Bybit Technology interested in sandbox on crypto assets

According to Minister Thang, Vietnam ranks third globally in the number of participating investors in cryptoasset trading. Underground and unofficial transactions, outside of state oversight, pose a significant risk to investors, so a robust legal framework is essential for effective regulation.

The government assigned the Ministry of Finance (MoF) to preside over and work with relevant agencies to build the legal framework for cryptoasset transactions. The MoF will submit to the government a resolution in early May to pilot the implementation of a cryptoasset trading platform in the country to control risks and test the legal corridor so that businesses and investors can be transparent and safe in all transactions.

"This mechanism also helps to utilise resources from cryptoassets to develop the digital economy in Vietnam," the minister said.

Bybit is a cryptocurrency exchange founded in 2018 in Dubai. It is also the second-largest cryptocurrency exchange in the world after Binance, and is licensed to operate in many countries around the world.

"Vietnam has great potential to develop a cryptoasset market," co-founder Zhou said. "Once a legal framework is established, a well-regulated exchange can bring many positives."

Zhou is interested in a sandbox model that is a safe and simulated environment to test trading features. He has proposed working closely with the MoF to assist in the process of drafting the legal framework, as well as providing technical support.

"Vietnam has many blockchain technology developers, but Bybit has experience building anti-money laundering control systems, along with tools and partnerships with major global organisations, allowing full transaction tracking to prevent illegal money flows. This means Bybit is well-positioned to help Vietnam develop proper legal processes for cryptoasset transactions," he added.

Minister Thang expressed his appreciation of Bybit's offer of support and assigned the State Securities Commission to work with the company to firm up its proposals.

The Ministry of Finance is assisting enterprises in practising environmental, social, and governance considerations in order to improve their competitiveness.

Minister of Finance Nguyen Van Thang received Scott Morris, vice president for East and Southeast Asia, and the Pacific of the Asian Development Bank (ADB), on April 15 to discuss how to improve the efficiency of loan use.

Recognising cryptocurrency and building a comprehensive legal system will not only help Vietnam access foreign currency but also create an alluring environment for domestic businesses.

Vietnam’s digital transformation, coupled with its strong economic growth and significant investments in the financial sector and fintech ecosystem, enabled significant retail adoption in the cryptocurrency investment market. In 2024, Vietnam ranked fifth among the top 20 nations for crypto adoption by Chainalysis, with millions of users and a thriving blockchain ecosystem.