Vietnam Sets Stage for First Legal Crypto Exchange With Bybit

Vietnam is getting ready to launch its very first official crypto exchange. On April 17, Vietnam’s Ministry of Finance announced that it is working on a plan to test a local crypto exchange. This is part of a larger effort to create clear rules for digital assets in the country. 

The announcement was made during a meeting in Hanoi between Finance Minister Nguyen Van Thang and Ben Zhou, the co-founder of Bybit, a global crypto exchange.

Vietnam’s Crypto Growth Calls for Control

According to Minister Thang, Vietnam ranks third in the world in terms of the number of crypto users. Many people in the country trade digital assets, but no official rules govern these activities. 

He warned that without clear laws, people could lose money to crypto scams or unsafe platforms. He emphasized that the authorities alone cannot manage the growing crypto interest in the country. So, a legal framework for management is necessary to ensure the legitimate rights of investors. 

The Ministry of Finance wants to test a pilot crypto exchange before making final laws. This will help the government understand the risks and see what works best for the country.

Bybit Offers Support and Experience to Vietnam’s Course

Bybit’s Ben Zhou said the crypto exchange is ready to support  Vietnam in pilot exchange-building. He offered help in staff training, risk control, exchange operations, and legal guidance. He said Bybit has experience keeping investor funds safe and running a transparent platform.

Zhou also mentioned a recent $1.53 billion cyberattack on Bybit. He confirmed that all affected users were fully paid back and that the market was not harmed. He said this was possible because of Bybit’s transparency and strict 1:1 asset backing.

Beyond Crypto Exchange Move: Vietnam Plans to Lead 2025 Blockchain Push

During the meeting, Zhou called Vietnam a hub for growing blockchain technology innovations. He praised the country’s tech talent and strong interest in crypto. In 2022, the Government of Vietnam took a significant step in becoming a regional leader in blockchain technology. 

As reported, the country’s Deputy Prime Minister, Minister Ho Duc Phoc, signed and issued the National Blockchain Strategy into the national framework. 

This important decision aims to make Vietnam a leader in blockchain technology by 2025, with long-term plans reaching up to 2030.

Vietnam’s plan shows that the country is taking serious steps to safely and legally manage crypto, protect its people, and grow its economy. If approved, this pilot could set the stage for a safe, open, and growing crypto market in the country.