Vietnam Plans Crypto Trading Platform With Bybit Support
1min read Vietnam’s Ministry of Finance has announced plans to establish a pilot crypto trading platform, with technical support from Bybit. This initiative aims to create a regulated environment for digital asset transactions, addressing the risks associated with unofficial and unregulated crypto activities. Finance Minister Ho Duc Phoc highlighted the importance of a comprehensive legal framework to guide the country’s digital asset market, ensuring investor protection and market stability.
The Ministry of Finance will lead this effort in collaboration with other state agencies to develop the necessary regulations. A draft resolution for the pilot project is expected to be submitted to the government in early May. The platform is designed to provide a controlled environment where investors and businesses can transact transparently and safely, while enabling the state to manage risks effectively.
Minister Phoc emphasized that the project is part of broader government efforts to support the growth of the digital economy and establish a legal framework that fosters blockchain innovation and investment protection. Bybit, a leading crypto exchange, will assist the Ministry of Finance in designing the trading platform. Bybit co-founder and CEO Ben Zhou expressed interest in implementing a sandbox model, which would provide a simulated environment for testing trading mechanisms under regulatory oversight.
Zhou noted that Bybit’s experience in building anti-money laundering controls and its partnerships with major global organizations position it well to support Vietnam in developing transaction tracking and compliance systems. He stressed that a well-regulated exchange could drive positive outcomes once the legal framework is fully established. The Ministry welcomed Bybit’s offer and directed the State Securities Commission to coordinate further discussions with the exchange to refine the proposals.
Bybit’s involvement in Vietnam’s crypto initiative comes amid broader efforts by other major exchanges to support blockchain growth in different countries. For instance, former Binance CEO Changpeng Zhao signed a memorandum of understanding with the Kyrgyz Republic to act as an advisor on its blockchain growth plans, including cooperation on technological and educational matters related to crypto and blockchain. Additionally, Zhao became a member of the Pakistan Crypto Council, helping with infrastructure and educational efforts in the crypto industry. Binance CEO Richard Teng also revealed that the exchange is working with various countries to support their crypto-related initiatives.
