- Vietnam plans pilot launch of state-backed crypto exchange with Bybit’s input.
- Finance Minister Thang praises Bybit’s support and Vietnam’s blockchain talent.
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 constitutes an element of an extensive initiative to establish legal structures for digital assets. The news emerged from the Hanoi meeting between Nguyen Van Thang and Ben Zhou who represents Bybit Technology Co. Ltd.
Vietnam Eyes Crypto Growth with Bybit’s Support
To begin with, Minister Thang extended his welcome to both Ben Zhou and the members of Bybit. He expressed gratitude towards their dedication to support Vietnam’s cryptocurrency expansion. The Minister acknowledged blockchain’s fast-growing status along with digital assets across the globe while stating Vietnam intends to catch up.
The crypto exchange Bybit established itself in 2018 as the second-largest platform behind Binance in the global market. The company headquarters reside in Dubai, yet it functions in Southeast Asia among its many worldwide locations. Mr. Zhou reported Bybit users lost no money when a major hack of $1.5 billion occurred in February. User withdrawals proceeded without interruption while the company maintained full disclosure about the situation during the whole crisis period.
Moreover, Mr. Zhou indicated his willingness to be a supporter of the crypto industry’s development in Vietnam. The company leader emphasized that Vietnam possesses a robust blockchain talent pool while stating Bybit would assist Vietnam through the establishment of money laundering control systems. Bybit provides anti-money laundering detection capabilities, which makes it a suitable business platform for Vietnam.
In addition, Minister Thang announced that Vietnam currently holds the position of third worldwide for crypto investor population. Many transactions take place without official documentation, according to his assessment. Users risk enormous financial losses when operations occur without proper legal guidelines. The government establishes new regulations because they wish to safeguard investors while decreasing their exposure to risks.
Vietnam Emerges as New Hub for Global Crypto Investment
The Ministry of Finance collaborates with different agencies to evaluate laws regarding digital assets. The Ministry of Finance will ask for authorization from government officials to start a crypto exchange pilot project before actual execution. Through this step, the country can test its legal environment to evaluate potential risks while preparing for additional growth related to exponential expansion. Such a planned system will build safe operating environments between investors and businesses while maintaining transparent managerial practices.
Earlier, in March, Vietnam made headway toward establishing regulatory policies. Prime Minister Pham Minh Chinh demanded that the Ministry of Finance and the State Bank to develop crypto regulations, which must be completed by the end of this current month. Worldwide interest in using cryptocurrency for economic development continues to increase.
Alongside the government’s efforts, private companies are working parallel to governmental initiatives. SSI Securities Corporation established a partnership with Tether and KuCoin making them Vietnam’s longest operating securities firm. Through their strategic partnership these entities work toward supporting blockchain-based startups in the local market. SSI Digital Ventures emerged from the company as its $200 million fund that aids startups.
Through their joint efforts, Bybit and both the Ministry of Finance and SSI demonstrate Vietnam’s determined support for the cryptocurrency industry. This rapid digital asset regulation and support from the Vietnamese government makes the country more appealing for worldwide crypto investors. Through public support from the government and funding from private entities Vietnam advances boldly toward the digital finance era.
The post Vietnam Moves Toward State-Backed Crypto Exchange Trial appeared first on Live Bitcoin News.