Vietnam banned the crypto in 2017, and it subsequently entered a gray area. And by 2025, when legislation was relaxed, it became the fifth country in the world in terms of crypto ownership. Therefore, it is not impossible to go from prohibition to relaxation.

Vietnam has never "completely banned"the crypto In 2019, the then Prime Minister Nguyen Xuan Phuc even said directly at the conference that "cryptocurrency is an important national strategy for Vietnam." Both VTV and Yue Zhenzhu Group have had plans to issue digital currencies. The problem is that this is a communist country, and its legislation itself is extremely gray. It is impossible for anyone doing business to not break the law. It’s just that the Communist Party doesn’t mess with you at the moment. This is their “ruling wisdom.” There are so many factions, and if you stand on the wrong side, you're screwed.

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