Bybit, Vietnam Discuss National Digital Asset Exchange

Bybit, a prominent cryptocurrency exchange, has engaged in high-level discussions with Vietnamese government officials to establish a legal framework for a national digital asset exchange. This initiative underscores Vietnam's commitment to developing a regulated digital asset ecosystem, aiming to foster a safe and transparent environment for cryptocurrency activities.

During a meeting on April 17, Ben Zhou, co-founder of Bybit, and his delegation met with leaders from various departments of the Ministry of Finance. The discussions focused on exploring Vietnam’s digital asset market and potential cooperation and investment opportunities. Zhou emphasized Bybit’s commitment to transparency and user protection, highlighting that the platform reimbursed all investors affected by a recent security breach.

Minister Nguyen Van Thang of the Ministry of Finance acknowledged the global growth of blockchain technology and digital assets, noting Vietnam's rapid market expansion. He expressed appreciation for Bybit’s proposal to support training, operational process development, risk control, and legal framework design. The Minister also highlighted Vietnam’s efforts to submit a pilot resolution to the government, aiming to establish a regulated exchange for digital assets.

In addition to the meeting with the Ministry of Finance, Ben Zhou met privately with Nguyen Duy Hung, CEO of SSI Securities Corporation. They discussed the future of finance and digital assets, with SSI being one of the oldest securities firms operating in the region. SSI recently partnered with Tether and KuCoin to promote blockchain startups and launched SSI Digital Ventures, an investment arm with an initial capital of $200 million, which may grow to $500 million as SSI continues collaborating with more partners.

The Vietnamese government is accelerating efforts to regulate digital assets, with plans to classify different types of digital assets and pilot digital asset exchanges in major cities. The goal is to create a transparent trading environment, reduce investor risk, and prevent illegal activities. The meetings between Bybit, the Ministry of Finance, and SSI represent a significant step towards establishing a regulated digital asset ecosystem in Vietnam, positioning the country as a key player in the global cryptocurrency market.