1. Growth and User Trends
Vietnam continues to rank among the top countries in the world for cryptocurrency adoption rates. In 2024, the crypto market in Vietnam is projected to achieve revenue of approximately 1,024 million USD, with an average revenue per user of 64.4 USD.
It is expected that the number of crypto users will reach 15.96 million by 2025, with a penetration rate in 2024 of about 15.98%.
2. Legal Framework
The Vietnamese government is actively building a comprehensive legal framework for cryptocurrency. In February 2024, the Ministry of Finance was tasked with finalizing regulations on cryptocurrency, including the prohibition or management of crypto assets, with a deadline of May 2025.
Currently, the use of cryptocurrency as a means of payment is prohibited, but owning and trading digital assets is not. This leads to a cautious approach from investors and businesses in the industry.
3. Investor Behavior and Market Trends
Vietnamese investors are particularly interested in AI projects, Layer 1 and Layer 2 blockchain.
In 2024, NFT and SocialFi projects received more attention compared to other sectors such as DeFi or Real-World Assets (RWA).
4. Challenges and Prospects
The main challenges include lack of legal clarity and investor protection. Issues such as taxation and regulatory compliance are still causing much uncertainty.
However, with the government's commitment to issuing regulations by 2025, the crypto market in Vietnam is expected to become more transparent and secure, laying the groundwork for sustainable development.
5. The Future
The year 2024 marks an important phase in the development of the cryptocurrency market in Vietnam.
The development of the legal framework and increased awareness from users are expected to drive cryptocurrency to become an important part of the country's financial ecosystem.