Bybit CEO Meets Vietnam’s Finance Minister as Country Pushes Forward on Crypto Regulation
Bybit and Vietnam Deepen Dialogue on Crypto Regulation and Exchange Development
In a landmark move toward strengthening Vietnam’s digital asset ecosystem, Bybit CEO Ben Zhou met with Vietnamese Finance Minister Nguyen Van Thang on April 17 to explore potential collaborations in the cryptocurrency and blockchain space. The meeting, held at the Ministry of Finance headquarters, reflects Vietnam’s accelerating efforts to create a robust legal framework for digital assets and establish the country’s first regulated virtual asset exchange.
Building the Foundation for a Regulated Crypto Market
According to the Ministry’s official statement, Zhou—co-founder of one of the world’s leading crypto exchanges—expressed a strong interest in contributing to Vietnam’s evolving digital asset landscape. His proposal included support for developing operational procedures, training local talent, establishing risk management systems, and co-designing a comprehensive legal framework for virtual assets.
Minister Thang welcomed Bybit’s initiative, acknowledging the transformative potential of blockchain technology. “We highly appreciate Bybit’s goodwill and proposals to support the development of training programs, risk control mechanisms, exchange procedures, and a regulatory structure. These are crucial steps that require thoughtful planning and implementation,” Thang said during the meeting.
Zhou also addressed the elephant in the room—a recent security breach in which Bybit reportedly lost $1.5 billion. However, he emphasized that all users were reimbursed and operations remained uninterrupted. “Our commitment to transparency and 1:1 asset backing ensured no user losses. Withdrawals stayed open throughout the incident,” he stated, reinforcing confidence in the exchange’s stability.
Conversations Beyond Government Walls
In addition to his meeting with the Ministry, Zhou also met privately with Nguyen Duy Hung, CEO of Vietnam’s prominent brokerage SSI Securities Corporation. Their discussion centered on bridging the gap between traditional finance and decentralized technologies. Hung shared a personal reflection:
“Different generations, different journeys. I’ve spent my life in traditional finance, while Ben is helping shape the future of crypto. Our conversation was about where tradition and innovation meet to create lasting value.”
SSI has recently entered the blockchain space through partnerships with Tether and KuCoin, launching a new $200 million investment fund—SSI Digital Ventures—to support Vietnamese blockchain startups. The fund could scale to $500 million with future strategic alliances.
Vietnam Accelerates Toward Crypto Regulation
Vietnam’s broader digital asset agenda is gaining momentum. In January 2025, the Prime Minister called for classifying various digital assets and initiated plans to pilot digital asset exchanges in Ho Chi Minh City and Da Nang. The aim: to foster a transparent trading environment, reduce financial risk, and clamp down on illicit activity such as money laundering.
In another major move, General Secretary To Lam tasked the One Mount Group with building a national Layer 1 blockchain network—branded “Make in Vietnam”—backed by up to $500 million in investment.
Despite operating in a legal gray area, crypto activity in Vietnam has surged. The nation now ranks fifth globally in the 2024 Chainalysis Global Crypto Adoption Index. Over 17 million Vietnamese currently hold crypto assets, and blockchain-related capital flows exceeded $105 billion between 2023 and 2024.
A New Chapter for Crypto in Vietnam?
The dialogue between Bybit, the Vietnamese government, and leading financial firms suggests a rare moment of alignment in a country where crypto regulation is still evolving. As Vietnam moves toward formalizing digital asset policy, the willingness of global platforms like Bybit to collaborate may play a pivotal role in shaping a secure, innovative future for blockchain technology in the region.