Vietnam ranks second in world cryptocurrency ownership rankings

Vietnam ranks second in the world of cryptocurrency ownership, with 21.2% of the population adopting crypto, shows data from the Crypto payment gateway Triple-A.

According to the Crypto Council for Innovation, cryptocurrency holdings in Vietnam are untaxed, making them an attractive asset.

The United Arab Emirates (UAE) has the highest rate of crypto ownership, with a third of the population holding crypto currencies, around three million owners.

The UAE's top spot is due to the government looking favourably on crypto currencies, with the financial services regulator FSRA-ADGM issuing guidelines and regulations on how crypto can be traded.

The US is in third place, with 15.6% of the population owning crypto.

In terms of actual crypto users, India ranked first with 93 million using the payment system, followed by the US with 48 million and Vietnam with 20 million.

Triple A said that cryptocurrency adoption is growing around the world and as of 2023, it estimates that global cryptocurrency ownership rates average 4.2% with over 420 million cryptocurrency users worldwide.

Founder of blockchain startup Ninety Eight, Lê Thanh, said that reports in recent years showed that cryptocurrency ownership in Vietnam is high and a popular type of asset, especially among the young.

A survey by Coin98 Insights in late December found that crypto owners in Vietnam aged 26 to 36 accounted for 47.1% of all trades, while those aged 18-25 accounted for 37.9%.

Data from blockchain research company Chainalysis, released in March, showed crypto users in Vietnam ranked third in the world in terms of profits from trading in 2023, with a total value of $1.18 billion.

Another survey by WSJ in May 2023 found that Vietnam ranked fourth in the world in terms of trading on Binance with a total value of $20 billion.