Once again, emerging markets are leading the crypto adoption index this year, with Vietnam and the Philippines holding the top two spots. The highest usage of cryptocurrency-related tools, products, and services among other countries was recorded by Vietnamese consumers, who have been regarded as the biggest adopters of cryptocurrencies for the past two years. This conclusion comes from Chainalysis’ 2022 Global Crypto Adoption Index, a yearly study that examines transactional data from more than 140 countries to identify which ones have the highest crypto adoption rates.
According to Statista’s Global Consumer Survey, Vietnam is ranked among the top 10 countries that have adopted cryptocurrencies most quickly since 2019, with around two out of ten domestic users or owners of cryptocurrencies between 2019 and 2022.
Vietnam registered US$112.6 billion in crypto buy and sell value between July 2021 and June 2022, according to Chainalysis figures. This value places Vietnam in second place among the Association of Southeast Asian Nations (ASEAN) in terms of crypto trading volume, just behind Thailand (US$135.9 billion).
Vietnamese consumers have also grown fond of non-fungible tokens (NFTs) and blockchain gaming, which totalled a reported 2.19 million users, as of 2021. The number ranked Vietnam as the world’s fifth largest pool of NFT users in absolute number, behind Thailand (5.65 million), Brazil (4.99 million), the US (3.81 million) and China (2.68 million).
Non-fungible tokens (NFTs) and blockchain games, with a reported 2.19 million users as of 2021, have also become popular among Vietnamese customers. Vietnam was ranked as having the fifth-largest absolute number of NFT users in the world, after Thailand (5.65 million), Brazil (4.99 million), the United States (3.81 million), and China (2.68 million).
Regulations are currently working to strengthen the legal framework to address challenges connected to the new asset class as a result of the spike in cryptocurrency trading and usage in Vietnam. To address issues like the use of cryptocurrency to launder money, support terrorism, and ensure proper crypto management, new rules are anticipated to be presented soon.
The use of cryptocurrencies for transfers in these particular economies and their perceived value as an efficient hedge against inflation and political uncertainty are both factors that contribute to the high adoption in emerging markets, the survey claims. Countries in Latin America and Africa have also been diverting towards crypto because of their hyperinflated economies and unstable fiat currencies.