YEREVAN (CoinChapter.com) — Vietnam’s Ministry of Finance has partnered with cryptocurrency exchange Bybit to test a regulated digital asset trading platform. The initiative introduces a sandbox model to study market behavior, compliance, and infrastructure within a controlled setting.
On April 17, Finance Minister Nguyen Van Thang met with Bybit CEO Ben Zhou in Hanoi. According to the official press release, Zhou confirmed that Bybit would assist with technical implementation, including transaction monitoring and anti-money laundering controls.
The pilot does not name any specific cryptocurrencies yet, but Bybit’s core offerings include Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), making them likely candidates.
Regulatory Draft Expected in May
The Finance Ministry plans to submit a draft resolution outlining the pilot’s operational model in early May. The document will define oversight mechanisms and criteria for evaluating the sandbox’s performance.
Vietnam has previously studied digital asset frameworks in regions such as the UAE and Singapore. This pilot is the country’s first move toward applying those insights to a live trading setting.
Data collected during the trial will inform broader legislation. The aim is to test real-time compliance, user behavior, and risk protocols.
Vietnam’s Crypto Adoption Rate Among Highest Globally
Vietnam ranks fifth worldwide in cryptocurrency ownership. Reports from Chainalysis and Triple A estimate over 17 million residents hold digital assets.
Factors behind this high adoption include limited banking access and a growing population of tech users. Until now, activity in the crypto space has operated without official regulation, leaving users exposed to unvetted platforms and scams.
This pilot aims to bring oversight to that market by building legal pathways for compliant platforms.
Bybit Provides Technology and Compliance Support
Bybit will supply core systems and advisory input to support platform infrastructure and governance. The exchange will also help design identity verification processes to align with Vietnam’s financial standards.
Ben Zhou confirmed Bybit’s intent to work directly with government agencies. The company currently holds regulatory status in Dubai and Kazakhstan.
Vietnam’s choice to collaborate with an international exchange reflects its strategy to draw on external expertise while shaping localized oversight.
The sandbox format allows regulators to observe activity before writing permanent laws. It also lets participants trial new services without the constraints of full licensing.
Several countries have used this approach to build crypto legislation incrementally. Vietnam will apply the same model to gather empirical data and define best practices tailored to its own financial system.
Officials will monitor trading activity, system integrity, and operational risks under defined limits to ensure market safety.
The pilot exchange may increase investor interest by offering a monitored, legal environment. It also signals Vietnam’s intent to participate in global financial technology shifts without delay.
