More than three-quarters of Vietnamese cryptocurrency holders make investment decisions through recommendations from friends.

That’s according to a report on August 30 Report Jointly invested by Vietnamese venture capital firm Kyros Ventures and Coin68 and Animoca Brands. In the survey of 3,300 participants, 75.5 percent admitted to being “influenced by advice or recommendations” when it comes to investing in cryptocurrencies.The amount is 2.5 times that reported in the United States

Self-study, community groups and media news are the largest sources of information for Vietnamese cryptocurrency investors, with nearly one in two choosing this method.

The Vietnam cryptocurrency market report for the first half of 2023 also found that 70% of respondents believe that the bear market has ended or is close to it. Meanwhile, 75% of respondents want more regulatory intervention in the cryptocurrency industry.

According to Chainaanalysis, Vietnam currently has the highest rate of cryptocurrency adoption in the world and ranks second in the decentralized finance (DeFi) space, with more than 19% of adults owning digital assets. Despite this, only nine educational institutions in Vietnam offer blockchain courses, and the Southeast Asian country has only eight blockchain infrastructure projects.

Vietnamese cryptocurrency users value the self-custody nature of DEXs and the liquidity of centralized exchanges. | Source: Kairos

Nearly 90% of respondents are engaged in DeFi activities while holding cryptocurrencies, compared to 70.2% for GameFi, 73.7% for non-fungible tokens, 91% for centralized finance, and 73.7% for SocialFi was 54.9%. Participants’ preferences for centralized exchanges remain equally distributed compared to decentralized exchanges. The researchers concluded:

“Local technology developments and trends are also changing rapidly with the global climate. In fact, you probably know that Vietnam has over a hundred GameFi projects before, and it’s time for a wave of ‘Web3 builders’, especially since GM Vietnam (Vietnam Blockchain Week) 2023.”

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