• Around 17% of Vietnam’s population own cryptocurrencies, with bitcoin being the most popular asset.
• According to Chainalysis, Vietnam has a score of 1.000 in cryptocurrency adoption.
• Vietnamese have founded seven of the top 200 blockchain organizations globally, such as Axie Infinity, Coin98 and Kyber Network.
Vietnam’s Growing Interest in Cryptocurrency
The latest data revealed that around 17% of Vietnam’s population have jumped on the cryptocurrency bandwagon. The „Vietnam Crypto Market Report 2022“ estimated that 16.6 million Vietnamese had purchased cryptocurrencies (approximately 17% of the country’s population). 31% of those have invested in bitcoin, making it the most preferred digital asset.
The study determined that Thailand is the only country with more HODLers than Vietnam in the Association of Southeast Asian Nations (ASEAN). Apart from having a considerable number of crypto investors, Vietnam is also home to multiple blockchain projects that primarily focus on GameFi (Game Finance), NFTs or Web3.
Vietnamese Blockchain Projects
Vietnamese have founded seven of the top 200 blockchain organizations globally, with Axie Infinity, Coin98 and Kyber Network being some of the examples. Axie Infinity is among the most popular blockchain-based games, reaching a peak of nearly three million users at the beginning of 2022 before dropping below one million in following months and spiking again at start their 2023 year.
In October 2020, Vietnam released a draft decree for legal framework for cryptocurrencies and other digital assets. The document aims to provide regulations for activities related to virtual assets such as trading and mining while protecting customers‘ interests by enhancing transparency in transactions and preventing money laundering activities using virtual assets services businesses must follow when conducting operations related to cryptocurrencies or digital assets.
It appears that there is strong interest towards cryptocurrency adoption in Vietnam as more investors continue purchasing digital assets despite regulatory uncertainties surrounding them. With an increasing number of projects being developed by local entrepreneurs embracing crypto use cases, it will be interesting to see how this trend evolves over time if regulatory clarity can be achieved eventually allowing wider acceptance for virtual currencies across different sectors in Vietnam