Vietnam has made bold plans to pilot the national exchange and billed global crypto races with a bold plan that shows great momentum for digital asset regulation and innovation.
Vietnam has announced plans to pilot the national crypto exchange
Vietnam's Ministry of Finance announced on April 17 that it was preparing proposals to pilot the domestic crypto exchange as part of its efforts to establish a regulatory structure for digital assets. The initiative was confirmed in a meeting in Hanoi between Finance Minister Nguyen Van Thang and Ben Zhou, co-founder of Bybit Technology Co. Ltd.
Minister Tang said via Google's translation that Vietnam ranks third in the world in terms of crypto investors and has a high trading volume. He warned that unregulated or informal transactions could easily harm investors, adding:
The state cannot control it and must have a management legal framework to ensure the rights of investors.
The pilot model is designed as a risk management measure ahead of a broader regulatory framework. Minister Tanto said the government is preparing to submit a resolution to pilot the establishment of a crypto exchange. He highlighted the need for thorough research and implementation, and noted Bibit's offer to support the Ministry of Finance's cooperation to support cooperation in areas such as training, risk management systems, exchange operations, and legal frameworks.
Zhou highlighted Bybit's global presence and increased focus on Vietnam. He admitted a $1.5 billion cyberattack on the recent exchange, but said investor assets are fully compensated and will not affect users or the broader market. He attributed this to Bibit's transparency and backing up his 1:1 assets. Zhou described Vietnam as a strategic market for blockchain development, citing the talent of its developers and strong interest in crypto assets. He said:
Bibit is very interested in the pilot model building exchanges and is ready to work with Vietnam in the process of building the legal framework of the crypto market.
With Vietnam in the best country in Crypto trading activities, the government sees the urgent need to build clear legal boundaries to protect investors and promote responsible market growth. Zhou noted that Bybit's experience with anti-money laundering systems and its transaction monitoring capabilities could help Vietnam avoid illegal financial flows. Minister Tang reiterated the importance of steering such initiatives before assessing regulatory needs. If approved, the pilot program is expected to play an important role in promoting a secure and transparent environment for crypto trading and contributing to the development of Vietnam's digital economy.
