Bybit Technology Co. Ltd. Will Pilot a National Crypto Exchange in Vietnam

Vietnam is making a big move in the world of cryptocurrency. On April 17, the Ministry of Finance announced its plan to pilot a national crypto exchange.

Vietnam is making a big move in the world of cryptocurrency. On April 17, the Ministry of Finance announced its plan to pilot a national crypto exchange. This framework is part of a larger initiative to create legal structures for digital assets. The news comes following a meeting in Hanoi between Nguyen Van Thang, Minister of Finance, and Ben Zhou, the president of Bybit Technology Co. Ltd.

Minister Thang extended his greetings to Ben Zhou and the Bybit team, expressing his gratitude for their support in Vietnam’s cryptocurrency expansion. He noted blockchain and digital assets are quickly developing globally, and Vietnam is aiming to catch up in this domain.

Bybit is a crypto exchange that began operations in 2018 and has become the second-largest platform in the global market, trailing closely behind Binance. The company's headquarters are in Dubai, and it operates in Southeast Asia among its many worldwide locations. Mr. Zhou reported that Bybit users did not lose any money when a major hack of $1.5 billion occurred in February. User withdrawals continued without interruption, and the company maintained full disclosure about the situation throughout the entire period of the crisis.

Furthermore, Mr. Zhou indicated his willingness to serve as a supporter of the crypto industry's development in Vietnam. The company leader highlighted that Vietnam possesses a strong talent pool in blockchain technology.

The Ministry of Finance is collaborating with various agencies to assess laws related to digital assets. The Ministry of Finance will request authorization from government officials to commence a crypto exchange pilot project. This step will allow the country to test its legal environment, assess potential risks, and prepare for further growth related to exponential expansion. Such a planned system will create safe operating environments for both investors and businesses while maintaining transparent managerial practices.

Earlier, in March, Vietnam made progress toward establishing regulatory policies. Prime Minister Pham Minh Chinh demanded that the Ministry of Finance and the State Bank cooperate to draft cryptocurrency regulations, which must be completed by the end of this month.

Alongside the government's efforts, private companies are also working to support the industry. SSI Securities Corporation, Vietnam's longest-operating securities firm, announced a partnership with Tether and KuCoin to support blockchain startups in the local market. This partnership is part of a broader initiative by the firm to invest in Web3 companies. SSI Digital Ventures, the corporation's venture capital firm, has a $200 million fund that aids startups.

With Bybit's support for both the Ministry of Finance and SSI in their respective endeavors, Vietnam is rapidly advancing in its support for the cryptocurrency industry. This move is expected to attract more global investors to the Southeast Asian nation. Through public support from the government and funding from private entities, Vietnam is boldly advancing toward the era of digital finance.

News data source: kdj.com

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