Vietnam’s Ministry of Finance is taking steps to establish a pilot crypto trading platform with the technical assistance of Bybit in response to the country’s ranking as fifth globally in crypto adoption. Finance Minister Ho Duc Phoc emphasized the need for a legal framework to regulate digital asset transactions and protect investors. The Ministry of Finance will collaborate with state agencies to develop regulations for the platform, with plans to submit a draft resolution to the government in early May. The platform aims to provide a safe and transparent environment for investors and businesses to transact while allowing the state to manage risks and support the growth of the digital economy.
Bybit, a cryptocurrency exchange platform, will assist the Ministry of Finance in designing the trading platform. Bybit’s co-founder and CEO, Ben Zhou, expressed interest in implementing a sandbox model to test trading mechanisms under regulatory oversight. Bybit’s experience in anti-money laundering controls and partnerships with global organizations position it to support Vietnam in developing transaction tracking and compliance systems. The Ministry welcomed Bybit’s offer and directed further discussions with the exchange to refine the proposals, showcasing a collaborative effort to establish a well-regulated crypto exchange in Vietnam.
On a larger scale, the efforts of Bybit and other crypto-related companies come amid moves by Binance to support blockchain growth in various countries. Former Binance CEO Changpeng Zhao signed a memorandum of understanding with the Kyrgyz Republic to advise on blockchain growth plans and became a member of the Pakistan Crypto Council to assist with infrastructure and educational initiatives in the crypto industry. Binance CEO Richard Teng also revealed ongoing efforts to support crypto-related initiatives in different countries.
Overall, Vietnam’s Ministry of Finance’s establishment of a pilot crypto trading platform with Bybit’s technical assistance highlights a commitment to regulating the digital asset market, protecting investors, and supporting the growth of the digital economy. With Vietnam ranking high in crypto adoption globally, the initiative aims to create a controlled environment for transparent and safe transactions while managing risks effectively. Bybit’s expertise and collaboration with the Ministry of Finance demonstrate a step towards establishing a well-regulated crypto exchange in Vietnam, aligning with broader efforts by crypto-related companies to support blockchain growth in various countries.
