- Bybit plans to assist Vietnam in building a legal framework for crypto assets.
- Vietnam ranks third globally in crypto investor participation, with a growing market.
- Bybit is ready to support Vietnam’s legal framework and crypto exchange pilot project.
Bybit, the second-largest cryptocurrency exchange globally, has expressed its willingness to work with Vietnam to establish a legal framework for trading crypto-assets. During a meeting with the Ministry of Finance of Vietnam, Ben Zhou outlined Bybit’s readiness to foster the Vietnamese digital asset market and shared knowledge on the establishment of the regulations.
Bybit’s Role in Vietnam’s Crypto Development
CEO Ben Zhou traveled to Vietnam to discuss investment possibilities in the developing nation’s crypto-asset market. Zhou highlighted Bybit’s strength in anti-money laundering systems, blockchain technology, and transaction tracking. He also noted that Bybit is capable of supporting Vietnam in establishing a transparent and clear regulated crypto market. Bybit has the potential to assist the country in drafting regulations for safe cryptocurrency exchanges.
Zhou also noted that Bybit had been through a massive hack in February and lost $1.5 billion, which gave it a perfect test to demonstrate its reliability. Bybit stated that all of its customers’ funds had been refunded fully after the hack. Zhou attributed this to the ability of Bybit to provide a 1:1 asset guarantee and its uninterrupted withdrawals, which enabled investors to face minimal disruptions.
Vietnam’s Growing Crypto Market
According to Minister of Finance Nguyen Van Thang, Vietnam has been significantly active in the cryptocurrency market, with the country ranking third globally in terms of investors. He noted that the country has registered an increased adoption of crypto-assets, which are performed informally and outside regulatory frameworks. This has created potential risks that may affect investors. In response to this, the Vietnamese government is considering providing a regulatory structure that would help to oversee and protect investors in cryptocurrency operations.
The Ministry of Finance, working under Minister Thang, has been given the responsibility of studying and building this legal framework. The government desires to build a sandbox model that is designed to support testing of the crypto-asset exchanges. This way, businesses and investors will be able to engage in transparent transactions with the given legal frameworks still under experimentation. According to Thang, this would be useful for the development of the digital economy in Vietnam by utilizing resources from the crypto-assets.
Bybit’s Support for Regulatory Development
Zhou also showed interest in Vietnam’s proposed pilot model on crypto exchanges. He affirmed that Bybit is ready and willing to assist in the formulation of the legal legislation in the country. According to Zhou, Vietnam’s blockchain developers and investors are highly capable and willing to use blockchain technology intensively. With such prospects, Bybit considers Vietnam a country where the legal approach to cryptocurrencies could be developed as a model for the rest of Southeast Asia.
Zhou stressed the necessity of a stable, secure, and transparent market environment to enable investors to engage confidently. In response, Bybit is ready to provide knowledge in relation to the operational procedures, risk management mechanisms, and legal requirements. Given its international reach and partnerships, the exchange is well-positioned to help Vietnam develop a sound and secure legal marketplace for crypto-assets.
