Vietnam Prepares for State Backed Crypto Exchange With Bybit Support

Vietnam is preparing to launch its first state-backed cryptocurrency trading platform under a government-led pilot program. The Ministry of Finance is spearheading the project with the technical support of Bybit, one of the largest cryptocurrency exchanges by volume, according to a recent press release. This marks a turning point in Vietnam's approach to digital assets, placing it among a small group of countries exploring regulated crypto infrastructure.

The pilot platform is expected to begin testing soon, with early trials likely to be rolled out in major cities such as Ho Chi Minh City and Da Nang. As reported by Vietnam Investment Review, this initiative reflects the increasing global focus on creating legal frameworks that foster innovation while ensuring investor protection.

A Controlled Testbed for Crypto Trading

The initiative will take shape as a regulatory sandbox—a controlled environment where trading mechanisms and legal frameworks can be tested. Vietnam's Minister of Finance, Nguyen Van Thang, described the sandbox as a way to “evaluate potential risks while preparing for digital asset growth.” He emphasized the importance of transparency, compliance, and investor safety.

The goal is to allow digital asset trading under supervision, without opening the door to market chaos. The Ministry will collaborate with other agencies to draft a resolution for the platform, expected to be submitted to the government in early May.

In parallel, Finance Minister Ho Duc Phoc called for a legal framework to curb unregulated crypto activity, warning that unofficial transactions pose high risks to investors. This reflects global concerns about fraud, volatility, and money laundering within the crypto industry.

Bybit Steps In With Technical Expertise

Ben Zhou, CEO and Co-founder of Bybit, visited Vietnam’s Ministry of Finance earlier this month to confirm the exchange's full support. He praised the government’s cautious yet open-minded approach.

"Vietnam's forward-thinking regulatory sandbox is a critical step toward unlocking the full potential of blockchain technology. At Bybit, we are fully aligned with the Government's focus on investor protection and financial integrity," said Ben Zhou, Co-founder and CEO of Bybit. 

Bybit will assist in designing the system architecture and setting up compliance procedures. This includes transaction oversight, anti-money laundering protocols, and know-your-customer requirements—all core pillars in building investor trust.

Zhou also offered to train Vietnamese regulators and share global case studies to support the country’s compliance capabilities. The Ministry responded by assigning the State Securities Commission to work closely with Bybit on proposal refinements.

A Global Trend With Local Impact

Vietnam ranks fifth worldwide in crypto adoption, according to Chainalysis. Its young, tech-savvy population and strong mobile internet penetration make it fertile ground for digital asset growth. But until now, the absence of formal regulations has left users exposed to scams and speculative risk.

The pilot exchange provides a response to that vacuum. It allows Vietnam to explore digital finance without fully opening the floodgates. Once tested, the sandbox could lead to a broader legislative framework tailored to Vietnamese markets.

Prime Minister Pham Minh Chinh had earlier directed the Ministry of Finance and the State Bank to draft crypto regulations, which are expected to be completed by the end of this month.

Vietnam’s private sector is also playing a key role. SSI Securities Corporation, one of the country’s oldest financial institutions, has partnered with Tether, issuer of USDT stablecoin, and KuCoin to support blockchain projects. The firm launched SSI Digital Ventures—a $200 million fund aimed at blockchain startups across the region.

Why This Matters Now

As global financial systems evolve, the divide between traditional finance and crypto is narrowing. Countries that adapt early, while keeping investor safeguards in place, may benefit from faster economic modernization and better access to global capital.

Vietnam’s pilot crypto exchange, if successful, could act as a model for other developing economies. Vietnam's effort to balance regulation for cryptocurrencies like Bitcoin and Ethereum and innovation stands out, especially as many governments are still deciding whether to ban, tax, or adopt digital assets. 

Unlike other ASEAN nations that are taking a "wait and see" approach, Vietnam is pushing ahead with a state-backed platform, testing not just the technology, but the future of finance itself.