Vietnam has ended years of crypto uncertainty by legalizing Bitcoin and digital assets under strict new rules. Learn how trading works now, what’s banned, and what it means for investors.
Digital Assets in Vietnam: What’s Legal, What’s Risky, and Where to Start
When people talk about digital assets, digital representations of value that can be owned, traded, or used like money. Also known as cryptocurrencies, they’re not banned in Vietnam—but they’re not legal tender either. You can hold Bitcoin, Ethereum, or any other token in your wallet, but you can’t use them to pay for coffee, rent, or groceries. The government keeps a tight grip: no crypto exchanges are licensed to operate locally, and banks are forbidden from handling crypto transactions. That means if you want to buy digital assets, you’re stuck using offshore platforms—many of which are unregulated, risky, or outright scams.
This is why so many Vietnamese crypto users end up chasing crypto airdrops, free token distributions meant to grow a project’s user base. Also known as free crypto giveaways, they’re everywhere online—DeFiHorse, APAD, Sphynx Network—but almost none are real. Scammers love Vietnam’s growing interest in crypto and target new users with fake airdrop links, fake Telegram groups, and fake wallets that steal your seed phrase. Even legitimate projects like CoinFalcon, a European crypto exchange with limited support for Southeast Asian users—which some Vietnamese traders use—have low liquidity and sudden delistings that leave people stuck with worthless tokens.
Meanwhile, the Vietnamese government is quietly building its own digital currency: the digital ruble equivalent for Vietnam. It’s not called that, but the central bank is testing a state-backed digital token designed to replace crypto, not work with it. That’s why you’ll see so many articles here about failed exchanges like CoinCasso, a platform that vanished after stealing users’ funds, or Paycml, a fake exchange with zero trading volume and no regulatory footprint. These aren’t just cautionary tales—they’re proof that without local oversight, the market is a free-for-all. People lose money not because crypto is too complex, but because they trust the wrong platforms.
What’s left for regular users? You can still trade, but you need to know where to look. Most Vietnamese crypto traders rely on Binance, Bybit, or OKX—global platforms that don’t require local KYC. You can stake tokens, join token sales, or even try DeFi apps—but you’re on your own if something goes wrong. No consumer protection. No refunds. No recourse. That’s why the most valuable thing you can learn isn’t how to read candlestick charts or how to claim an airdrop. It’s how to spot a scam before you click ‘Connect Wallet’.
Below, you’ll find real reviews of exchanges that actually work—or don’t—alongside deep dives into the airdrops that turned out to be fake, the tokens that crashed to zero, and the few projects that still have a pulse in Vietnam’s murky crypto scene. No fluff. No hype. Just what’s true, what’s risky, and what you should avoid at all costs.