Vietnam seeks transparent, internationally aligned framework for crypto asset market: Deputy PM

Vietnam aims to develop a transparent and secure crypto asset market in line with international standards, Deputy Prime Minister Nguyen Van Thang said during a meeting with Ben Zhou, co-founder and CEO of Bybit - a major global cryptocurrency exchange headquartered in Dubai.

The meeting took place on Thursday at government headquarters in Hanoi as Vietnam moves forward with plans to establish a pilot framework for digital asset trading and regulation.

Thang said the government had issued Resolution No. 05/2025/NQ-CP to implement a pilot crypto asset market, describing the sector as one with significant growth potential but also substantial risks that require effective oversight.

He said the regulatory framework must protect investors while addressing concerns related to money laundering, fraud, and other illegal activities.

As Vietnam develops and operates the pilot market, the government is seeking support and expertise from reputable international companies, particularly in areas such as legal and regulatory development, transaction monitoring, technology infrastructure, and workforce training.

Thang said Vietnam welcomes cooperation between foreign firms with strong financial resources, technological capabilities and operational experience and local companies during the pilot phase.

However, participation in the market will be subject to strict requirements related to capital adequacy, technological capacity, system security standards, and industry experience, he added.

The deputy PM noted Vietnam's crypto asset market has considerable growth potential and could create new business opportunities for companies and individuals if supported by an appropriate legal framework.

He emphasized that establishing robust regulations, technological infrastructure, supervisory capabilities and operational expertise consistent with international standards would be essential before the market is fully launched.

In response, Ben Zhou said he welcomed Vietnam's efforts to develop a legal framework for crypto assets, noting that Bybit places a strong emphasis on market integrity and operational transparency.

He expressed the company's willingness to cooperate with Vietnamese partners and share international experience in regulatory development and talent training for the sector.

Thang reiterated that Vietnam encourages innovation and the adoption of new business models, adding that the government hopes Bybit can become a trusted partner for Vietnamese regulators as the country develops its crypto asset market.

The objective, he said, is to create a healthy, transparent and efficient market that balances the interests of the state, investors and the public.