Bybit expresses interest in Vietnam’s crypto market amidst government efforts to establish a legal framework for crypto asset transactions. The Ministry of Finance is developing a pilot trading platform to enhance regulatory oversight. Bybit’s co-founder proposes a sandbox model for safe trading tests. The aim is to boost Vietnam’s digital economy while ensuring investor safety in crypto transactions. Vietnam has achieved significant retail cryptocurrency adoption, ranking fifth globally in 2024.
Bybit Technology is expressing a keen interest in developing a regulatory sandbox for crypto assets in Vietnam. Minister Thang highlighted that Vietnam ranks third globally in crypto asset investor participation, but unregulated transactions pose risks. Thus, a solid legal framework is imperative to safeguard investors and enable effective regulation. The Ministry of Finance (MoF) has been tasked with creating this framework, intending to submit a resolution in May to pilot a crypto trading platform for safe transactions.
The initiative aims to control investment risks and establish a transparent legal environment for businesses and investors, ultimately contributing to Vietnam’s digital economy. Bybit, established in Dubai in 2018 and the second-largest global cryptocurrency exchange after Binance, sees Vietnam as having substantial potential in this market. Co-founder Zhou emphasised the positive outcomes a well-regulated exchange could bring, pending a robust legal structure.
Zhou proposes the creation of a sandbox model, which serves as a safe testing environment for trading features. Bybit aims to collaborate with the MoF in drafting the legal framework and providing technical support, highlighting its expertise in anti-money laundering systems and transaction monitoring to counteract illicit flows of money.
Minister Thang appreciated Bybit’s support offer and instructed the State Securities Commission to engage further with the company. Additionally, the MoF is encouraging enterprises to adopt environmental, social, and governance (ESG) considerations to enhance competitiveness. Moreover, the MoF is collaborating with the Asian Development Bank (ADB) to optimise loan mobilisations for sustainable development.
Acknowledging the need for a legal framework around cryptocurrency can open new investment avenues, enabling Vietnam to attract foreign capital while cultivating a supportive backdrop for local businesses. Vietnam’s ongoing digital transformation and investments in financial technology have led to a growing retail adoption of cryptocurrency. In 2024, Vietnam ranked fifth in crypto adoption globally, showcasing its expanding blockchain ecosystem and millions of users.
