- Vietnam collaborates with Bybit to create a pilot crypto trading program.
- The initiative aims to establish regulatory clarity in the booming crypto market.
- Vietnam ranks fifth globally in crypto adoption, enhancing the project’s impact.
The Vietnamese Ministry of Finance has initiated a pilot project in partnership with Bybit to facilitate cryptocurrency trading and build a legal framework to manage the sector’s growth.
As Vietnam ranks high in global crypto adoption, this collaboration addresses regulatory clarity and market stability.
Vietnam and Bybit Join Forces for Crypto Regulations
On April 17, Vietnamese Finance Minister Nguyen Van Thang met with Bybit CEO Ben Zhou at the Finance Ministry’s headquarters. The discussions centered around launching a pilot program for cryptocurrency trading in Vietnam, aiming to build a regulated and compliant crypto trading environment. This meeting marks a pivotal step in Vietnam’s approach to digital assets, especially given the rising number of crypto users within the country.
The partnership with Bybit underscores Vietnam’s commitment to establishing a legal framework for crypto trading. Bybit is expected to provide technical and regulatory support for the pilot project. While specific cryptocurrencies involved are not named, Bybit’s current platform supports major coins like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The potential inclusion of these coins in the pilot program suggests significant market implications.
Community feedback is positive, given Vietnam’s rank as the fifth in crypto adoption globally, with over 17 million holders. The collaboration is anticipated as a landmark development, with Ben Zhou of Bybit affirming the company’s intent to work closely with Vietnamese authorities to drive the long-term growth of digital assets.
Ben Zhou, CEO of Bybit, “reiterated the company’s desire to cooperate closely with Vietnamese authorities to assist the long-term growth of the digital asset market” – Bybit Press Release
Vietnam Ranks 5th Globally in Crypto Adoption
Did you know? Vietnam once operated in a crypto legal gray area, but this partnership with Bybit for a pilot exchange reflects an evolving regulatory landscape, akin to initiatives in Singapore and Hong Kong.
Bitcoin (BTC) currently trades at $85,108.85 with a market cap of $1.69 trillion according to CoinMarketCap. The cryptocurrency’s trading volume over 24 hours was $15.40 billion, marking an 11.82% uptick. Notable price shifts include a -19.16% change over 90 days, despite a mid-term positive trend with 30-day gains of 1.13%.
According to the Coincu research team, Vietnam’s collaboration with Bybit could reshape financial dynamics in the region. Vietnam’s large-scale embracement of cryptocurrency, coupled with newly established regulatory sandboxes, positions it critically in both southeast Asian finance and broader technological trends.
Source: https://coincu.com/333098-vietnam-bybit-crypto-pilot-launch/