Vietnam launches a pilot program of cryptocurrency exchanges in detail! Technical support provided by Bybit

According to a report by the Vietnam Government News Network, the Vietnamese Ministry of Finance plans to launch a pilot platform for cryptocurrency trading, with technical support from Bybit. Vietnam's Finance Minister Ho Duc Phoc pointed out that there are currently a large number of unregulated informal transactions in the market, which poses a significant risk to investors, and it is urgent to establish a comprehensive legal framework to regulate the domestic digital asset market.

In Chainalysis' latest 2024 Global Cryptocurrency Geographic Report, Vietnam is listed as the fifth largest cryptocurrency adopter in the world.

Vietnam pushes cryptocurrency trading pilot

During a April 17 meeting with Finance Minister Ho Duc Phoc, Bybit’s CEO Ben Zhou expressed his willingness to cooperate with Vietnam, jointly establish a regulatory framework, and promote a pilot program for the official cryptocurrency exchange to ensure the security and transaction transparency of domestic investors.

Ho Duc Phoc highly praised Bybit's willingness to cooperate and pointed out that the development of blockchain and crypto assets is growing rapidly around the world, and Vietnam is one of the fastest-growing and most promising countries in this field.

Ho Duc Phoc mentioned that Vietnam is currently one of the top three countries with the largest number of crypto assets in the world. However, due to the lack of a perfect legal framework, there are still a large number of underground or informal activities in the market, with extremely high potential risks, which can easily lead to investors' losses and weaken the government's regulatory effectiveness.

Therefore, the government has recently appointed the Ministry of Finance to jointly study and propose regulatory framework proposals for crypto assets, one of which is a key measure to formulate a pilot resolution and establish a cryptocurrency exchange in Vietnam. Through such a pilot mechanism, the country can actually test the implementation effect, control potential risks, and gradually improve laws and regulations to protect investors' rights and interests and effectively promote the development of the digital economy.

Ho Duc Phoc said that the Ministry of Finance is actively promoting the submission of resolutions piloted by the crypto-asset exchange to the government, and highly praised Bybit's support proposals in education and training, operation mechanism establishment, risk control and regulatory construction.

Bybit CEO: Vietnam is the largest potential market in Southeast Asia

Ben Zhou said that Vietnam is not only the largest potential market in Southeast Asia, but its strategic position on the global crypto asset map is also becoming increasingly prominent. Bybit is extremely concerned about Vietnam's crypto asset market and hopes to invest here and assist in establishing relevant regulatory frameworks, because Vietnam not only has a dynamic blockchain technology community, but also has excellent developers and a group of investors willing to learn.

Ben Zhou stressed that Bybit has established a complete anti-money laundering control system, developed a number of transaction regulatory tools, and worked with multiple international organizations to track illegal capital flows. These experiences and technologies can provide strong support for the establishment of an effective crypto-asset regulatory process in Vietnam.

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