Vietnam's crypto market is thriving, with over 16.6 million cryptocurrency holders, according to a local media outlet report. The report cited the “Vietnam Crypto Market Report 2022,” which shows that 31% of Vietnamese crypto holders own bitcoin. Vietnam has now become the second Southeast Asian country, after Thailand, with the highest number of crypto investors. With a population of over 97 million, around 17% of the country's total population holds crypto.
Blockchain Projects in Vietnam
According to the “Vietnam Crypto Market Report 2022,” approximately 200 blockchain projects are operating in Vietnam. These active blockchain projects mainly focus on decentralized finance (DeFi), non-fungible tokens (NFTs), Web 3, Infrastructure, Wallet, game finance (GameFi), and others. Of these projects, games, and metaverse account for 28.8%, DeFi for 26.0%, NFT for 12.4%, Infrastructure for 11.3%, and Web3 for 5.1%.
The report highlights a few of the blockchain projects operating in Vietnam, including Axie Infinity, Kyber Network, Coin98, Rikkei Finance, Spores, Titan Hunters, TomoChain, and SotaTek. The report states that ten of the 200 companies have a token market capitalization of over $100 million, which has a global influence.
Vietnam's Token Market Cap
The report also revealed the token market cap of some of the popular blockchain projects operating in the country. As of the end of 2022, Axie had a token market cap of $790 million, the highest in the country. Other projects on the list include Kyber Network with $87 million and Coin98 with $36.4 million. The report highlights that seven of the top 200 blockchain companies in the world are founded by Vietnamese.
Crypto Market Growth Despite Government Regulations
Despite the government's efforts to limit investor activities with crypto, the latest report shows that Vietnam's crypto sector is growing significantly. In 2020, the State Bank of Vietnam, the central bank of Vietnam, stated that it does not accept crypto assets as currency, or legal means of payment in the country. At the same time, the regulator prohibited organizations and nationals from investing, holding, and conducting transactions related to crypto.
In conclusion, Vietnam's cryptocurrency market is experiencing significant growth, with around 17% of the population holding crypto. The country has approximately 200 blockchain projects, with a majority focused on DeFi, NFTs, Web3, Infrastructure, and GameFi. The report also reveals the token market cap of some of the popular blockchain projects operating in the country, with Axie Infinity having the highest market cap of $790 million. Despite government regulations, the crypto sector in Vietnam continues to grow, indicating that it is a thriving market.
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