Vietnam And Thailand Become Cryptocurrency Trading Hotspots In ASEAN
According to Nikkei Asia, Vietnam and Thailand recorded more than $100 billion worth of cryptocurrency purchases from July 2021 to June 2022, blockchain data platform Chainalysis announced Wednesday.
Chainalysis says users in low and middle-income countries quite often rely on cryptocurrencies to deposit their savings during times of currency volatility. These countries also tend to rely more on Bitcoin and stablecoins than others.
The data firm also said that Vietnam and Thailand have seen high traffic to markets for non-fungible tokens (NFTs). NFT gives owners a way to protect assets, such as works of art, on the blockchain, which is a decentralized ledger that keeps the crypto industry running smoothly.
Thailand recorded $135.9 billion in crypto trading value for the year, while Vietnam hit $112.6 billion. Singapore only gained $100.3 as the island nation’s financial regulator was in the process of rolling out rules to tighten retail trading of its unpopular tokens.
Several entrepreneurs, even crypto companies setting up branches in Singapore, were caught in a global sell-off earlier this year. In May, the value of TerraUSD (UST) was close to $19 billion at its peak, and its “brother” LUNA has collapsed spectacularly. Currently, they are almost worthless.
According to auditing firm KPMG, investors appear to be hesitant to invest in digital token-related businesses. KPMG figures show that crypto capital in Singapore has more than halved in value in a report published earlier this month.
Cryptocurrency investment inflows fell from $1.3 billion late last year to $539.1 million in the first six months of 2022. KPMG noted that crypto transactions are also smaller in size and sector. This is going through several consolidations with seven exit or merger agreements signed.
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