There are more than 20 million crypto owners in Việt Nam, or 21.2 per cent of the country's population. — AFP/VNA Photo

Việt Nam ranks second in the world of cryptocurrency ownership, with 21.2 per cent of the population adopting crypto, according to data from the Crypto payment gateway Triple-A.

According to the Crypto Council for Innovation, cryptocurrency holdings in Việt Nam 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 per cent 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 Việt Nam 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 per cent 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 Việt Nam 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 Việt Nam aged 26 to 36 accounted for 47.1 per cent of all trades, while those aged 18-25 accounted for 37.9 per cent.

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

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