Bybit Backs Vietnam’s Crypto Trading Pilot with Tech and Risk Support

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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Last updated: 

April 17, 2025

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Vietnam is moving closer to establishing a regulated digital asset trading platform following a meeting in Hanoi on April 17 between Finance Minister Nguyen Van Thang and Ben Zhou, CEO of Bybit, the Dubai-based cryptocurrency exchange.

Bybit in Talks With Vietnam to Support Legal Crypto Trading Pilot

According to the Ministry of Finance’s official statement, the meeting contributed to the development of Vietnam’s pilot program for a crypto-asset trading floor.

The Vietnamese government recently tasked the ministry with drafting a resolution to guide this pilot initiative as part of a broader effort to regulate the cryptocurrency market.

Ben Zhou expressed interest in cooperating with Vietnam on both technical and regulatory fronts.

Zhou said Bybit is committed to supporting the country with expertise in risk control, anti-money laundering measures, and exchange operations.

“Vietnam is the largest market in Southeast Asia in terms of crypto-asset trading, and the potential here is tremendous,” Zhou said.

“With so many blockchain developers and investors eager to learn and apply new technology, it’s essential to build a stable and transparent legal framework.”

Zhou also addressed a recent security incident at Bybit, in which approximately $1.5 billion was lost due to a hack.

He stressed that all users were fully reimbursed and that the platform maintained uninterrupted services throughout the event.

“We operate with a 1:1 asset backing policy and ensured no investor suffered losses,” he added.

Minister Nguyen Van Thang welcomed Bybit’s offer of cooperation, noting the growing interest in digital assets across Vietnam.

He stated that Vietnamese investors now rank third globally in terms of participation and transaction volume.

“If these transactions remain underground and unofficial, it’s difficult to protect investors or ensure state oversight,” Thang said. “A legal framework is necessary to safeguard rights and maintain order in the market.”

He added that the pilot trading floor will serve as a testing ground to evaluate the risks and benefits of digital asset trading before finalizing regulations.

“This model will help us control risks, guide the legal process, and support the digital economy,” Minister Thang stated.

The Ministry also expressed appreciation for Bybit’s willingness to assist in training, technology sharing, and regulatory development as Vietnam takes its next steps in crypto regulation.

Bybit Streamlines Web3 Services Amid Strategic Shift Toward Core Offerings

As part of its broader commitment to support Vietnam’s crypto trading pilot, Bybit is also making major changes to its product lineup.

Following its earlier announcement to shut down its NFT marketplace, the exchange has confirmed a wider rollback of its Web3 services.

Bybit will sunset several key products by May 31, including its Cloud Wallet, Keyless Wallet, DEX Pro, NFT Pro, Swap & Bridge widget, and its Inscription Marketplace.

On April 28, it will also discontinue its Web3 Points on-chain loyalty program, as well as its fiat on-ramp and initial DEX offering services.

Despite these shutdowns, Bybit continues to push forward in areas it deems more aligned with its core focus.

The exchange recently integrated Avalon’s Bitcoin yield product, enabling users to earn yield by arbitrating on Avalon’s fixed-rate institutional borrowing layer.

Meanwhile, Bybit CEO Ben Zhou also met privately with SSI Securities CEO Nguyen Duy Hung.

SSI, which has recently been active in Vietnam’s blockchain scene, has launched a $200 million investment arm and partnered with Tether and KuCoin to support local Web3 startups, indicating the growing institutional support in the region.