- Vietnam ranks third globally in crypto adoption, prompting the need for regulation.
- Bybit will assist in designing risk controls and compliance infrastructure.
- A draft proposal for the pilot exchange will be submitted to the government in May.
Vietnam is taking steps toward regulating digital assets by preparing to test a domestic crypto exchange. The Ministry of Finance confirmed the initiative during a meeting in Hanoi, where Finance Minister Nguyen Van Thang held talks with Bybit co-founder Ben Zhou. The government is preparing a resolution to begin the pilot, which will support development of a national legal framework for digital assets including the creation of an exchange as reported by Ash Crypto.
Government Seeks Clear Framework for Crypto Activity
Vietnam’s ranking among the top crypto-adopting countries has created urgency for legal clarity. According to the Ministry, Vietnam ranks third globally in terms of user numbers and transaction volume. Unregulated platforms remain a risk for users, prompting authorities to explore controlled digital environments.
The planned exchange pilot aims to reduce risks before introducing full regulation. Minister Thang said that Vietnam cannot oversee activity on unofficial platforms, making oversight necessary. He noted that protecting users requires legal guidelines, especially as local crypto usage continues to grow.
The exchange model would allow testing of compliance tools and risk controls under supervision. The Ministry also sees the pilot as a step toward building a transparent ecosystem that aligns with global standards.
Bybit to Support Platform Design and Compliance Systems
During the meeting, Bybit’s co-founder Ben Zhou confirmed interest in supporting Vietnam’s efforts. He said the firm will assist in building risk controls, legal systems, and compliance infrastructure. Zhou explained that Vietnam’s developer talent and crypto activity make it an ideal location to test such models.
He referred to a previous $1.5 billion cyberattack against the platform, stating that user assets were fully covered. The government has welcomed Bybit’s proposal, instructing the State Securities Commission to continue talks for refining the project. Additionally, Zhou mentioned the potential use of a sandbox model. This would provide a simulated space where the pilot exchange can test its systems under government supervision.
Crypto Oversight Expected to Expand Across Agencies
The Ministry of Finance will collaborate with other state bodies to finalize the draft resolution. The proposal is expected to be submitted to the government in early May. The project includes contributions from both the securities regulator and other related agencies.
Minister Ho Duc Phoc also commented on the need for stricter oversight. He explained that unauthorized transactions risk destabilizing the market and exposing users to financial loss. The pilot aims to prevent illicit activity while encouraging digital innovation.
Meanwhile, other countries continue exploring regulatory partnerships. On April 3, the Kyrgyz Republic signed a blockchain development deal with former Binance CEO Changpeng Zhao. Later, Zhao joined Pakistan’s Crypto Council to support its crypto infrastructure. Vietnam’s pilot could mark a turning point for its digital economy, as officials work to ensure safe participation.
