Vietnam to Launch Pilot Crypto Exchange to Shape National Regulation
In a bold step toward digital financial regulation, Vietnam’s Ministry of Finance has announced a proposal to pilot a domestic cryptocurrency exchange, a foundational move aimed at crafting a national legal framework for digital assets. The initiative was confirmed during a high-level meeting in Hanoi between Finance Minister Nguyen Van Thang and Bybit Technology Co. Ltd. co-founder Ben Zhou.
A Strategic Risk Management Model
Minister Thang emphasized that Vietnam currently ranks third globally in the number of cryptocurrency investors, with exceptionally high transaction volumes. However, he warned that unregulated transactions could severely harm investors, stating:
"The state cannot manage it, so it is necessary to have a legal framework for management to ensure the legitimate rights of investors."
This pilot exchange model is designed as a precautionary measure to manage risk while the government develops a more comprehensive regulatory environment. A draft resolution is expected to be submitted to the government in early May 2025.
Bybit: A Key Partner in Vietnam’s Crypto Future
Bybit co-founder Ben Zhou reiterated the exchange’s strong interest in Vietnam, calling it a strategic market for blockchain development due to its local tech talent and growing adoption. He confirmed that Bybit is ready to cooperate in building the pilot platform by offering:
- Technical training and infrastructure support
- Anti-money laundering (AML) and compliance systems
- Risk control protocols
- Guidance on legal frameworks
Zhou also acknowledged a recent $1.5 billion cyberattack on Bybit, asserting that all user assets were fully compensated, thanks to the exchange’s transparency and 1:1 asset backing. He stated:
"Bybit is very interested in the pilot model of building an exchange and is ready to cooperate with Vietnam in the process of building a legal framework for the crypto market."
Coordination and Broader Economic Goals
The Ministry of Finance, under the direction of Minister Ho Duc Phoc, will coordinate with other government bodies and the State Securities Commission to structure the pilot program. Zhou further proposed a sandbox model, which would allow Vietnam to simulate crypto trading mechanisms under regulatory oversight before launching a fully operational platform.
Minister Phoc remarked that this initiative supports Vietnam's ambition to channel crypto into digital economic growth, and to create a secure, innovation-friendly legal corridor.
Regional Context: Binance’s Similar Moves
Vietnam’s steps echo recent efforts by other nations working with major crypto firms. On April 3, former Binance CEO Changpeng Zhao signed a blockchain advisory agreement with Kyrgyzstan, while on April 7, he joined the Pakistan Crypto Council to aid in infrastructure and education.
Additionally, on April 17, Binance CEO Richard Teng confirmed ongoing partnerships with governments to promote legal frameworks for crypto development.
