Vietnam is the second largest cryptocurrency holder in ASEAN area after Thailand, with over 16.6 million cryptocurrency holders.
Based on the Coin98 Insights Vietnam Crypto Market Report 2022, Vietnam has a mean of 200 distributed ledger blockchains as of 2022. 31% of the 16.6 million crypto holders have bitcoin.
Vietnam embraces crypto
Probably the most lively blockchain initiatives within the nation embody NFTs (non-fungible tokens), GameFi (sport finance), infrastructure, wallets, DeFi (decentralized finance), and web3 (decentralized Web).
Metaverse platforms and video games initiatives make up 28.8% of blockchain initiatives. DeFi accounted for 26.0%, together with Coin98 Finance, Rikkei Finance, and Kyber Community.
NFT initiatives comprised 12.4%, Axie Infinity, DareNFT, Titan Hunters, and Spores. Infrastructure initiatives took 11.3%, together with TomoChain and SotaTek, whereas web3 occupied 5.1% of the property.
Seven of the highest 200 blockchain corporations had been based by Vietnamese residents.
Development and adoption of cryptocurrency in Vietnam
The cryptocurrency business in Vietnam has grown tremendously regardless of authorities interference with investor actions. There have been quite a few cases the place the Vietnamese authorities has been calling for crypto rules.
The prime minister of Vietnam, Pham Minh Chinh, has called the federal government to check and implement crypto rules for the reason that nation’s residents proceed buying and selling digital property regardless of withholding or authorized recognition.
The prime minister mentioned that the anti-money laundering or AML invoice ought to amend digital currencies since “individuals nonetheless commerce” crypto within the nation. He additionally urged that the federal government might regulate cryptocurrency to handle its involvement in monetary crimes.
The Vietnamese authorities doesn’t legally acknowledge cryptocurrencies as a sound cost methodology. Nonetheless, it permits holding tokens in apparently authorized grey areas similar to asset holding and investments.
Nevertheless, a past analysis confirmed that Vietnam was the primary nation to undertake crypto in 2021 and 2022. The nation displayed significantly excessive buying energy and adoption of DeFi, and P2P cryptocurrency instruments, albeit population-adjusted.
A few of Vietnam’s lawmakers have advocated for cryptocurrency adoption, similar to exploring Vietnam’s central bank digital currency (CBDC), which has fueled the business’s adoption and progress.
Some rules have prohibited organizations and unbiased buyers from holding, investing, and buying and selling something associated to cryptocurrencies.