Vietnam Partners with Bybit to Test a Regulated Cryptocurrency Trading Platform

YEREVAN (CoinChapter.com) — Vietnam's Ministry of Finance has partnered with cryptocurrency exchange Bybit to test a regulated digital asset trading platform.

Vietnam is setting the stage for a regulated cryptocurrency trading platform pilot with Bybit, a leading international exchange. The initiative, announced by Vietnam’s Ministry of Finance, will use a sandbox model to test market behavior, compliance, and infrastructure within a controlled setting.

The move comes amid surging crypto adoption in Vietnam, which ranks fifth globally with 17 million residents holding digital assets, according to Chainalysis and Triple A.

However, the lack of regulation has left users exposed to unvetted platforms and scams.

The Finance Ministry plans to submit a draft resolution early May to detail the pilot’s operational model, oversight mechanisms, and criteria for evaluating the sandbox’s performance.

This initiative builds on Vietnam’s previous studies of digital asset frameworks in regions such as the UAE and Singapore.

The Southeast Asian nation is aiming to apply those insights to a live trading environment and collect data that can later be used to inform broader legislation.

"The Ministry of Finance has assigned Bybit to cooperate in setting up a digital asset trading platform pilot in early May," a translation of the statement reads.

"The Ministry of Finance will submit a draft resolution on the pilot’s operational model, including oversight mechanisms and criteria for evaluating the sandbox’s performance."

The move comes amid surging crypto adoption in Vietnam, which ranks fifth globally with 17 million residents holding digital assets, according to Chainalysis and Triple A.

This is attributed to limited banking access and a growing population of tech users. However, until now, activity in the crypto space has operated without official regulation, leaving users exposed to unvetted platforms and scams.

This pilot aims to bring oversight to that market by building legal pathways for compliant platforms.

Bybit will provide core systems and advisory input to support platform infrastructure and governance. The exchange will also help design identity verification processes to align with Vietnam’s financial standards.

"We are fully committed to supporting the Ministry of Finance in establishing a compliant and efficient digital asset trading platform," said Ben Zhou, CEO of Bybit.

"Our team will provide technology and expertise in areas such as transaction monitoring, anti-money laundering, and know-your-customer (KYC) to mitigate risks and ensure the safety and integrity of the market."

Ben Zhou added that Bybit is eager to work directly with government agencies in Vietnam to introduce new technologies and solutions for the country’s financial industry.

Bybit currently holds regulatory status in Dubai and Kazakhstan, where it collaborates with local authorities on industry best practices.

Vietnam’s choice to collaborate with an international exchange reflects its strategy to draw on external expertise while shaping localized oversight.

The sandbox format allows regulators to observe activity before writing permanent laws. It also lets participants trial new services without the constraints of full licensing.

Several countries have used this approach to build crypto legislation incrementally. Vietnam will apply the same model to gather empirical data and define best practices tailored to its own financial system.

Officials will monitor trading activity, system integrity, and operational risks under defined limits to ensure market safety.

The pilot exchange may increase investor interest by offering a monitored, legal environment. It also signals Vietnam’s intent to participate in global financial technology shifts without delay.