Gate.io Research Center Releases Vietnam Crypto Report as Regional Presence Grows

2023-05-19, 10:42

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Vietnam has become a global leader in cryptocurrency adoption. Second to only the UAE, around 26% of the 97 million people in Vietnam currently own cryptocurrency, according to a recent report by the [Gate.io](https://www.gate.io/signup/?ch=GM_blog_vietnam_20230519&utm_campaign=TR_bOENlF4c&utm_content=&utm_medium=ptr&utm_source=CH_sApqy83F&utm_term= "Gate.io") Research Center. For comparison, the same report shows the United States and the Philippines tied for third, at 13%.

With over a quarter of people in Vietnam holding crypto, the country has caught the blockchain industry’s attention. As a result, it presents ample opportunity for industry investment and a massive userbase for crypto companies looking to set up shop. However, one of the world’s hottest crypto hotspots is not without its barriers and challenges.

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## Crypto in Vietnam
Vietnam has experienced steady economic growth over the past decade. Despite this, many Vietnamese people still live in more rural regions and lack access to modern banking. Cryptocurrency has managed to fill this void, providing financial services to anyone with an internet connection.

A lack of taxation and legal restrictions around cryptocurrency in Vietnam may have contributed hugely to crypto’s success in the country. Unlike other major crypto hubs, crypto is untaxed. There are currently few regulations around crypto trading, investor protections, or crypto businesses. So, while a lack of any legal framework contributed to the spread of crypto, it also poses barriers for companies that seek defined rules to play by and users who want protection against fraud and scams.

While Vietnam may appear mostly quiet on the crypto regulation front, the government has been working to build a legal framework for the industry since at least 2021. Appropriate oversight from the government could further adoption in the country and provide an environment for users and companies to thrive.

![](https://gimg2.gateimg.com/image/article/1684492466img_v2_cdfefb5c-a2b0-44bb-9134-0efc61a6a6ah.jpg)

For many Vietnamese, investing in or using cryptocurrency is their first time dabbling in finance. According to the [Gate.io](https://www.gate.io/signup/?ch=GM_blog_vietnam_20230519&utm_campaign=TR_bOENlF4c&utm_content=&utm_medium=ptr&utm_source=CH_sApqy83F&utm_term= "Gate.io") Research Center report, cryptocurrency is the first financial product ever used by 44% of Vietnamese crypto investors. Further, the report shows that higher-educated investors tend to participate in higher-risk higher-reward investments. At the same time, those without are more inclined to use cryptocurrency as a store of value.

Lastly, the report also notes that many crypto investors in Vietnam lack a form of stable or full-time employment. Indicating that those with more free time, such as students or freelancers, have more room to learn about and participate in crypto. On the other hand, those with busier jobs and lives have less time to dedicate to crypto and, therefore, may benefit from educational resources.

![](https://gimg2.gateimg.com/image/article/1684492495img_v2_13ef6477-47c1-4e3c-8e4d-6b7a327593dh.jpg)

## Pushing the boundaries of crypto adoption
Much of the research and data points outlined in the report align with [Gate.io’s](https://www.gate.io/signup/?ch=GM_blog_vietnam_20230519&utm_campaign=TR_bOENlF4c&utm_content=&utm_medium=ptr&utm_source=CH_sApqy83F&utm_term= "Gate.io’s") recent actions in Vietnam. Gate.io has been active in organizing and hosting crypto events across Vietnam. For example, a recent careers event helped expose business students from Nong Lam University to the blockchain industry. The event was aimed at helping students consider or prepare for a career in blockchain and extend internship opportunities.

Like the recent careers event, [Gate.io](https://www.gate.io/signup/?ch=GM_blog_vietnam_20230519&utm_campaign=TR_bOENlF4c&utm_content=&utm_medium=ptr&utm_source=CH_sApqy83F&utm_term= "Gate.io") and its free multi-language blockchain education platform, Gate Learn, sponsored a crypto event hosted by the Foreign Trade University in Hanoi. Gate Learn was launched in Vietnam last year to help expand new and existing crypto users’ understanding of blockchain and cryptocurrency. Representatives from Gate.io Vietnam and Gate Learn provided industry insight and advice to students. Further, they discussed the government’s important role in promoting blockchain education for students.

As Vietnam’s crypto industry emerges, [Gate.io](https://www.gate.io/signup/?ch=GM_blog_vietnam_20230519&utm_campaign=TR_bOENlF4c&utm_content=&utm_medium=ptr&utm_source=CH_sApqy83F&utm_term= "Gate.io") looks to be tackling issues around blockchain education, helping to prepare both students and everyday users for a future in crypto, whether it be for daily use, investing, or as a practitioner in the industry– all of which can contribute to adoption and industry growth in the country.

## Vietnam and crypto-based charities
In addition to promoting crypto awareness and education, Gate Charity, the philanthropic counterpart of Gate.io, has hosted several blockchain-based charity fundraisers in Vietnam. Given the high percentage of crypto users, the country is a prime location for Gate Charity’s model of using fundraising through cryptocurrency using blockchain technology. Furthermore, as part of Gate Charity’s mission is the blockchain-based social impact on an international scale, Vietnam has become a leading region pushing the mission forward.

Author: Global Marketing Aaron
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.

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