The Vietnam Ministry of Finance plans to establish a Crypto Pilot trading platform with Bybit technical assistance, as reported by Vietnam Investment Review on April 18.
The Minister of Finance, HO DUC Phoc, stressed that unofficial and unregulated transactions present a major risk for investors, citing the need for a complete legal framework to guide the country’s digital asset market.
The effort occurs while Vietnam ranks fifth worldwide in the adoption of cryptography, according to the last “geography of the cryptography relationship” by Chainalyysys.
Crypto pilot trading framework
The Ministry of Finance, responsible for directing the initiative, will collaborate with other state agencies to develop regulations. A draft resolution for a pilot for the cryptographic platform should be subject to the government in early May.
The platform aims to create a controlled environment where investors and companies can transform transparently and safely while allowing the State to manage risks.
Minister Phoc said that the project would help Vietnam Channel Crypto growth in the digital economy. The pilot project is one of the wider government efforts to establish a legal corridor which supports blockchain innovation and investment protection.
Bybit will help the Ministry of Finance design the trading platform. The co-founder and CEO of Bybit, Ben Zhou, expressed his interest in implementing a sandbox model, which would provide a simulated environment to test the trading mechanisms under regulatory monitoring.
Bybit offers technical assistance
Zhou noted that Bybit’s experience in the creation of anti-flange controls and its partnerships with the main world organizations position it to support Vietnam in the development of transactions and compliance monitoring systems.
In addition, he stressed that a well -regulated exchange could generate positive results once the legal framework is fully established.
The ministry welcomed Bybit’s offer and ordered the securities commission to coordinate new discussions with the exchange to refine the proposals.
Bybit’s efforts are in the midst of binance -related measures to support blockchain growth in different countries.
On April 3, the former CEO of Binance Changpeng Zhao signed a Memorandum of understanding With the Kirghize Republic to act as advisor on its blockchain growth plans. The partnership includes cooperation on technological and educational issues related to crypto and blockchain.
In addition, Zhao became a member Pakistan Crypto Council on April 7, helping infrastructure and educational efforts in the cryptography industry.
The CEO of Binance, Richard Teng, revealed on April 17 that the exchange Works with various countries To support their crypto initiatives.
