Vietnam’s Finance Minister Nguyen Van Thang recently met with Bybit CEO Ben Zhou to explore potential cooperation in the digital asset space. The meeting, held at the Ministry of Finance headquarters, focused on building a legal framework for digital assets and establishing Vietnam’s first virtual asset exchange.
Bybit and Vietnam Explore Crypto Opportunities
During the meeting, Ben Zhou and his delegation met with leaders from various departments of the Ministry of Finance. Zhou expressed his interest in Vietnam’s digital asset market and his intention to cooperate and invest in the country.
Despite a recent security breach that resulted in a loss of approximately $1.5 billion for Bybit due to a hack, Zhou assured Minister Thang that all investors on the platform were fully reimbursed. He emphasized Bybit’s transparency and uninterrupted withdrawal services, noting that user assets are backed on a 1:1 basis.
Minister Thang commended Bybit’s cooperative intentions and acknowledged the rapid growth of blockchain technology and digital assets in Vietnam. He highlighted the country’s efforts to establish a regulated exchange for digital assets and welcomed Bybit’s proposal to support training, risk control, operational process development, and legal framework design in Vietnam.
In addition to meeting with the Ministry of Finance, Ben Zhou also met with Nguyen Duy Hung, CEO of SSI Securities Corporation, to discuss the future of finance and digital assets. SSI recently partnered with Tether and KuCoin to promote blockchain startups in Vietnam and announced the launch of SSI Digital Ventures, an investment arm with an initial capital of $200 million.
Vietnam Races to Build Legal Framework for Crypto
The Vietnamese government is actively working to regulate digital assets, with plans to classify different types of digital assets and pilot digital asset exchanges in major cities. General Secretary To Lam has assigned One Mount Group to develop a Layer 1 blockchain network, “Make in Vietnam,” with a significant investment.
The engagement between Bybit, the Ministry of Finance, and SSI signifies a significant step towards regulating crypto trading in Vietnam. Despite operating in a legal gray area, Vietnam has seen significant growth in blockchain technology and digital assets, with over 17 million crypto asset holders and substantial blockchain-related capital flows.
As Vietnam continues to accelerate efforts to regulate digital assets and promote blockchain technology, collaborations between government entities and major crypto companies like Bybit and SSI will play a crucial role in shaping the country’s digital asset landscape.