Cryptocurrencies in Vietnam are no longer just a matter of price speculation, with demand expanding towards value transfer and storage, posing new challenges for the domestic market.

The global crypto market has undergone a sharp correction, but on-chain activity has not declined by a comparable amount. According to the 2026 Global Crypto Adoption Index published by Chainalysis on September 23, market capitalization at one point fell by 50%, equivalent to $2.1 trillion, while the value of on-chain activity declined by just 1.6%, from $9.5 trillion to $9.4 trillion, over the two 12-month periods ending in June 2025 and June 2026.

The divergence suggests that crypto assets are being used for purposes beyond…