Vietnam Unveils Plan to Pilot National Crypto Exchange
As part of its attempts to create a regulatory framework for digital assets, Vietnam’s Ministry of Finance declared on April 17 that it is drafting a proposal to test a domestic cryptocurrency exchange. Ben Zhou, a co-founder of Bybit Technology Co. Ltd., and Finance Minister Nguyen Van Thang met in Hanoi to confirm this effort.
According to Minister Thang’s Google translation, Vietnam has the third-highest volume of cryptocurrency investors worldwide. Unofficial or unregulated transactions might easily hurt investors, he cautioned, adding
The state cannot manage it, so it is necessary to have a legal framework for management to ensure the legitimate rights of investors.
Prior to a more comprehensive regulatory framework, the pilot model is intended to serve as a risk management tool. According to Minister Thang, the government is getting ready to propose a resolution to test the creation of a cryptocurrency exchange. He emphasized the necessity for careful research and execution, noting that the Ministry of Finance appreciates Bybit’s offer to promote collaboration in areas including training, risk control systems, exchange operations, and regulatory frameworks.
Zhou emphasized Bybit’s global reach and growing attention to Vietnam. Although he admitted that the exchange had recently been the target of a $1.5 billion cyberattack, he claimed that investor assets had been entirely restored and that neither users nor the market as a whole were impacted. He ascribed this to Bybit’s 1:1 asset backing and transparency. Citing its skilled developers and keen interest in cryptocurrency assets, Zhou characterized Vietnam as a critical market for blockchain development. He said:
Bybit is very interested in the pilot model of building an exchange and is ready to cooperate with Vietnam in the process of building a legal framework for the crypto market.
Given that Vietnam is one of the nations with the highest volume of cryptocurrency transactions, the government believes it is imperative to establish distinct legislative limits to protect investors and encourage prudent market expansion. Zhou pointed out that Bybit’s transaction-monitoring skills and experience with anti-money laundering systems could aid Vietnam in avoiding illegal financial flows. Minister Thang emphasized that before scaling, such projects should be piloted to assess regulatory needs. If approved, it is anticipated that the pilot program will significantly contribute to the growth of Vietnam’s digital economy and create a transparent, safe environment for cryptocurrency trading.
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