DUBAI, UAE — Ben Zhou, the Co-founder and CEO of Bybit, which ranks as the second-largest cryptocurrency exchange globally in terms of trading volume, recently met with H.E. Nguyen Van Thang, the Minister of Finance of Vietnam. The purpose of this meeting was to convey Bybit’s strong endorsement of Vietnam’s regulatory sandbox initiative, aimed at fostering a secure, transparent, and innovation-driven environment for digital assets. The discussion took place at the Ministry of Finance’s headquarters and focused on Vietnam’s endeavor to create a comprehensive legal framework governing cryptocurrency assets.
### Vietnam’s Regulatory Sandbox Initiative
During the meeting, Minister Nguyen Van Thang detailed the government’s strategy to initiate a pilot sandbox mechanism. This framework will enable regulators to experiment with the issuance and trading of cryptocurrency assets within a controlled setting. The primary goal of this initiative is to reduce risks, enhance investor protection, and ensure that regulatory measures are in place before any formal legislation is enacted.
### Emphasis on Compliance and Market Integrity
A significant portion of the conversation addressed the need for mechanisms to protect the market from illegal activities. The Minister highlighted the necessity for strong compliance standards, including Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, to avert the misuse of digital assets and bolster the financial security of the nation.
### Bybit’s Commitment to Collaboration
In response, Ben Zhou praised Vietnam’s thoughtful and responsible approach to regulating digital assets. He reiterated Bybit’s commitment to compliance, stating, “Vietnam’s progressive regulatory sandbox is a vital step in harnessing the full potential of blockchain technology. At Bybit, we align with the government’s commitment to investor protection and financial integrity.” Zhou expressed pride in sharing Bybit’s expertise in KYC, AML, and global compliance frameworks, emphasizing the company’s readiness to assist Vietnam in establishing a robust, secure, and innovative cryptocurrency economy.
### Support from Bybit for Regulatory Development
Bybit has expressed its willingness to work alongside Vietnamese authorities in various areas, such as designing system architecture, overseeing transactions, and adopting international best practices in AML and KYC. The exchange also offered to support capacity building, which includes training financial regulators and sharing insights from experiences in other markets.
### Minister’s Positive Reception of Bybit’s Efforts
Minister Nguyen Van Thang welcomed Bybit’s proactive stance and assigned the State Securities Commission to work with Bybit on actionable proposals. He acknowledged Bybit’s strong financial capabilities, technological robustness, and compliance with legal and regulatory standards in its operational markets. This meeting highlights Bybit’s increasing role as a trusted international collaborator in regulatory discussions and innovation, as well as Vietnam’s willingness to adopt blockchain technology while ensuring financial safety and public trust in the digital asset sector.
### About Bybit
Bybit ranks as the second-largest cryptocurrency exchange globally by trading volume, catering to a community of over 60 million users. Established in 2018, Bybit aims to redefine transparency in the decentralized landscape by fostering a more straightforward, open, and equitable ecosystem. With a strong commitment to Web3, Bybit collaborates strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Known for its secure asset custody, diverse marketplace offerings, user-friendly interface, and advanced blockchain tools, Bybit bridges the gap between traditional finance (TradFi) and decentralized finance (DeFi), empowering builders, creators, and enthusiasts to realize the full potential of Web3.
