justice official in Vietnam. Cao Dang Dinh, a key Civil Law department member, clarified that cryptocurrencies and virtual assets are not banned in the country. However, he emphasized the importance of creating a regulatory framework for their proper management. According to VN Express, the Ministry of Finance aims to have this legal framework in place by May 2025. This project began in 2020 when several government-affiliated specialists were asked to study cryptoassets. By 2022’s end, Prime Minister Pham Minh Chinh was already pushing for crypto in AML laws.

A significant factor contributing to Vietnam’s high crypto adoption is the absence of crypto taxation laws, making cryptocurrencies highly attractive as investment instruments. This has motivated people to invest in crypto and foster innovative projects, such as Axie Infinity, a Blockchain-based game developed by the Vietnamese company Sky Mavis.

Axie Infinity has achieved immense popularity not only in Vietnam but also worldwide. In 2021, reports emerged of Philippine users using their earnings to fund their children’s education and purchase homes.

“Axie Infinity was built to introduce the world to crypto in a fun manner. It is a play-to-earn game, where Axies are digital pets you can collect, battle, and use to earn tokens. NFTs and crypto allow property rights to be bestowed on users in such digital economies.

There was a lack of tools to enable seamless transactions between users. Crypto has allowed the likes of Axie to do this. With Axie, play-to-earn works because it’s a fun game and has a fun community”.

–Jeffrey Zirlin, Sky Mavis Co-founder.

Interested in NFT games? Check out our article.

Change doesn’t happen overnight, especially in complex evolutionary processes involving finance, psychology, online communities, and personal growth. In Vietnam, cryptocurrency has been steadily gaining popularity among ordinary people and the private sector for years. The country was among the global pioneers in establishing a Blockchain Association in May 2022, to promote the digital economy and enhance its global technological influence. A survey conducted in 2021 revealed that 21% of cryptocurrency users were based in Vietnam.

“The Vietnam Blockchain Association is committed to increasing community awareness and providing consultation on establishing legal frameworks, regulations, and standards for developing Blockchain services and products. We encourage companies and individuals to join us in building a strong organization that accelerates Blockchain technology in Vietnam”.

–Hoang Van Huay, VBA President.

When it comes to crypto events, Vietnam doesn’t lag either. On May 19, in Ho Chi Minh, the ‘Fine-Tune Your Fortune’ summit organized by 4E Trading was successfully held. The event attracted over 800 guests, including industry leaders, developers, investors, and project founders, as well as institutional representatives keen on discussing Blockchain and Web3. There was even space for celebrities; former Argentine soccer star Juan Sebastián Verón attended as part of an agreement between 4E and the Argentine Soccer Team.

We can’t forget about the biggest crypto event in the country: on July 1, the Vietnam Blockchain Summit 2024 will take place at the Thisky Hall Convention Center in Ho Chi Minh. The event expects to welcome over 6,000 guests and is supported by at least 150 sponsors. While tickets aren’t available for purchase yet, the website indicates they will be soon. The summit gathers key figures from the Web3 sector, offers numerous educational workshops, and includes multiple areas for networking and showcasing cutting-edge services.

Vietnam has emerged as a leader in crypto adoption, driven by economic, demographic, and technological factors. Community-driven initiatives and self-education have been pivotal in persuading many investors to choose assets like BTC and ETH… Vietnamese companies Kyros Ventures and Coin68en, in collaboration with Animoca Brands, conducted a compelling survey in August 2023. According to the study, 75.5% of those surveyed, totaling 3,300 participants, invested in cryptos based on recommendations or referrals, a figure 2.5 times higher than the U.S. rate.

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