Vietnam has 16.6 million cryptocurrency holders

The most recent statistics indicate that around 17% of Vietnam’s population has adopted cryptocurrencies.

Another study by Chainalysis ranked the Asian nation with a perfect score as the global leader in cryptocurrency adoption.

The survey, cited by a local media site, found that 16,6 million Vietnamese (about 17 percent of the country’s population) had acquired cryptocurrency. 31% of the population has invested in bitcoin, making it the most popular digital asset.

The study found Thailand is the only nation in the Association of Southeast Asian States with more HODLers than Vietnam (ASEAN).

Vietnam is home to several blockchain initiatives that primarily concentrate on GameFi (Game Finance), NFTs, or Web3, in addition to many crypto investors.

Seven of the world’s top 200 blockchain companies, including Axie Infinity, Coin98, and Kyber Network, were started by Vietnamese entrepreneurs. Axie Infinity is one of the most popular blockchain-based games, with approximately three million members at its peak in 2022. In the following months, the number of users decreased below one million until surging again towards the beginning of 2023.

In March last year, the Lazarus Group, a North Korean hacker group, stole over $600 million of digital currency from Ronin Network. This Ethereum-linked sidechain runs Axie Infinity. The game suffered a severe setback as a result. The project’s security strategy was updated, and activities resumed three months later.

The 2022 Global Crypto Adoption Index, a research conducted by Chainalysis, identified Vietnam as the global leader in cryptocurrency adoption, with a perfect score. The site said the region’s considerable interest in blockchain-based gaming may have contributed to this achievement. It is noteworthy that Vietnam also placed #1 in the 2021 study.

The Philippines, another South East Asian nation, ranked second with a score of 0.753, while war-torn Ukraine ranked third at 0.694.

Most of the top 20 countries, including Nigeria and Indonesia, have lower- and upper-middle-income economies.

Two of the world’s powerhouse economies, the United States of America and the United Kingdom, also earned a position on the list, placing fifth and seventeenth, respectively.

Read Also: Microsoft apparently tests Web3 wallet integration in the Edge browser

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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