Vietnam Ranks Fifth Globally in Crypto Adoption, Eyes Legal Framework for Growth
Crypto Boom Brings Opportunities and Risks as Vietnam Pushes for Regulation
Vietnam has secured the fifth spot globally in the 2024 Global Crypto Adoption Index, according to US blockchain analysis firm Chainalysis. In the 2023–24 period, capital flow from the blockchain market into Vietnam surpassed 105 billion US dollars, with over 17 million people owning crypto assets, positioning the country as a blockchain pioneer.
Vietnamese investors earned nearly 1.2 billion US dollars from cryptocurrencies in 2023, ranking third worldwide. However, the country also faces growing risks from crypto scams. In one case, police arrested four individuals in Dong Nai province for running a fraudulent website, BitMiner, which defrauded over 200 victims of 158,730 US dollars.
Despite its booming crypto market, Vietnam lacks a clear legal framework for digital assets. Experts urge the government to legalize digital assets to protect investors and promote sustainable growth. A draft law on the digital technology industry is expected to be passed in 2025, aiming to regulate the market, curb fraud, and integrate crypto activities into the formal economy.
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Vietnamese investors earned nearly 1.2 billion US dollars from cryptocurrencies in 2023, ranking third worldwide. However, the country also faces growing risks from crypto scams. In one case, police arrested four individuals in Dong Nai province for running a fraudulent website, BitMiner, which defrauded over 200 victims of 158,730 US dollars.
Despite its booming crypto market, Vietnam lacks a clear legal framework for digital assets. Experts urge the government to legalize digital assets to protect investors and promote sustainable growth. A draft law on the digital technology industry is expected to be passed in 2025, aiming to regulate the market, curb fraud, and integrate crypto activities into the formal economy.
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