Vietnam ranks in the top 5 countries using cryptocurrency
According to the 2024 Global Crypto Adoption Index published by Chainalysis, the Central and South Asia and Oceania (CSAO) region dominates the rankings with 7 out of the top 20 countries.
- Specifically in Vietnam, according to a report by Chainalysis, as of July 2023, cryptocurrency assets in Vietnam amounted to 120 billion USD, approximately 3 - 4 times the amount of foreign direct investment in Vietnam and increased by 20% compared to the period 2021 - 2022 (around 100 billion USD).
- However, due to the lack of specific legal frameworks for cryptocurrency assets, tax revenue on this 120 billion USD is being lost, flowing out of Vietnam. (this figure is currently even larger)
- Vietnam was once in the top 3 in this ranking in 2023, but by 2024 it has dropped to the top 5
- As a country with an extremely high cryptocurrency adoption rate (nearly 20% compared to the world average of 8.7%).
=> Vietnam is likely to soon have a regulatory framework to both prevent tax loss and develop this sector, bringing many benefits to the country and its people
