Vietnam Prepares Crypto Rules With Bybit Support

Vietnam is making progress in the development of a legal framework for digital assets, as evidenced by the high-level meeting between Finance Minister Nguyen Van Thang and Bybit CEO Ben Zhou.

During the 17 April meeting at the Ministry of Finance headquarters, potential cooperation in the digital asset sector and advanced plans for the creation of Vietnam's first virtual asset exchange were discussed.

The Ministry's official portal announced that Mr. Zhou and his team met with executives from various departments to discuss Bybit's strong investment interest in Vietnam's rapidly expanding digital asset market.

During the meeting, Mr Zhou spoke about the previous security breach suffered by Bybit, which resulted in a $1.5 billion loss due to hacking activities. Bybit's representative confirmed to the Ministry that all affected investors have been fully reimbursed, emphasising that the incident did not affect users' operations or withdrawals, demonstrating Bybit's transparency and 1:1 asset support.

Minister Nguyen Van Thang acknowledged the rapid global growth of blockchain technology and digital assets, combined with the high potential of the Vietnamese market. The Government is actively working on a pilot resolution to establish a regulated exchange for digital assets in the country.

The Ministry showed strong support for Bybit's proposal to help develop training programmes, operational management, risk management and the design of a legal framework.

"We are taking steps to submit a resolution to the Government on the piloting of the establishment of a crypto-asset exchange. The Ministry of Finance very much appreciates Bybit's willingness to offer support in training, building a risk control system, operational procedures and legal framework... these are aspects that require careful study and implementation," Minister Nguyen Van Thang stated.

Mr Zhou showed further interest in digital assets during a private meeting with Nguyen Duy Hung, CEO of Vietnam's historic SSI Securities Corporation. The two parties explored development possibilities in financial technology and digital assets.

SSI has shown recent activity in the blockchain sector through partnerships with Tether and KuCoin to support Vietnamese startups in the sector, and launched the SSI Digital Ventures investment arm with an initial fund of $200m, which could rise to $500m through new partnerships.

"Different generations, different paths - I've spent my life in traditional finance, while Ben is one of the pioneers shaping the cryptocurrency world. Tonight, we sat down at my home and shared visions about the future of finance - where tradition and innovation meet to create lasting value," Hung said.

Vietnam has accelerated its regulatory efforts on digital assets. In January 2025, the Prime Minister issued instructions to classify different types of digital assets and launch proposals to test crypto exchanges in Ho Chi Minh City and Da Nang. The projects aim to establish transparent market practices to protect investors and prevent illegal activities.

Secretary General To Lam authorised the One Mount group to build a national Layer 1 blockchain network called "Made in Vietnam", backed by a major investment of US$500 million.

The Vietnamese government's collaboration with a large crypto platform such as Bybit represents a crucial turning point, as cryptocurrency trading currently takes place outside of an established regulatory framework.

The high rate of crypto adoption in Vietnam - which ranks it fifth in the world according to the Global Crypto Adoption Index 2024, with over 17 million asset holders and $105 billion in blockchain capital flows between 2023 and 2024 - highlights the urgent need to establish a clear regulatory framework.

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