Vietnam Finance Minister Meets Bybit CEO to Discuss Legal Framework for Crypto and New Exchange

Vietnam’s Ministry of Finance held high-level talks today with Bybit CEO Ben Zhou, marking a rare and notable meeting between a major global crypto exchange and the Vietnamese government. The discussion centered on building a legal framework for digital assets and the potential creation of the country’s first regulated virtual asset exchange.

According to the Ministry’s official portal, Zhou and his delegation met with Finance Minister Nguyen Van Thang and representatives from several ministry departments at the Ministry’s headquarters in Hanoi.

Exploring Opportunities in a Rapidly Growing Market

Zhou expressed strong interest in investing in Vietnam and collaborating on policy development. The meeting signals increased momentum in Vietnam’s effort to regulate digital assets, an area where the government has historically been cautious.

Minister Thang acknowledged the global growth of blockchain and digital assets, noting that Vietnam’s domestic market is expanding rapidly. He welcomed Bybit’s offer to support training, risk control infrastructure, and regulatory design.

“These are critical areas that require serious attention and thorough implementation,” said Minister Thang. “The Ministry of Finance highly appreciates Bybit’s goodwill in proposing cooperation.”

Vietnam is currently developing a pilot resolution to launch regulated digital asset exchanges in Ho Chi Minh City and Da Nang. The proposed framework aims to reduce investor risk, prevent money laundering, and promote a transparent trading environment.

Bybit Addresses Security Incident, Reinforces Transparency

During the meeting, Zhou addressed the recent $1.5 billion security breach at Bybit. He clarified that all user assets were reimbursed and that withdrawals remained uninterrupted during the event.

He emphasized that user funds are backed 1:1 on the platform and that transparency remains a top priority for the exchange.

Engagement Beyond Government Circles

Zhou also met privately with Nguyen Duy Hung, CEO of SSI Securities Corporation, one of Vietnam’s largest and oldest financial firms. The two discussed future collaboration in the digital asset space.

SSI recently launched SSI Digital Ventures, a blockchain-focused investment arm backed by $200 million in initial capital. The fund could scale to $500 million, reflecting growing institutional interest in Vietnam’s Web3 ecosystem. SSI has also partnered with Tether and KuCoin to support blockchain startups in the country.

Vietnam Moves Toward Regulatory Clarity

This engagement comes amid a broader push by Vietnam to formalize its crypto strategy. In January, Prime Minister Pham Minh Chinh directed regulators to classify digital assets and prepare a regulatory framework. That included a proposal to test licensed digital exchanges and develop a Vietnam-built Layer 1 blockchain network, backed by an estimated $500 million investment via One Mount Group.

Vietnam ranked 5th globally in Chainalysis’ 2024 Crypto Adoption Index, with over 17 million crypto holders and $105 billion in blockchain-related capital flows from 2023 to 2024.

What It Means For You [NFA]

Vietnam is moving from cautious exploration to active engagement with crypto firms, and Bybit’s meeting signals that formal regulation may arrive soon. For investors and builders watching the region, Vietnam could soon become a regulated hub for digital assets in Southeast Asia — but risks remain while the country transitions out of its legal gray zone.

Disclaimer: This article is for informational purposes only. It is not financial advice (NFA). Always do your own research before making investment decisions.