Vietnam’s Crypto Market Shows Explosive Growth with 16.6 Million Holders, Study Finds

Vietnam has emerged as the world leader in cryptocurrency adoption, with a staggering 16.6 million Vietnamese owning digital currencies, according to the “Vietnam Crypto Market Report 2022.”

Bitcoin is the most popular digital asset in the country, with 31% of Vietnamese crypto holders investing in it. The report found that Thailand is the only country in the Association of Southeast Asian Nations (ASEAN) with more cryptocurrency investors than Vietnam.

Apart from having a large number of crypto investors, Vietnam is also home to several blockchain projects focused on GameFi (Game Finance), NFTs, and Web3.

Seven of the top 200 blockchain organizations globally are Vietnamese, with Axie Infinity, Coin98, and Kyber Network being some of the most prominent.

Axie Infinity is one of the most popular blockchain-based games, with nearly three million users at the beginning of 2022. However, it suffered a severe setback after a North Korean hacking group drained over $600 million worth of digital currencies from Ronin Network, an Ethereum-linked sidechain that powers Axie Infinity.

A study conducted by Chainalysis named Vietnam the world’s cryptocurrency adoption leader, with a score of 1.000. The study found that the high interest in blockchain-based games in the region could be a contributing factor.

The Philippines ranked second on the list, with a score of 0.753, while Ukraine was third with 0.694. The majority of nations in the top 20 list were lower-middle-income economies such as Nigeria and Indonesia, as well as upper-middle-income economies like Argentina, Brazil, and Turkey. The United States and the United Kingdom also made the list, ranking fifth and 17th, respectively.