Vietnam’s Ministry of Finance announced on April 17 that it is preparing a proposal to pilot a domestic crypto exchange, as part of efforts to establish a regulatory structure for digital assets. This initiative was confirmed during a meeting in Hanoi between Finance Minister Nguyen Van Thang and Bybit Technology Co. Ltd. co-founder Ben Zhou.

Minister Thang, via a Google translation, said Vietnam ranks third globally in the number of crypto investors, with a high transaction volume. He warned that unregulated or unofficial transactions could easily harm investors, adding:

The state cannot manage it, so it is necessary to have a legal framework for management to ensure the legitimate rights of investors.

The pilot model is designed as a risk management measure ahead of a broader regulatory framework. Minister Thang said the government is preparing to submit a resolution to pilot the establishment of a crypto exchange. He noted the Ministry of Finance values Bybit’s offer to support cooperation in areas such as training, risk control systems, exchange operations, and legal frameworks, emphasizing the need for thorough study and implementation.

Zhou highlighted Bybit’s global presence and its increasing focus on Vietnam. He acknowledged a recent $1.5 billion cyberattack on the exchange but said investor assets were fully compensated, with no impact on users or the broader market. He attributed this to Bybit’s transparency and 1:1 asset backing. Zhou described Vietnam as a strategic market for blockchain development, citing its developer talent and strong interest in crypto assets. He remarked:

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.

With Vietnam among the top countries in crypto transaction activity, the government sees an urgent need to build clear legal boundaries to safeguard 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 illicit financial flows. Minister Thang reiterated the importance of piloting such initiatives to evaluate regulatory needs before scaling. The pilot program, if approved, is expected to play a significant role in fostering a safe, transparent environment for crypto trading and in contributing to the development of Vietnam’s digital economy.

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