Vietnam’s Ministry of Finance is taking steps to establish a pilot crypto trading platform in collaboration with Bybit, a leading cryptocurrency exchange. The initiative aims to address the risks associated with unofficial and unregulated transactions in the country’s digital asset market. Finance Minister Ho Duc Phoc highlighted the need for a comprehensive legal framework to guide crypto trading activities and protect investors.
Vietnam is currently ranked fifth globally in crypto adoption, according to Chainalysis’ latest report, highlighting the growing interest in digital assets within the country. The Ministry of Finance will work with other state agencies to develop regulations for the pilot crypto trading platform, with a draft resolution expected to be submitted to the government in May.
The platform will provide a controlled environment for transparent and safe transactions, allowing investors and businesses to operate securely while enabling the government to manage risks effectively. Minister Phoc emphasized that the project will help Vietnam harness the potential of cryptocurrencies to drive growth in the digital economy.
Bybit will play a crucial role in designing the trading platform and providing technical assistance to ensure compliance with regulations. Bybit’s co-founder and CEO, Ben Zhou, suggested implementing a sandbox model for testing trading mechanisms under regulatory oversight, showcasing the exchange’s commitment to supporting Vietnam in developing transaction tracking and compliance systems.
The Ministry welcomed Bybit’s offer of technical assistance and directed the State Securities Commission to engage in further discussions with the exchange to refine proposals. Bybit’s efforts align with similar moves by other cryptocurrency exchanges, such as Binance, to support blockchain growth and regulatory compliance in different countries.
In recent developments, former Binance CEO Changpeng Zhao signed a memorandum of understanding with the Kyrgyz Republic to advise on blockchain growth plans, while also becoming a member of the Pakistan Crypto Council to support infrastructure and educational efforts in the crypto industry. Binance CEO Richard Teng revealed that the exchange is collaborating with various countries to support their crypto-related initiatives, showcasing a growing trend of exchanges partnering with governments to promote blockchain innovation and investment protection.
Overall, Vietnam’s pilot crypto trading platform, with technical assistance from Bybit, represents a significant step towards establishing a legal framework that supports blockchain innovation and protects investors in the country’s digital asset market. The collaboration between the Ministry of Finance and Bybit underscores the importance of regulatory compliance and transparency in driving positive outcomes for the crypto industry.