Vietnam Leads ASEAN Crypto Adoption: 16.6 Million Crypto Holders

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• Vietnam is the second largest cryptocurrency holder in ASEAN region
• The government of Vietnam called for crypto regulations but allow holding tokens in legal gray areas such as asset holding and investments
• Vietnam was the first country to adopt crypto in 2021 and 2022, with great purchasing power and adoption of DeFi and P2P tools

Vietnam Second Largest ASEAN Crypto Holder

Vietnam is the second largest cryptocurrency holder in ASEAN region after Thailand, with over 16.6 million cryptocurrency holders. According to the Coin98 Insights Vietnam Crypto Market Report 2022, there are an average of 200 distributed ledger blockchains active in the country. 31% of these holders own bitcoin.

Growth & Adoption Of Cryptocurrency In Vietnam

The cryptocurrency industry has grown tremendously despite government interference with investor activities. The prime minister of Vietnam suggested that the government may regulate cryptocurrency to address its involvement in financial crimes, though cryptocurrencies are not legally recognized as a valid payment method. Despite this, seven of the top 200 blockchain companies were founded by Vietnamese citizens and have shown great high purchasing power and adoption of DeFi and P2P tools.

Popular Blockchain Projects In The Country

The most active blockchain projects include NFTs (non-fungible tokens), GameFi (game finance), infrastructure, wallets, DeFi (decentralized finance), and web3 (decentralized Internet). Metaverse platforms and games projects make up 28.8% of blockchain projects while DeFi accounted for 26%. NFT projects comprised 12.4%, Axie Infinity, DareNFT, Titan Hunters, and Spores while Infrastructure projects took 11.3%. Web3 occupied 5.1% of assets held by users in Vietnam’s crypto market.

Government Support For Cryptocurrency

Some lawmakers have advocated for cryptocurrency adoption such as exploring Vietnam’s central bank digital currency (CBDC). This could potentially open up opportunities for banks to issue digital currency or tokenize their balance sheets into native digital assets on public ledgers like Ethereum or TomoChain without relying on third-party custodians or intermediaries such as brokerages or exchanges..


Vietnam is one of the most progressive countries when it comes to embracing cryptocurrencies despite its uncertain regulatory landscape yet it still continues to show great potential for growth due to its high purchasing power within the sector. It would be interesting to see how government policies will further shape this sector moving forward as more people become involved with cryptocurrencies every day