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HomePolicy & RegulationCrypto Flourishes in Vietnam With 16.6 Million Holders (Report)

Crypto Flourishes in Vietnam With 16.6 Million Holders (Report)

The “Vietnam Crypto Market Report 2022” revealed that 16.6 million Vietnamese personal digital currencies, with bitcoin being the preferred asset.

One other analysis performed by Chainalysis positioned the Asian nation because the world’s cryptocurrency adoption chief, with a rating of 1.000.

Near the Prime

The examine, reported by a neighborhood media outlet, estimated that 16.6 million Vietnamese had bought cryptocurrencies (roughly 17% of the nation’s inhabitants). 31% of these have invested in bitcoin, making it probably the most most well-liked digital asset.

The analysis decided that Thailand is the one nation with extra HODLers than Vietnam within the Affiliation of Southeast Asian Nations (ASEAN). 

Other than having a substantial variety of crypto buyers, Vietnam can be dwelling to a number of blockchain tasks that primarily give attention to GameFi (Sport Finance), NFTs, or Web3. 

Vietnamese have based seven of the highest 200 blockchain organizations globally, with Axie Infinity, Coin98, and Kyber Community being a number of the examples. Axie Infinity is among the many hottest blockchain-based video games, reaching a peak of almost three million customers firstly of 2022. The person base dropped under a million within the following months earlier than spiking once more in the beginning of 2023.

The sport suffered a extreme blowback in March final yr after the North Korean hacking collective – the Lazarus Group – drained over $600 million price of digital currencies from Ronin Community – an Ethereum-linked sidechain that powers Axie Infinity. The mission improved its safety coverage and restarted operations three months later.

A World Chief In line with Chainalysis

“The 2022 World Crypto Adoption Index,” a examine carried out by Chainalysis, outlined Vietnam because the world’s cryptocurrency adoption chief, reaching a rating of 1.000. The platform claimed that one purpose behind that success could possibly be the excessive curiosity in blockchain-based video games within the area. It’s price noting that Vietnam ranked first within the 2021 analysis, too.

The Philippines – one other nation positioned in South East Asia – was second with a rating of 0.753, whereas war-torn Ukraine was third with 0.694.

Most nations within the high 20 checklist included lower-middle-income economies, corresponding to Nigeria and Indonesia, and upper-middle-income ones (Argentina, Brazil, Turkey).

Two of the world’s tremendous economies – the USA of America and the UK – additionally discovered their place, rating respectively fifth and seventeenth.


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