In this post:
- Baibit has signed the MOU with Da Nang People’s Committee and other partners to support Vietnam’s digital asset development.
- The agreement aims to establish Da Nang as an international financial centre by providing market liquidity and secure financial infrastructure.
- The partnership follows previous consultations between Baibit and the Ministry of Finance over Vietnam’s regulated sandbox.
Bybit has signed a memorandum of understanding (MOU) with Da Nang’s People’s Committee, Abu Dhabi Blockchain Center (ADBC) and Verichans Network Security Company. The partnership aims to establish Da Nang as an international financial and innovation centre.
Da Nang is one of Vietnam’s largest cities and a major economic zone. The MOU will approve the city’s blockchain sandboxes, allowing it to test progressive policies and international cooperation in digital assets. The parties will cooperate to support the establishment of the city as an International Financial Centre (IFC).
Collaboration aims to establish Da Nang as an international financial centre
From left: Abdullah al-Dahheli, CEO of Abu Dhabi Blockchain Centre. Helen Liu, Co-CEO, Bybit; Ho Ky Minh, permanent vice-chairman of Da Nang People’s Committee; Nguyen Le Thanh, Founder and CEO of Velicanes
Establishing Da Nang as an international financial centre, it focuses on the liquidity of digital assets, where the liquidity of digital assets is linked to global financial markets, ecosystem connectivity to link Vietnam and other major financial hubs, and support for risk-controlled environments for blockchain innovation.
The contract serves as a bridge between national strategy and local implementation, ensuring that the IFC model is adopted in the digital economy with minimal risk. The People’s Committee of Da Nang provides a management root for the operation of other parties. The parties invest, open offices and integrate their businesses into IFC. Meanwhile, Bybit and its partners will provide guidance on digital assets and blockchain policies, international best practices, and help Da Nang build a regulatory framework.
Bybit co-CEO Helen Liu has revealed that the agreement coincides with Vietnam’s momentum in digital transformation.
“Vietnam is an inspiring example of the country embracing digital transformation and we are honored to contribute to that journey. BYBIT is committed to sharing its global expertise in blockchain and digital asset innovation to support Da Nang’s vision of becoming an IFC.”
She acknowledged that the partnership reflects their belief that it will build sustainable ecosystems with governments, institutions and trustworthy partners.
In April, Ben Sai, co-founder of Baibit, met with Hanoi’s finance minister Nguyen Van Thang. Authorities discussed regulatory sandbox plans and other initiatives, including creating a safe, transparent and innovative digital asset market. It also addressed a pilot mechanism for issuing and trading crypto assets in a controlled environment. Money Laundering Anti-Money Laundering (AML) and Know Customer (KYC) requirements have been proposed to enhance investor protection and financial security.
Vietnam is set in 150,000 crypto startups by 2035
The latest partnership positions BYBIT as a trusted long-term partner in Vietnam’s digital transformation. Da Nang now has the basis for attracting international investors, promoting an innovation-friendly regulatory environment, and building connections with the international financial system. Cryptopolitan reported two weeks ago on Kucoin entering the Vietnamese market via a MOU with Blockchain and Digital Assets Association (VBA) and 1Matrix Joint Co. Ltd.
The Kucoin Partnership aims to improve blockchain innovation, digital assets adoption, and country’s regulatory compliance. The partnership introduced pilot projects in payments, identity management, trading platforms and risk management systems that are consistent with international standards. Kucoin’s vice president, Damen Chen, pointed to Vietnam’s youthful population and highlighted their technology-driven nature as a catalyst for the adoption of blockchain.
Last week, Vietnam approved a five-year pilot program for crypto trading. According to a Cryptopolitan report released last week, the program requires that all exchanges only operate domestically owned and operated domestically, and limit cryptographic issuance to Vietnamese companies. The framework sets strict requirements for exchange to prevent external entities from controlling the licensed platform. The development is ahead of Vietnam’s preparations to implement the Digital Technology Act in January 2026, targeting 150,000 crypto startups by 2035.
