The Ministry of Finance of Vietnam is planning to set up a pilot crypto -trading platform with technical assistance from Bybit, as reported by Vietnam Investment Review on April 18.
Finance Minister HO DUC Phoc emphasized that unofficial and non -regulated transactions pose a high risk for investors, with reference to the need for an extensive legal framework to guide the country’s digital asset market.
The effort comes as Vietnam worldwide in fifth place in the acceptance of crypto, according to the latest ‘geography of Crypto Report’ of Chainalysis.
Pilot Crypto Trading Framework
The Ministry of Finance, in charge of leading the initiative, will collaborate with other government agencies to develop regulations. A draft resolution for a pilot for the crypto platform is expected to be submitted to the government at the beginning of May.
The platform aims to create a controlled environment where investors and companies can transparently and safely transactions and enable the state to manage risks.
Minister Phoc said that the Vietnam Channel Crypto project would help in the growth of the digital economy. The pilot project is part of broader government efforts to set up a legal course that supports blockchain innovation and investment protection.
Bybit will help the Ministry of Finance to design the trading platform. Bybit co-founder and CEO Ben Zhou showed interest in implementing a Sandbox model, which would offer a simulated environment for testing trade mechanisms under legal supervision.
Bybit offers technical assistance
Zhou noted that Bybit’s experience in building anti-money laundering controls and its partnerships with large worldwide organizations positioning to support Vietnam in developing transaction tracking and compliance systems.
Moreover, he emphasized that a well -regulated exchange could generate positive results as soon as the legal framework has been fully established.
The Ministry welcomed the range of Bybit and commissioned the State Securities Commission to coordinate further discussions with the stock market to refine the proposals.
The efforts of Bybit are amidst binance-related movements to support blockchain growth in various countries.
On April 3 Changpeng Zhao from Binance CEO signed one Memorandum of understanding With the Kyrgyz Republic to act as a consultant about his blockchain growth plans. The partnership includes cooperation in the field of technological and educational matters with regard to crypto and blockchain.
In addition, Zhao became a member From the Pakistan Crypto Council on April 7, help with infrastructure and educational efforts in the crypto industry.
Binance CEO Richard Teng revealed on April 17 that the exchange Works together with different countries To support their crypto-related initiatives.
