Vietnam Launches Pilot Crypto Platform With Bybit, Aims For 20% Market Regulation

Vietnam is accelerating its plans to regulate the burgeoning cryptocurrency sector by launching a pilot crypto trading platform with the technical support of global exchange Bybit. This initiative, backed by the Ministry of Finance, underscores the country's commitment to establishing a legal framework that ensures secure and transparent digital asset transactions.

On April 18, the Ministry of Finance announced its collaboration with Bybit to develop a prototype digital asset trading platform. Finance Minister Ho Duc Phoc emphasized the need for state control to mitigate risks associated with unregulated transactions. The platform aims to provide the government with tools to monitor market activities and enable safe trading for companies and investors. Vietnam's high ranking in global crypto usage highlights the urgency of regulating this growing industry.

Bybit will provide technical support for the pilot platform, utilizing a "sandbox" model to test trading features, security, and compliance processes in a simulated, legal environment before broader implementation. Bybit's co-founder and CEO, Ben Zhou, highlighted the exchange's expertise in developing anti-money laundering (AML) technologies and its strong ties with international organizations. These advantages position Bybit to assist Vietnam in creating a secure infrastructure with robust enforcement and monitoring tools.

Zhou reiterated Bybit's commitment to working closely with Vietnamese authorities to support the long-term growth of the country's digital asset market. The State Securities Commission has been tasked with maintaining technical discussions with Bybit and refining platform deployment recommendations. This collaboration is part of a broader effort to reduce illegal activities, protect investors, and prepare for a national crypto market.

Vietnam's efforts to regulate its crypto market began in early 2025 with the Ministry of Finance investigating digital asset transaction laws. The pilot exchange is expected to test new regulatory techniques and pave the way for wider implementation. Bybit's involvement in Vietnam follows global trends, with other exchanges like Binance also engaging in regulatory collaborations with various countries. These multinational alliances demonstrate the potential for organized, government-backed cryptocurrency ecosystems to foster innovation and user safety.

Domestic initiatives also support Vietnam's push toward a regulated cryptocurrency economy. SSI Securities Corporation, one of the oldest financial institutions in the country, is collaborating with Tether and KuCoin to support blockchain projects. SSI has launched SSI Digital Ventures, a $200 million fund to back regional blockchain and cryptocurrency initiatives, indicating a broader national strategy to position Vietnam as a hub for blockchain innovation.

With the pilot exchange anticipated to begin testing in major cities such as Ho Chi Minh City and Da Nang, Vietnam is on the cusp of a significant milestone in its crypto evolution. This move could set a precedent for developing countries seeking to balance innovation with investor protection, positioning Vietnam as a leader in the digital asset market.