In this article, we'll explore what Bybit Pay is, what AEON is and how you can use both to make instant payments using your crypto assets in Vietnam and the Philippines.

 is the payment solution launched by Bybit to bridge the gap between Web3 and traditional Web2 payments through innovative real-world solutions and partnerships.

Bybit Pay recently announced a collaboration with 

, enabling users in Vietnam and the Philippines to make crypto payments seamlessly through popular national QR code payment networks — VietQR and QR PH. This partnership brings a new level of real-world utility to cryptocurrencies, enabling users to spend their assets effortlessly at supported merchants.

Let’s explore what Bybit Pay is, what AEON is and how you can use both to make instant crypto payments in Vietnam and the Philippines. From now through Jun 30, spend with Bybit Pay and stand a chance to get 

 is the crypto payment solution offered by 

, a leading global crypto exchange with over 70 million global users. Bybit Pay enables anyone to send and receive payments using cryptocurrencies like 

The mission behind Bybit Pay is simple: to make spending crypto as intuitive as traditional payment methods. Whether you’re shopping online or in person, Bybit Pay helps bridge the gap between Web2 payment systems and Web3 financial tools.

Bybit Pay is so much more than just a crypto wallet. It’s been designed to function as an all-in-one crypto payment platform to serve the needs of both individual users and merchants. Here’s how:

Bybit Pay supports local payment systems through QR code scanning, allowing users to make real-world transactions using their crypto balances. You can scan merchant QR codes directly through the Bybit app and settle payments instantly.

With support for simplified payment codes and blockchain addresses, users can send and receive funds without the need for complex wallet setups. Payments are processed instantly thanks to Bybit’s efficient network integrations.

The auto-savings feature allows you to earn passive income on idle crypto assets, turning your wallet into an interest-generating tool even while it’s ready for payments.

Bybit Pay supports 16 leading cryptocurrencies, including:

Bybit Pay offers real-time crypto-to-fiat conversions. Users can pay in crypto, and merchants receive fiat — instantly and with zero transaction fees, making it an attractive alternative to traditional credit card payments.

Bybit partners with AEON in Vietnam and the Philippines

Bybit’s new partnership with AEON, a Web3 infrastructure provider, connects Bybit Pay with local QR code payment systems (VietQR in Vietnam and QR PH in the Philippines), allowing users to spend their crypto at thousands of physical and online stores.

 is a crypto payment solution provider that simplifies crypto payments across multiple major blockchains, including Ethereum, Solana, BNB Chain, Tron, Arbitrum and TON.

Through various products, like its crypto payment API, Web3 online and mobile payment and more, AEON connects crypto businesses and users with merchants in Southeast Asia, Africa and Latin America.

 designed for AI, enabling AI agents to autonomously search, purchase and pay through a robust infrastructure called AI Payment.

enables customers in Vietnam to make mobile QR payments and is widely adopted by major Vietnamese banks and merchants, facilitating quick, cashless transactions.

 (QR Ph) enables secure, fast and in-person digital payments via QR codes across various banks in the Philippines. It aims to unify fragmented QR payment services into a single, efficient platform.

AEON’s integration with these payment networks means that any merchant that accepts VietQR or QR PH payments can now receive crypto payments from Bybit Pay users via AEON.

Here’s how Bybit Pay users can benefit from the partnership between Bybit Pay and AEON:

How to use Bybit Pay in Vietnam with VietQR

Here’s an easy step-by-step guide to making crypto payments in Vietnam using Bybit Pay and VietQR:

How to use Bybit Pay in the Philippines with QR PH

The process is almost identical for users in the Philippines, with the same steps 1 through 3. The following steps differ:

Bybit Pay’s integration with AEON brings real-world crypto utility to millions of users across Vietnam and the Philippines. Crypto holders can now make payments with ease at numerous merchants country-wide through widely available national payment systems like VietQR and QR PH.

From now through Jun 30, any Bybit Pay users who travel to Vietnam and the Philippines have a chance to receive Bitcoin in cashback. Simply spend at least $5 at any local merchants that accept QR Ph or VietQR codes with Bybit Pay and claim your BTC airdrop. 

Whether you’re shopping in Hanoi or Manila or dining in Halong Bay or Boracay, Bybit Pay allows you to spend crypto like cash — instantly, securely and fuss-free.

Beginner

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How to use Bybit Pay with AEON (Viet QR and QR PH)

Ethereum Staking ETFs enable investors to earn staking rewards through a regulated, easy-to-access investment product without needing to manage validator nodes or lock up their ETH.

 have drawn interest but have fallen short of the momentum seen with 

 in assets within eight months of their approval by the SEC six months earlier, Ethereum Spot ETFs gathered only around $7 billion in the same time frame. A likely key reason for this gap is the absence of staking rewards, an added incentive that could offer investors additional yield. However, this may soon change, as 21Shares and a few other asset managers have 

 to incorporate staking features into their existing Ethereum Spot ETFs. This article explores proposed ETH Staking ETFs and their potential impact on the broader market.

