Vietnam crypto trading second highest in ASEAN

By Dat Nguyen September 22, 2022 | 04:00 am PT

Representations of the Ripple, Bitcoin, Ethereum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. Photo by Reuters/Dado Ruvic

Vietnam is the second biggest cryptocurrency market in ASEAN behind Thailand with a transaction value exceeding $100 million a year, a new report has found.

It was followed by Singapore, the Philippines, and Indonesia, according to a report by cryptocurrency data provider Chainalysis.

Vietnam, along with Thailand and the Philippines, also record high web traffic to non-fungible token marketplaces, which could be explained by the large number of blockchain gamers, it added.

An estimated 25% of Filipinos and 23% of Vietnamese have played a play-to-earn game, and at one point, players based in the Philippines made up 40% of Vietnam-based Axie Infinity’s playerbase.

In an earlier report, Chainalysis said that this is the second year that Vietnam ranks highest in its cryptocurrency adoption index.