Vietnam’s Ministry of Finance plans to establish a pilot crypto trading platform with technical assistance from Bybit, as reported by Vietnam Investment Review on April 18.
Finance Minister Ho Duc Phoc emphasized that unofficial and unregulated transactions pose a major risk to investors, citing the need for a comprehensive legal framework to guide the country’s digital asset market.
The effort comes as Vietnam ranks fifth globally in crypto adoption, according to Chainalysis’ latest “Geography of Crypto Report.”
Pilot crypto trading framework
The Ministry of Finance, tasked with leading the initiative, will collaborate with other state agencies to develop regulations. A draft resolution for a pilot for the crypto platform is expected to be submitted to the government in early May.
The platform aims to create a controlled environment where investors and businesses can transact transparently and safely while enabling the state to manage risks.
Minister Phoc said the project would help Vietnam channel crypto into the growth of the digital economy. The pilot project is part of broader government efforts to establish a legal corridor that supports blockchain innovation and investment protection.
Bybit will help the Ministry of Finance design the trading platform. Bybit co-founder and CEO Ben Zhou expressed interest in implementing a sandbox model, which would provide a simulated environment for testing trading mechanisms under regulatory oversight.
Bybit offers technical assistance
Zhou noted that Bybit’s experience in building anti-money laundering controls and its partnerships with major global organizations position it to support Vietnam in developing transaction tracking and compliance systems.
Moreover, he stressed that a well-regulated exchange could drive positive outcomes once the legal framework is fully established.
The Ministry welcomed Bybit’s offer and directed the State Securities Commission to coordinate further discussions with the exchange to refine the proposals.
Bybit’s efforts come amid Binance-related moves to support blockchain growth in different countries.
On April 3, former Binance CEO Changpeng Zhao signed a memorandum of understanding with the Kyrgyz Republic to act as an advisor on its blockchain growth plans. The partnership includes cooperation on technological and educational matters related to crypto and blockchain.
Additionally, Zhao became a member of the Pakistan Crypto Council on April 7, helping with infrastructure and educational efforts in the crypto industry.
Binance CEO Richard Teng revealed on April 17 that the exchange is working with various countries to support their crypto-related initiatives.
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