Vietnam currently has more than 16.6 million cryptocurrency holders, with 31% holding bitcoin, according to a local media outlet report on Thursday that cited the “Vietnam Crypto Market Report 2022.”

This makes Vietnam the second Southeast Asian country after Thailand, with the highest number of crypto investors. There are currently over 97 million people living in Vietnam, which means around 17% of the country’s total population holds crypto.

Around 200 Blockchain Projects Operate in Vietnam

According to the report, around 200 blockchain projects are currently operating in Vietnam. Active blockchain projects in the country mainly focus on decentralized finance (DeFi), non-fungible tokens (NFTs), Web 3, Infrastructure, Wallet, game finance (GameFi), and others.

Among the 200 projects operating in Vietnam, games and metaverse accounted for 28.8%, DeFi: 26.0%, NFT: 12.4%, Infrastructure: 11.3%, and Web3: 5.1%, according to the report.

Some of the projects are Axie Infinity, Kyber Network, Coin98, Rikkei Finance, Spores, Titan Hunters, TomoChain, SotaTek, and more. The report stated that 10 companies of the 200 have a token market capitalization of over $100 million, and they have global influence. 

The report also revealed the token market cap of some of the popular blockchain projects operating in the country. As of the end of 2022, Axie had a token market cap of $790 million, becoming the highest in the country. Other projects on the list are Kyber Network: $87 million, and Coin98 with $36.4 million. According to the report, seven of the top 200 blockchain companies in the world are founded by Vietnamese.

Crypto Continues to Grow in Vietnam

The latest report shows that the crypto sector in Vietnam has continued to grow significantly despite the government’s efforts to limit investors’ activities with the asset class.

In 2020, the State Bank of Vietnam, the central bank of Vietnam, stated that it does not accept crypto assets as currency as well as legal means of payment in the country. At the same time, the regulator prohibited organizations and nationals from investing, holding, and conducting transactions related to crypto.