Main Points：
- Pilot Program Launch: Vietnam’s Ministry of Finance will kick off a supervised pilot crypto trading platform in May 2025.
- Interagency Collaboration: The initiative is governed by a coordination mechanism among the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam.
- Bybit’s Technical Role: Global exchange Bybit will provide platform design, AML controls, and a sandbox environment for testing under regulatory oversight.
- Legal Gray Zone: While trading and holding crypto are tolerated, using it for payments remains illegal, highlighting the need for clear legislation.
- Investor Safeguards & Economic Goals: The program aims to protect investors from unregulated risk and channel crypto innovation into Vietnam’s digital economy.
- High Crypto Adoption: Vietnam ranks fifth globally in crypto adoption, with over 17 million holders and market flows exceeding US$100 billion.
Pilot Program Kickoff in May 2025
Vietnam’s Ministry of Finance has announced that it will begin operating a pilot cryptocurrency exchange in May 2025, marking the country’s first government‑sponsored step toward formalizing crypto trading. The platform is intended to operate under a draft resolution set for submission to the cabinet in early May, with testing zones planned in major cities such as Ho Chi Minh City and Da Nang. By framing the initiative as a controlled experiment, the Ministry seeks to assess trading dynamics in a regulated sandbox before rolling out comprehensive legislation.
Interagency Collaboration and Regulatory Sandbox
The pilot falls under a three‑agency coordination mechanism, pairing the Ministry of Finance with the Ministry of Public Security and the State Bank of Vietnam (SBV). This collaboration will enable joint oversight—from platform licensing to transaction monitoring—aimed at identifying operational risks and refining supervisory frameworks. A core feature is the “sandbox” model proposed by Bybit co‑founder Ben Zhou, which will allow simulated trades, stress‑testing of order books, and live AML drills in an environment that mimics real‑world conditions without exposing investors to unapproved systems.
Bybit’s Technical Assistance and Expertise
Bybit brings extensive experience in developing exchange infrastructures, anti‑money laundering (AML) protocols, and risk‑control systems. According to company statements, Bybit will assist in designing the trading engine, integrating transaction‑tracking tools, and training local regulators on compliance workflows. The exchange’s AML framework—tested through partnerships with global financial bodies—will serve as a blueprint for vetting user identities, monitoring suspicious flows, and enforcing KYC/AML standards within the pilot platform. Moreover, Bybit has pledged to share insights from its 1:1 asset backing policy, ensuring no user losses in the event of security incidents, and to illustrate best practices for incident response and fund reimbursement.
Current Legal Framework for Cryptocurrency in Vietnam
Under current Vietnamese law, the State Bank has declared the issuance, supply, and use of virtual currencies like Bitcoin illegal as a means of payment—subject to fines of VND 150–200 million—yet it has not explicitly banned trading or holding them as assets. Decision No. 27/2018/QD‑TTg places crypto outside approved non‑cash payment methods, and Decree 88/2019/ND‑CP penalizes payment‑related misuse. However, trading on both centralized and decentralized platforms remains legally tolerated in a regulatory gray area, as digitalassets are not classified under any specific economic sector or foreign investment restriction. The pilot aims to move past this ambiguity by testing licensure, market‑maker obligations, and consumer‑protection rules.
Driving Investor Protection and Digital Economy Growth
Finance Minister Ho Duc Phoc has emphasized that the absence of regulation exposes investors to fraud, theft, and unproven platforms. By channeling crypto activity into a government‑monitored exchange, Vietnam aims to uphold investor rights and temper speculative excesses—while laying the groundwork for fintech expansion. The pilot’s data‑driven approach will generate empirical insights on liquidity management, system resilience, and enforcement needs, which in turn will inform tax policy, licensing criteria, and AML rule‑making. This strategic alignment seeks to leverage crypto capital for broader digital‑economy projects, including blockchain‑powered supply‑chain solutions and tokenized asset platforms.
Vietnam’s Crypto Adoption Landscape
Vietnam is a standout in global crypto adoption. According to Chainalysis and recent Triple‑A data, more than 17 million Vietnamese hold digital assets—ranking the country fifth globally in interest and third in usage of international trading platforms. Market flows into Vietnam surpassed US$105 billion between 2023 and 2024, and local investors earned nearly US$1.2 billion in crypto‑related profits in 2023 alone. Yet the prevalence of unregulated trading—often conducted on offshore or peer‑to‑peer channels—has fueled scams and illicit capital movement. The pilot aims to migrate a significant portion of this underground volume into supervised channels, strengthening on‑chain transparency.
Projected Impact and Path to Full Regulation
The pilot exchange is envisaged as the cornerstone for Vietnam’s comprehensive crypto framework. Lessons from sandbox trials will guide the drafting of licensing regulations, transaction‑tax models, and consumer‑disclosure requirements. Analysts predict that, with a modest 0.1 percent transaction tax akin to securities trades, Vietnam could generate upwards of US$800 million annually—while service‑fee revenues from licensed platforms could further bolster public coffers. Additionally, the project sets a model for Southeast Asia, where regulators balance innovation against systemic risk. Vietnam’s phased, data‑centric approach may offer a replication blueprint for neighboring markets contemplating pilot‑based crypto regimes.
Vietnam’s pilot crypto exchange, backed by Bybit, represents a landmark in state‑led digital‑asset regulation. By leveraging a multilateral oversight structure and a controlled sandbox, the country seeks to reconcile rapid grassroots adoption with robust investor protection. As testing commences in May 2025, data from the pilot will shape licensing regimes, tax strategies, and AML safeguards—paving the way for a fully regulated, transparent, and innovation‑friendly crypto market. For emerging crypto adopters and blockchain practitioners, Vietnam’s model underscores the efficacy of incremental, evidence‑driven policy in unlocking digital financial transformation.
