It is estimated that 18.6 million Vietnamese, slightly less than a fifth of its entire population own cryptocurrency.¹
For the second year running, Vietnam has once again emerged first in the world in terms of crypto adoption according to an annual report by Chainalysis, a US blockchain data platform. ² The study results, released in September 2022, gave Vietnam a maximum of 1 in its Global Crypto Adoption Index. The report also concluded that Vietnam holds the second largest cryptocurrency market in ASEAN, only behind Thailand.³ This is no surprise as Vietnam continues to witness its economy becoming more digitized in the last decade, with cashless quickly becoming the norm (such as Moca, Momo, or Zalopay).⁴ Concurrently, the government has also taken note of the evolving economy and the blooming popularity of cryptocurrency. Its Ministry of Finance (MoF) has been tasked with developing a legalisation reform on cryptocurrency and virtual assets, which has already created a research task force for it.⁵
According to a report by Finders, there is a huge gap between male and female crypto ownership, with 44% of its male population saying it owns cryptocurrency as compared to 35% of the female population.⁵ As of 2022, roughly 70% of Vietnamese crypto owners are 18-34 years old, while 25% are 35-54 years old.⁶ Amongst all the different cryptocurrencies, Bitcoin reigns as the most popular cryptocurrency with one in every five Vietnamese crypto owners holding Bitcoin.⁷ Besides cryptocurrency, Vietnamese investors are also very involved in GameFi, which is another popular cryptocurrency category, that combines gaming and DeFi.₈
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