Telegram Ads in Vietnam — 2026 Crypto Legalization, Real CPMs (2026)
TL;DR
Vietnam = #1 crypto-adoption market, now legalized in 2026:
- The shift: Digital Technology Industry law effective 1 Jan 2026 legalized crypto; MoF licensing of crypto-trading providers from 20 Jan 2026 (VND10tn capital, VND settlement).
- #1 globally in grassroots crypto adoption (Chainalysis 2022-2024).
- GameFi’s engine room — Axie Infinity / Sky Mavis is a Vietnamese company.
- 9M+ Telegram users, €0.60 – €1.20 CPM. Vietnamese-language creative essential.
What runs: crypto (now legalized — licensed providers reference MoF licensing), GameFi / P2E (the home of Sky Mavis), token launches, fintech, e-commerce, SaaS, mainstream consumer.
What requires caution: crypto providers claiming MoF license before holding one (framework is brand-new, Jan 2026), token launches (securities-adjacent), gambling (Telegram + VN law), offshore-forex (VN restricts).
The 2026 legalization in 30 seconds
Vietnam moved from grey-zone to formal framework on 1 January 2026:
- Digital Technology Industry law (effective 1 Jan 2026) legalizes crypto assets, separating “virtual assets” from “crypto assets”.
- MoF licensing opened 20 Jan 2026 for Vietnamese crypto-trading providers.
- Requirements: VND10tn (~$380M) minimum charter capital, ≥35% held by two financial institutions, all crypto offering/issuance/trading/settlement in Vietnamese Dong.
The high capital bar means few licensed providers initially — but the legalization formalizes the world’s most crypto-adoptive market. For Telegram Ads: crypto is now advertisable as a regulated niche. Reference MoF licensing where held; the framework is new, so don’t claim a license you don’t have.
Audience reality
- Crypto / GameFi natives — #1 global adoption, P2E-pioneering (Sky Mavis home). ~45%.
- Token-launch / degen — aggressive early-adopter culture. ~25%.
- Fintech / e-commerce / mainstream — broad, mobile-first. ~30%.
Vietnamese (vi) creative is essential — English under-performs sharply in VN. The crypto/GameFi audience is the most active in SEA.
CPM by niche — real Adsly numbers (Jan–May 2026)
| Niche | Real CPM (€) | Notes |
|---|---|---|
| GameFi / P2E (TON worldwide) | €0.60 – €1.20 | Home of Sky Mavis, mini-apps strong |
| Crypto (MoF-licensed-aware) | €0.80 – €1.40 | Now legal; reference MoF licensing |
| Token launches (US-excl) | €1.00 – €1.50 | Aggressive launch culture |
| Fintech / e-commerce | €0.50 – €1.00 | Mobile-first |
| SaaS / B2B | €0.70 – €1.20 | Vietnamese creative |
| Offshore forex (RS) | Not eligible (geo-target VN) | Reverse-solicitation |
| Gambling | Not eligible | Telegram global + VN law |
Compliance copy that passes
MoF-licensed-aware crypto:
{Brand}: giao dịch Bitcoin & Ethereum tại Việt Nam. Hoạt động theo Luật Công nghiệp Công nghệ số 2026. Đầu tư tiền mã hóa có rủi ro. ({Brand}: trade BTC & ETH in Vietnam. Operating under the 2026 Digital Technology Industry law. Crypto investment carries risk.)
GameFi / P2E:
Chơi {GAME}, nhận {TOKEN}. Miễn phí. Phần thưởng thay đổi. Rút về ví của bạn. (Play {GAME}, earn {TOKEN}. Free. Rewards vary. Withdraw to your wallet.)
Fintech:
{App}: chuyển tiền, thanh toán — nhanh và an toàn. Được cấp phép.
What doesn’t pass: “lợi nhuận đảm bảo” (guaranteed profit), claiming MoF license without holding one, gambling.
Adsly setup for Vietnam
- Euro cabinet (geo = VN) + TON cabinet (worldwide, for GameFi/crypto-native), EU entity. €500 each.
- Vietnamese (vi) creative — essential; English under-performs.
- Channel allow-list: VN crypto, GameFi, token-launch, e-commerce channels.
- Frequency cap 4 per user / 7 days.
- GameFi mini-apps: the Vietnamese audience invented P2E grinding — mini-app games convert highest.
- Crypto: reference MoF licensing honestly (new framework, Jan 2026).
What we won’t take
- Crypto provider claiming MoF license it doesn’t hold (new framework — verify).
- “Guaranteed profit” copy.
- Gambling (Telegram + VN law).
- Offshore forex geo-targeted at VN (reverse-solicitation only).
FAQ
Is crypto legal in Vietnam in 2026?
Yes — a landmark change. The Digital Technology Industry law (1 Jan 2026) legalized crypto; MoF licensing opened 20 Jan 2026 (VND10tn capital, VND settlement).
Why is Vietnam the #1 crypto market?
#1 globally in Chainalysis grassroots adoption (2022-2024), driven by remittances, currency dynamics, and a young tech-native population. It’s also GameFi’s home — Sky Mavis (Axie Infinity) is Vietnamese.
Can I advertise a crypto exchange now?
Yes, as a now-regulated niche. Reference MoF licensing where held. The framework is brand-new (Jan 2026) with a high capital bar, so verify before claiming a license.
Vietnamese or English creative?
Vietnamese (vi) — essential. English under-performs sharply in VN.
Why is GameFi so strong here?
Vietnam is the home of Sky Mavis / Axie Infinity — the audience pioneered P2E. GameFi mini-apps perform exceptionally.
What about token launches?
Strong launch culture, but securities-adjacent — US-exclusion + whitelist/participation framing (see the token-launches guide).
Can I run gambling?
No. Telegram global ban + Vietnamese law.
Does Adsly verify MoF licenses?
Yes — the framework is new (Jan 2026); we verify a claimed MoF license before shipping crypto creative.
Vietnam is the standout SEA crypto story: the #1 grassroots-adoption market globally, GameFi’s engine room (Sky Mavis), now formally legalized under the 2026 Digital Technology Industry law. Crypto is advertisable as a regulated niche — reference MoF licensing honestly, run Vietnamese creative, and lead with GameFi mini-apps for the P2E-native audience. The high licensing capital bar means few licensed providers initially, but the market is the most crypto-active in the region.
