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While the adoption of crypto is booming in every part of the world, a recent study shows that Asia is leading the way. Following a recent survey by Finder conducted via Google and with participation of 42,000 people from 27 countries, Vietnam came out on top with 41% of respondents saying they own crypto.
Vietnam came out top, with 41% of Vietnamese respondents saying they owned crypto. The report points out that the actual figure is likely to be lower as this survey wasn’t representative of the entire nation. Only
Finder holds some reservations about the “winner”, Vietnam and states that the survey may not have been representative of the entire nation. For example only two thirds of Vietnamese households have access to the internet.
Vietnam taking the top spot the list, can also be seen as somewhat surprising since the Ministry of Finance previously warned citizens of the danger of cryptocurrencies. Crypto is essentially considered illegal in the country, although it has not put people off from crypto.
The top five countries from the Finder survey all share one characteristic, which is the role that remittances play in crypto adoption. All five countries are Asian.
Following Vietnam come Indonesia and India, where 30% is said to own crypto. In fourth place is Malaysia with 29% and in fifth is the Philippines with 28%. The Philippines for example has over 9 million people working overseas as Overseas Foreign Workers (OFW). Indonesia’s 30% of adoption is accounted for not by the overseas workers, but made possible due to the fact crypto trading in the country is legal and regulated.
The survey further shows that Belgium would be the European country with the highest level of crypto adoption, which came in sixth overall with 26%. This is a surprise when you consider the Belgian government’s dismissive view on crypto with Belgians pay between 25% and 50% tax on their crypto holdings.
The country with the lowest level of crypto ownership out of those surveyed is the UK at 8%, with the US sitting just above at 9%.
According to the results, globally of 19% of people own cryptocurrencies. Bitcoin is the most popular crypto in every country.