State of crypto in Vietnam

For the second year running, Vietnam has once again emerged first in the world in terms of crypto adoption according to an annual report by Chainalysis, a US blockchain data platform. ²  The study results, released in September 2022, gave Vietnam a maximum of 1 in its Global Crypto Adoption Index. The report also concluded that Vietnam holds the second largest cryptocurrency market in ASEAN, only behind Thailand.³  This is no surprise as Vietnam continues to witness its economy becoming more digitized in the last decade, with cashless quickly becoming the norm (such as Moca, Momo, or Zalopay).⁴ Concurrently, the government has also taken note of the evolving economy and the blooming popularity of cryptocurrency. Its Ministry of Finance (MoF) has been tasked with developing a legalisation reform on cryptocurrency and virtual assets, which has already created a research task force for it.⁵