The Southeast Asian nation ranks first globally for cryptocurrency ownership, while other Southeast Asian neighbours and India clinch the top five.
Product comparison website Finder recently published a report on global Cryptocurrency Ownership rates around the world, and Southeast Asian (SEA) nations came in as one of the top few contenders on the chart.
Vietnam topped the charts with 41% of respondents saying they had purchased cryptocurrency, while the gender gap skewed towards males with 44% of men say they own some digital assets as compared to 35% of women. Bitcoin is the most popular coin in the country (20%), followed by Bitcoin Cash (7%), Ripple (5%) and Ethereum (5%).
Indonesia came in second with over 30% of those polled having cryptocurrency ownership. Bitcoin also is the most popular coin to own (16%), followed by Bitcoin Cash (7%), Ripple (6%) and Ethereum (6%). Malaysia and the Philippines also took the 4th and 5th spot in a similar fashion, although there is a higher percentage of Ethereum investors in Malaysia when compared to Vietnam and other SEA countries.
Remittance payment has been suggested as the main driver for a higher proportion of cryptocurrency ownership in Southeast Asia, especially for migrant workers who want to send money back to their home country without incurring significant cost.
Back home in Singapore, 19% of those surveyed has expressed owning cryptocurrencies. Bitcoin is also the most popular coin (11%), followed by Ethereum (5%). Other polled cryptocurrencies and altcoins seem to be sidelined with a low 2% -3% ownership.
Despite the cautious and sometimes hostile attitude towards cryptocurrency ownership and digital exchanges in neighbours like Vietnam, Thailand, and Malaysia, the adoption rate by users have been positive so far. Globally, cryptocurrency ownership by age groups see the younger ages of 18 – 44 making up the bulk of the adoption, and ownership skews towards men in general when comparing the genders.