Understanding Cryptocurrency Adoption: The Role of Technology, Users, and Trust in Unregulated Markets

The rise of cryptocurrencies, powered by blockchain technology, shifts trust from centralized institutions to technology itself. However, the drivers of trust in cryptocurrency adoption (CA) remain unclear, with existing models like commitment-trust theory, trust in technology, and digital trust insufficiently addressing decentralized systems. To bridge this gap, this study integrates the task-technology fit (TTF) framework and five-factor theory (FFT) into a comprehensive cryptocurrency trust model. TTF explains how blockchain features—security, transparency, traceability, price value, and transaction speed—impact technology characteristics (TCs), while FFT captures user characteristics (UCs), including psychological and behavioral dimensions, essential for trust development. Analyzing survey data from 200 participants using structural equation modeling (SEM), the findings highlight the mediating role of crypto trust (CT) between TC, UC, and external environmental factors (EX) in driving CA. CT mitigates concerns about fraud, security breaches, and reliability, transforming technological and individual readiness into adoption, particularly in unregulated markets like Vietnam. This study updates trust frameworks by integrating TTF and FFT, emphasizing the need for trust-building strategies, technological transparency, and regulatory clarity. In particular, the findings underscore that clear, supportive, and consistent regulatory policies are essential for legitimizing cryptocurrency use, reducing uncertainty, and indirectly fostering user trust. These insights provide concrete policy directions for governments seeking to enhance adoption in decentralized financial systems while ensuring public protection and market stability.