Vietnam’s Finance Minister Nguyen Van Thang sat down with Bybit CEO Ben Zhou on April 17 at the Ministry’s headquarters—probably to talk crypto and possibly to decide who wins in a digital poker game.
This rendezvous was more than just cordial; it nudged along plans to craft a legal labyrinth—I mean framework—for digital assets and even set sights on Vietnam’s inaugural virtual asset exchange. Because why have one physical market when you can have a digital one?
Bybit and Vietnam Explore Crypto Opportunities
Per the Ministry of Finance’s official portal (not a thing you read for fun, but give it a try), Mr. Zhou and his entourage met with various Ministry bigwigs on the morning of April 17.
Zhou is apparently snooping around Vietnam’s digital asset playground, eager to invest and shake hands with the locals. Imagine a guy who bankrolls your new virtual pet shop—only with cryptocurrency.
On a slightly less cheerful note, Zhou didn’t shy away from the elephant in the room: Bybit’s recent $1.5 billion security breach. Yes, you read that right—billion, with a B. But, reassure yourselves, no investor was left crying in the corner; all were reimbursed. Shiny.
Apparently, the hack was more of a speed bump than a crash, thanks to Bybit’s crystal-clear transparency and the fact that withdrawals kept flowing like a well-oiled money machine. User assets? Covered 1:1. That’s like having your cake and eating it too, only the cake is digital and probably tastes like electricity.
Minister Nguyen Van Thang seemed genuinely pleased by Bybit’s open-handed approach and nodded along approvingly as he talked about blockchain’s global growth spurt—including in Vietnam, where the digital asset market is apparently sprinting faster than a caffeinated squirrel.
The Minister spilled the beans on Vietnam’s pilot resolution—the government’s blueprint for a regulated digital exchange. Bybit’s eager to help, offering its brainpower for training, operations, risk control, and the elusive legal framework design. Sounds like they want to teach Vietnam how not to trip over its own crypto shoelaces.
“The Ministry of Finance highly appreciates Bybit’s goodwill in proposing cooperation and support in areas such as training, developing risk control systems, building operational procedures for exchanges, and establishing a legal framework. These are all critical issues that require serious attention and thorough implementation,” Minister Thang said, presumably while adjusting his tie.
Meanwhile, in what could be the crypto version of “When Traditional Finance Meets Its Cool Cousin,” Zhou also had a tête-à-tête with Nguyen Duy Hung, CEO of SSI Securities Corporation. They discussed finance’s future, or as we like to call it, a fancy conversation about money and magnets.
SSI—one of the old guards in Vietnam’s stock market—has been busy making friends with Tether and KuCoin to fuel blockchain startups. They just rolled out SSI Digital Ventures with a $200 million bankroll, dreaming of swelling that to half a billion. Venture capitalists, assemble.
“Different generations, different journeys — I’ve spent my life in traditional finance, while Ben is one of the pioneers shaping the world of crypto. Tonight, we sat down at my home and shared stories about the future of finance — where tradition and innovation meet to create lasting value,” mused Nguyen Duy Hung. Sounds deep, right?
Vietnam Races to Build Legal Framework for Crypto
Meanwhile, the Vietnamese government is speeding up its efforts to regulate digital assets as if trying to catch a greased pig on a rainy day.
In January 2025, the Prime Minister kicked off official sorting of digital assets like they were mismatched socks, and proposed piloting digital asset exchanges in Ho Chi Minh City and Da Nang. The aim? A clean, transparent marketplace that keeps the bad actors (read: money launderers) at bay.
Also in the mix, General Secretary To Lam has put One Mount Group in charge of building a Layer 1 blockchain network—called “Make in Vietnam”—backed by up to half a billion dollars. Because if you can’t beat ’em, build your own digital playground.
These meetings between Bybit, the Ministry, and SSI are pretty groundbreaking, considering crypto in Vietnam is still a bit like a wild teenager—exciting but mostly operating in the shadows of legality.
Chainalysis crowned Vietnam 5th globally on the 2024 Global Crypto Adoption Index, boasting over 17 million crypto holders and blockchain capital flows north of $105 billion from 2023 to 2024. Makes you wonder if Vietnamese kids have NFT baseball cards by now.
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2025-04-18 13:46