Minister Nguyen Van Thang received and worked with Mr. BenZhou – CEO of Bybit Technology Co., Ltd. - Photo: VGP/HT
During a meeting with Finance Minister Nguyen Van Thang on April 17th, BenZhou, CEO of Bybit, expressed his desire to cooperate with Vietnam in building a legal framework and implementing a cryptocurrency exchange model, aiming to ensure safety and transparency for domestic investors.
Minister Nguyen Van Thang highly appreciated Bybit's willingness to cooperate, and acknowledged the strong development of blockchain technology and cryptocurrencies globally, including in Vietnam, where this market is growing rapidly and has great potential.
At the meeting, the head of the Ministry of Finance stated that Vietnam is currently among the top three countries with the highest number of participants in cryptocurrency transactions worldwide. However, due to the lack of a comprehensive legal framework, clandestine or unofficial activities pose many risks, easily causing losses for investors and undermining the effectiveness of state management.
Therefore, the Government recently assigned the Ministry of Finance to lead the coordination with relevant agencies to research and propose a legal framework for cryptocurrencies. One of the important directions is to develop a Resolution on piloting the implementation of a cryptocurrency exchange in Vietnam. Through this pilot mechanism, the State will have the opportunity to assess the practical situation, control risks, and refine the legal framework to protect the interests of investors and effectively utilize resources from the digital economy .
Minister Nguyen Van Thang emphasized that the Ministry of Finance is taking steps to submit to the Government a Resolution on piloting the construction of a cryptocurrency exchange. The Ministry of Finance highly appreciates Bybit's proposal to support training, build operational procedures, control risks, and establish a legal framework.
"These are all issues that need to be seriously and comprehensively researched and implemented," Minister Nguyen Van Thang said.
Minister of Finance Nguyen Van Thang at the working session - Photo: VGP/HT
For his part, BenZhou noted that Vietnam is the largest market in Southeast Asia and is increasingly establishing a prominent position on the global cryptocurrency map.
Introducing Bybit, Mr. BenZhou stated that it is a cryptocurrency exchange based in Dubai, founded in 2018, and currently the second largest globally, after Binance. Bybit has registered operations in many countries, including key markets in Southeast Asia such as Hong Kong (China), Singapore, and Malaysia.
Notably, despite being hacked for approximately $1.5 billion, Bybit has ensured investor protection by maintaining a 1:1 asset guarantee ratio. Furthermore, withdrawals have remained uninterrupted, and transactions are transparent.
"This demonstrates the exchange's highly reliable operational and risk control capabilities," said BenZhou.
Furthermore, a representative from Bybit stated that the company is currently particularly interested in the cryptocurrency market in Vietnam and wishes to invest in and support the development of a legal framework. This is because Vietnam has a dynamic blockchain technology development community, a high-quality team of programmers, and investors with a strong learning spirit.
Furthermore, Bybit has built an anti-money laundering control system, developed transaction monitoring tools, and collaborated with numerous international organizations to track illicit money flows. Mr. BenZhou emphasized that this experience and these tools can support Vietnam in building an effective legal framework for cryptocurrencies.
"Vietnamese investors are very tech-savvy and quickly apply blockchain technology in practice. This is a crucial foundation for Vietnam to build a suitable legal framework, aiming for transparent and sustainable market development. Bybit is committed to accompanying Vietnam in the process of building a pilot exchange mechanism and a comprehensive legal framework for cryptocurrencies," Mr. BenZhou emphasized.
Mr. Minh
Source: https://baochinhphu.vn/viet-nam-xem-xet-thi-diem-san-tai-san-ma-hoa-102250417171424582.htm
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