Bybit CEO Meets Vietnam’s Finance Ministry to Explore Crypto Collaboration

Vietnam’s Finance Minister Nguyen of Thang met Bybit CEO Ben Zhou on 17 April on the ministry’s head workplace to debate attainable cooperation within the digital belongings room.

The assembly meant an vital step ahead in selling cooperation to construct a authorized framework for digital belongings. It additionally promoted the plan to arrange the primary digital belongings change of Vietnam.

Bybit and Vietnam discover crypto alternatives

In accordance with the official portal of the Ministry of Finance, Ben Zhou, co-founder of Bybit, met his delegation leaders of assorted departments of the Ministry on the morning of April 17.

The Ministry reported that Zhou is at present investigating the Vietnam Digital Asset market and expressed his want to work and spend money on the nation.

Minister Nguyen of Thang met Mr Ben Zhou. Supply: Vietnam Authorities On-line newspaper

Throughout the assembly, Zhou additionally responded to a current safety infringement, through which Bybit misplaced round $ 1.5 billion resulting from a hack. Nevertheless, he emphasised that every one buyers on the platform had been totally reimbursed.

The CEO mentioned that the incident had no affect on customers or didn’t trigger a serious disruption. In accordance with Zhou, this end result was attainable as a result of transparency of Bybit and steady withdrawal companies. He famous that consumer belongings are supported on Bybit on the premise of 1: 1.

Within the meantime, Minister Nguyen of Thang appreciated the cooperative intentions of Bybit. He acknowledged the speedy world progress of blockchain know-how and digital belongings, additionally in Vietnam, the place the market is rising quickly and has an important potential.

The minister additionally emphasised Vietnam’s efforts to submit a pilot decision to the federal government. This decision is meant to arrange a regulated change for digital belongings in Vietnam. The Ministry welcomed BYBIT’s proposal to help coaching, operational course of growth, threat administration and authorized framework design within the nation.

“The Ministry of Finance significantly appreciates the goodwill of BYBIT for proposing cooperation and help in areas comparable to coaching, creating threat management programs, constructing operational procedures for exchanges and establishing a authorized framework. These are all crucial points that require critical consideration and thorough implementation,” explains Minister Tang.

Along with his assembly with the Ministry of Finance, Ben Zhou met personal along with Nguyen Duy Hung, CEO of SSI Securities Company. They mentioned the way forward for finance and digital belongings. SSI is without doubt one of the oldest securities corporations which might be energetic on the Vietnam inventory market.

SSI lately labored with Tether and Kucin to advertise blockchain startups in Vietnam. The corporate additionally introduced the launch of SSI Digital Ventures, an arms arm with a primary capital of $ 200 million. This fund can develop as much as $ 500 million, as a result of SSI continues to collaborate with extra companions to help blockchain startups in Vietnam.

“Totally different generations, totally different journeys – I’ve spent my life in conventional funds, whereas Ben is without doubt one of the pioneers who types the world of crypto. Tonight we sat down at my residence and shared tales about the way forward for finance – the place custom and innovation come collectively to create lasting worth, mentioned Nguyen Duy Hung Hung.

Vietnam racet to construct a authorized framework for crypto

The Vietnamese authorities is at present accelerating efforts to manage digital belongings.

In January 2025, the Prime Minister devoted officers to categorise several types of digital belongings. The federal government additionally proposed to regulate digital belongings in Ho Chi Minh Metropolis and Da Nang. The purpose is to create a clear commerce atmosphere, cut back the chance of buyers and to stop unlawful actions comparable to cash laundering.

As well as, LAM’s basic secretary has formally assigned one Mount Group to develop a layer of 1 blockchain community, “make in Vietnam”, with an funding of a most of $ 500 million.

The conferences between Bybit, the Ministry of Finance and SSI are a uncommon second of involvement between the Vietnamese authorities and a big crypto firm. That is at a time when crypto -trade nonetheless works in a authorized grey space.

In accordance with Chainalysis, Vietnam is in fifth place within the International Crypto Adoption Index 2024. The nation now has greater than 17 million crypto energy holders and blockchain-related capital flows achieved greater than $ 105 billion between 2023 and 2024.