Vietnam ranks second in Southeast Asia for crypto activity

Vietnam's cryptocurrency activity reached $122.2bn in the year to June 2026, placing the country second in Southeast Asia after Singapore, The Investor reported.

The figures come as Hanoi moves to bring a largely retail-driven market under state oversight. A law recognising digital assets as legal property came into force at the start of 2026, and the Ministry of Finance is vetting the first domestic exchanges under a pilot licensing scheme.

Singapore led the region with $284.1bn in crypto activity over the same period, which ran from July 2025 to June 2026.

Chainalysis found that Vietnam's market looks different from those of the region's financial hubs. Vietnam, Thailand and the Philippines stood out for peer-to-peer (P2P) activity, in which individuals exchange assets directly, often through platforms that match buyers and sellers. Singapore and Australia saw notable growth in transactions through platforms serving financial institutions.

Such direct transfers can be used for trading, remittances or payments. Chainalysis noted that transaction data cannot by itself show the purpose of any single transfer.

The three P2P-heavy markets logged a combined 5.4mn transfers below $10,000 during the period. That was 14.4% of the worldwide total, although the three countries make up just 2.5% of the global crypto economy. More than 80% of domestic transfers in those markets were under $1,000. The average transfer was $618, compared with $1,210 in the rest of the world.