Vietnam is taking significant steps toward regulating the cryptocurrency market, and a recent meeting between the country’s Minister of Finance, H.E. Nguyen Van Thang, and Ben Zhou, Co-founder and CEO of Bybit, highlights this commitment. The meeting, held at the Ministry of Finance headquarters in Hanoi, focused on Vietnam’s plans to create a safe and transparent digital asset ecosystem.
The discussion centered on Vietnam’s upcoming regulatory sandbox initiative, a pilot program designed to test the issuance and trading of crypto assets in a controlled environment. Minister Nguyen Van Thang explained that the sandbox aims to reduce risks, protect investors, and prepare the country for comprehensive crypto legislation. This approach reflects Vietnam’s cautious yet forward-thinking stance on blockchain technology.
A key topic during the meeting was the importance of preventing illicit activities in the crypto market. The Minister emphasized the need for strong compliance measures, including Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, to ensure financial security and public trust.
From left to right: Ben Zhou, Co-founder and CEO of Bybit, and Nguyen Van Thang, Minister of Finance of Vietnam. Image source: Chainwire.
Ben Zhou expressed Bybit’s full support for Vietnam’s regulatory efforts, praising the country’s measured approach. “Vietnam’s forward-thinking regulatory sandbox is a critical step toward unlocking the full potential of blockchain technology,” said Zhou. He also highlighted Bybit’s commitment to compliance and its readiness to share expertise in AML, KYC, and global regulatory standards.
Collaboration proposal
Bybit proposed collaborating with Vietnamese authorities on several fronts, including designing system architecture, overseeing transactions, and implementing international best practices. The company also offered to assist in training financial regulators and sharing insights from other countries.
Bybit Card.
Minister Nguyen Van Thang welcomed Bybit’s proactive stance and tasked the State Securities Commission with coordinating further proposals. He also commended Bybit’s strong reputation for financial and technological resilience, as well as its adherence to regulations in other markets.
This meeting underscores Vietnam’s readiness to embrace blockchain technology while ensuring financial safety and public confidence. It also highlights Bybit’s growing role as a trusted partner in shaping the future of digital asset regulation globally.
