Vietnam Considers Piloting Crypto Asset Exchange

Minister Nguyen Van Thang received and worked with Mr. BenZhou - CEO of Bybit Technology Co., Ltd. - Photo: VGP/HT

During the working session with Minister of Finance Nguyen Van Thang on April 17, Mr. BenZhou - CEO of Bybit expressed his desire to cooperate with Vietnam in building a legal framework and implementing a crypto-asset trading floor model, to ensure safety and transparency for domestic investors.

Minister Nguyen Van Thang highly appreciated Bybit's goodwill to cooperate, and acknowledged the strong development of blockchain technology and crypto assets globally, including Vietnam, where this market is growing rapidly and has potential.

At the meeting, the head of the Ministry of Finance said that Vietnam is currently among the top 3 countries with the highest number of participants in crypto-asset transactions in the world. However, due to the lack of a complete legal framework, underground or unofficial activities pose many risks, easily causing losses to investors and reducing the effectiveness of state management.

Therefore, recently, the Government has assigned the Ministry of Finance to coordinate with relevant agencies to research and propose a legal framework for crypto assets. One of the important directions is to develop a Resolution on piloting the implementation of crypto asset trading floors in Vietnam. Through the pilot mechanism, the State will have the conditions to assess practices, control risks, and perfect the legal corridor to protect investors' interests as well as effectively utilize resources from the digital economy .

Minister Nguyen Van Thang emphasized: The Ministry of Finance is implementing steps to submit to the Government for promulgation of a Resolution on piloting the construction of a crypto-asset trading floor. The Ministry of Finance highly appreciates Bybit's proposal to support training, build operating procedures, control risks and legal framework.

"These are all contents that need to be researched and implemented seriously and synchronously," said Minister Nguyen Van Thang.

Minister of Finance Nguyen Van Thang at the working session - Photo: VGP/HT

For his part, Mr. BenZhou commented that Vietnam is the largest market in Southeast Asia, and at the same time has an increasingly clear position on the global crypto asset map.

Introducing Bybit, Mr. BenZhou said that this is a Dubai-based cryptocurrency exchange, founded in 2018, currently the second largest exchange globally, after Binance. Bybit has registered to operate in many countries, including key markets in Southeast Asia such as Hong Kong (China), Singapore and Malaysia.

Notably, despite being hacked for about $1.5 billion, Bybit still ensures investors' rights by always maintaining a 1:1 asset guarantee. In addition, withdrawals are not interrupted and transactions remain transparent.

"This shows that the exchange's operational capacity and risk control are very reliable," said Mr. BenZhou.

Not only that, Bybit representative said: This unit is currently particularly interested in the crypto asset market in Vietnam and wishes to invest and support the construction of a legal framework. Because Vietnam has a dynamic blockchain technology development community, a team of quality programmers and investors with a high spirit of learning.

In addition, Bybit has built an anti-money laundering control system, developed transaction monitoring tools, and cooperated with many international organizations to track illegal money flows. Mr. BenZhou emphasized that these experiences and tools can support Vietnam in building an effective legal process for crypto assets.

"Vietnamese investors are very sensitive to technology, quickly applying blockchain into practice, and this is an important basis for Vietnam to build a suitable legal framework, aiming to develop a transparent and sustainable market. Bybit is committed to accompanying Vietnam in the process of building a pilot exchange mechanism and a comprehensive legal framework for crypto assets," Mr. BenZhou emphasized.

Mr. Minh

Source: https://baochinhphu.vn/viet-nam-xem-xet-thi-diem-san-tai-san-ma-hoa-102250417171424582.htm