Vietnam Rises Quickly To Become a SEA Bitcoin Powerhouse

Vietnam To Develop Legal Framework for Crypto
  1. Vietnam is growing quickly to become a primary Bitcoin hub.
  2. Vietnamese people have searched more about Bitcoin than the rest of the altcoin market.
  3. Regardless, DeFi and Web3 firms are thriving in Vietnam despite the country not having clear regulations.

Vietnam is quickly becoming a favorite crypto destination in the Southeast Asian region, according to a report by decentralized finance (DeFi) hub Coin98.

There are at least 16.6 million crypto users in Vietnam, and it is one of the fastest-growing countries in terms of crypto adoption. Statista also presented similar numbers, particularly in terms of Bitcoin (BTC) and DeFi interest.

Specifically, Bitcoin is searched more by Vietnamese crypto users by 84.5% compared to the rest of the altcoin market. However, this is just the tip of the iceberg.

At the moment, there are at least 200 crypto firms operating in Vietnam, although some are saying that the said figure is just a conservative estimate. Out of the hundreds of crypto firms in the said country, the most notable are Sky Mavis, the game publisher of Axie Infinity, and DeFi protocols Kyber Network and Coin98.

Various reports also confirmed that more crypto companies are moving their operations to Vietnam despite the country not having clear regulations. For the time being, however, crypto firms are treated well in the country compared to developed economies like the US and those in Europe.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.