Vietnam the largest market in Southeast Asia: Bybit cryptocurrency exchange owner

Dubai-headquartered Bybit, the world's second largest cryptocurrency exchange, said it is willing to assist Vietnam in building a legal framework for crypto-asset transactions.

BenZhou, co-founder and CEO of Bybit Fintech Limited, made the statement at a meeting with Minister of Finance Nguyen Van Thang in Hanoi on Thursday.

Bybit is interested in learning about the crypto asset market in Vietnam and desires to cooperate with and invest in Vietnam, he said.

The government recently assigned the Ministry of Finance to coordinate with relevant agencies to study legal frameworks for crypto-asset transactions.

The ministry was also assigned to submit to the government a draft resolution on piloting a crypto-asset trading floor in Vietnam.

BenZhou said Bybit has experience in building anti-money laundering control systems and possesses tools to cooperate with many large organizations to track transactions for avoidance of illegal money transfers.

Therefore, it can support Vietnam in building a legal framework for crypto-asset transactions and a pilot exchange, he added.

BenZhou noted that Vietnam is the largest market in Southeast Asia and also an important market in terms of crypto-asset trading.

Vietnam has many blockchain technology developers, and investors in Vietnam are very willing to learn and apply blockchain technology very quickly. With such great potential, the country needs to build a legal framework for this market to operate stably, safely and transparently, he said.

In response, Minister Thang noted that the current number of investors participating in crypto-asset transactions in Vietnam ranks third globally, with a very large transaction value.

"If such transactions are underground and unofficial, they are easy to cause damage to investors, and the state cannot manage them, so there needs to be a legal framework for management to ensure the legitimate rights of investors," Thang noted.

"This model will help control risks and test the legal corridor so that businesses and investors can participate transparently and safely," the minister said.

He emphasized that implementing a pilot mechanism will help management agencies monitor and evaluate practices before issuing an official legal framework, so that crypto-asset transactions are widespread, transparent, and safe.

"This mechanism will also help to utilize resources from crypto-assets to develop the digital economy in Vietnam."

The minister added that the finance ministry highly appreciates Bybit's goodwill in proposing cooperation in training and building a risk control system, exchange operation procedures, and legal framework.

Bybit suffered a staggering $1.5 billion hack on February 21, 2025, the largest security breach in crypto history to date.

BenZhou said the case is a typical proof that all investors' assets on the Bybit exchange would be compensated. The incident did not affect users nor cause major problems for the market, due to guaranteed transparency and especially thanks to uninterrupted withdrawal operations, he stressed in the talk.

Founded in 2018 and headquartered in Dubai, United Arab Emirates, Bybit is the second largest cryptocurrency exchange in the world, after Binance.

Bybit has been licensed to operate in many countries such as the United Arab Emirates (UAE), the Netherlands, Argentina, Kazakhstan, and Georgia. In Southeast Asia, they have applied for licenses in Hong Kong and Malaysia.