In this post:
- Bybit has signed an MOU with Da Nang’s People’s Committee and other partners to support Vietnam’s digital asset development.
- The agreement aims to establish Da Nang as an international financial center by providing market liquidity and a secure financial infrastructure.
- The partnership follows previous talks between Bybit and Vietnam’s Ministry of Finance on regulatory sandboxes.
Bybit has signed a Memorandum of Understanding (MOU) with Da Nang’s People’s Committee, Abu Dhabi Blockchain Center (ADBC), and Verichains Network Security Company. The partnership aims to establish Da Nang as an international financial and innovation center.
Da Nang is one of Vietnam’s largest cities and a major economic zone. The MOU approves a blockchain sandbox in the city, allowing it to test progressive policies and international cooperation in digital assets. The parties will work together to support the city’s establishment as an international financial center (IFC).
The collaboration aims to establish Da Nang as an international financial center
From left to right: Mr. Abdulla Al Dhaheri, CEO of Abu Dhabi Blockchain Center; Helen Liu, Co-CEO, Bybit; Mr. Ho Ky Minh, Permanent Vice Chairman of the Da Nang People’s Committee; and Mr. Nguyen Le Thanh, Founder and CEO of Verichains
Establishing Da Nang city as an international financial center has centered on three pillars: digital asset liquidity to connect Da Nang with global financial markets, ecosystem connectivity to link Vietnam and other leading financial hubs, and support for a risk-controlled environment for blockchain innovation.
The agreement acts as a bridge between the national strategies and local implementations, ensuring the IFC model is adopted with minimal risk to the digital economy. The People’s Committee of Da Nang will provide the administrative ground for the other parties to operate. The parties will invest, open offices, and integrate their operations into the IFC. Bybit and its partners, on the other hand, will provide guidance on digital assets and blockchain policy, international best practices, and assist Da Nang in building a regulatory framework.
Helen Liu, Co-CEO of Bybit, revealed that the agreement aligns with Vietnam’s momentum in digital transformation.
“ Vietnam is an inspiring example of a nation embracing digital transformation, and we are honored to contribute to its journey. Bybit is committed to sharing our global expertise in blockchain and digital asset innovation to support Da Nang’s vision of becoming an IFC.”
She acknowledged that the partnership reflects their belief in building sustainable ecosystems with the governments, institutions, and trusted partners.
In April, Bybit Co-founder Ben Zhou met with Nguyen Van Thang, the finance minister in Hanoi. The officials discussed the regulatory sandbox plan and other initiatives, including creating a safe, transparent, and innovative digital asset market. They also addressed pilot mechanisms for issuing and trading crypto assets under controlled environments. Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements were proposed to enhance investor protection and financial security.
Vietnam sets stage for 150,000 crypto startups by 2035
The latest partnership positions Bybit as a trusted long-term partner in Vietnam’s digital transformation. Da Nang now has the ground set to attract international investors, foster an innovation-friendly regulatory landscape, and connect with international financial systems. Cryptopolitan reported on KuCoin entering the Vietnamese market two weeks ago via a MOU with the Blockchain and Digital Assets Association (VBA) and 1Matrix Joint Stock Company.
The KuCoin partnership aimed to push blockchain innovation, digital asset adoption, and improve regulatory compliance in the country. The partnership introduced pilot projects in payments, identity management, trading platforms, and risk management systems that are aligned with international standards. Damen Chen, Vice President of KuCoin, pointed out the youthful population of Vietnam, highlighting their tech-driven nature as a catalyst for blockchain adoption.
Last week, Vietnam approved a five-year pilot programme for crypto trading. According to a Cryptopolitan report published last week, the programme requires all exchanges to be domestically owned and operate exclusively in the country, restricting crypto issuance to Vietnamese companies. The framework sets strict requirements for exchanges to prevent external entities from taking control of licensed platforms. The developments come ahead of Vietnam’s preparation to enforce its digital technology law in January 2026, which targets 150,000 crypto startups by 2035.