Việt Nam ranks third globally in the number of cryptocurrency holders. Data from the Crypto Crunch App indicates that 26 million people in the country own cryptocurrencies, five times the number with stock trading accounts.
Việt Nam ranks second in the world in 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 United Nations Office on Drugs and Crime (UNODC), the total value of money laundering activities globally each year can be equal to 2-5 per cent of world GDP, equivalent to US$800 billion to $2 trillion.
Google searches for “cryptocurrency” increased sharply in recent years as Vietnamese paid more attention to seeking investment channels, especially during the pandemic with social distancing measures in place, which forced people to stay home.
Despite the volatility in the market, cryptocurrencies still witnessed a strong year, with some currencies posting gains of at least 5,000 per cent in market value, bringing huge profits to investors.
Prime Minister Phạm Minh Chinh has asked the State Bank of Viet Nam to study and carry out pilot implementation for cryptocurrency based on blockchain technology in the 2021-23 period.
A delay in issuing official legal regulations on managing cryptocurrencies will cause a rise in the risks of fraud and theft related to virtual assets, experts have warned.
The Ministry of Finance is studying the legal framework for managing cryptocurrencies on stock exchanges which would pave the way for legal cryptocurrency transactions in Viet Nam.
Viet Nam ranked second in term of cryptocurrrency use, driven by remittance payments, according to a recent survey by a global provider of market and consumer data Statista.
Aiding adoption and creating innovative experiences in the crypto space, Mastercard on July 22 announced the expansion of its cryptocurrency programme, making it simpler and faster for partners to bring secure, compliant payment cards to market.