An Ethereum Staking ETF is a regulated investment fund that holds Ether (ETH) and participates in Ethereum's 

 (PoS) consensus, allowing investors to earn staking rewards without directly managing validator nodes. 

These ETFs combine the accessibility of traditional 

 with the yield-generating potential of Ethereum staking, offering passive income through network validation while maintaining liquidity for investors.

Unlike a conventional Ethereum ETF that solely tracks the price of ETH, a staking-enabled ETF actively puts its underlying holdings to work by participating in Ethereum’s PoS 

. This allows investors to benefit from ETH’s price movements and to earn additional yield from staking rewards, effectively creating a dual-source return structure.

The ETF provider (such as 21Shares) collects capital from shareholders, and acquires and securely holds Ether (ETH) in a regulated custody solution. Each share of the ETF is fully backed by an equivalent amount of ETH to ensure transparent collateralization. Because staking with Ethereum requires a minimum of 32 ETH per validator, the ETF uses a pooled staking model. This approach allows fractional ETH contributions to enable participation in staking, with the fund either running its own validator infrastructure or partnering with professional staking service providers. Once staked, the ETH contributes to the security of the network and earns its contributors rewards that accumulate over time.

The handling of these staking rewards is a key differentiator: the ETF may either distribute the earned ETH as dividends, providing a direct yield to shareholders, or automatically reinvest the rewards to increase the fund’s net asset value (NAV). Reinvestment can compound returns and amplify long-term gains, offering a distinct advantage over non-staking ETFs. However, staking introduces liquidity constraints, as staked ETH is subject to lockup periods. To maintain daily liquidity for investors, the ETF may hold a portion of its ETH in reserve or use 

 — tokens that represent staked ETH, but can be traded more freely.

This structure comes with additional considerations. Management fees must cover not only the usual operational costs, but also those tied to staking, such as validator maintenance, custody security and technical infrastructure. There are also risks involved, including slashing penalties for validator errors or downtime, as well as potential losses from technical failures. To mitigate these risks, ETF providers often implement robust risk management frameworks, such as diversified validator strategies and/or insurance mechanisms.

The current landscape of the Ethereum Staking ETF

Industry players such as Bitwise, Grayscale Investments and 21Shares have proposed integrating staking capabilities into their Ethereum ETFs, a departure from simple price tracking to creating products that also provide passive income through Ethereum's staking rewards. However, as of Jun 12, 2025, the SEC has yet to grant final approvals. For example, on May 21, the SEC 

 to add staking to its Ether ETF, requesting a deeper analysis of public comments and potential structural risks.

In order to sidestep regulatory obstacles, REX Shares has taken an 

, filing for C corporation–structured Ethereum and Solana staking ETFs designed to bypass standard SEC timelines. These could launch as early as June 2025 under a unique regulatory mechanism. Despite the foot-dragging, industry experts remain optimistic about regulatory approval by 

This optimism follows from a change in the SEC’s stance, which recently 

 that participating in Ethereum's PoS network would no longer be viewed as a securities transaction. The new guidance marks a move away from the SEC's previous enforcement-heavy approach, and could open the door for approval of staking ETFs. However, the SEC is moving with caution, citing the need to address various risks, such as validator slashing and liquidity challenges related to lockup periods.

Market sentiment is cautiously optimistic. Experts believe that integrating staking into ETFs could unlock significant growth for Ethereum, offering both yield benefits and growth potential. Marcin Kazmierczak, co-founder and COO of 

 while these developments are evolutionary, they lay the foundation for broader crypto acceptance and regulatory clarity. Brian Fabian Crain, CEO of Chorus One, 

, expressing cautious optimism that approval may come within a favorable regulatory time frame, possibly before the end of US President Trump’s final term. 

 in Canada have demonstrated strong demand, validating the model. Until the SEC arrives at a final decision, US applicants remain in limbo. The way forward hinges on reconciling crypto’s mechanics with traditional frameworks.

What will it mean if an Ethereum Staking ETF application is approved?

The approval of an Ethereum Staking ETF would be a big deal for both cryptocurrency markets and traditional finance (TradFi), with cascading effects across institutional adoption, retail investment and blockchain economics.

Ethereum Staking ETF approvals could possibly be a significant milestone for crypto investment, merging yield-generating DeFi mechanics with regulated, accessible financial products. Combining the accessibility of ETFs with the yield-generating power of Ethereum’s PoS mechanism, these funds would allow investors to earn staking rewards without managing validators. The approval of such ETFs could boost Ethereum’s price, attract institutional capital and legitimize staking within regulated markets. However, regulatory hurdles and liquidity challenges would need to be overcome in order for these products to reach their full potential.

Intermediate

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Ethereum Staking ETFs: Mainstream entry into ETH rewards

Bybit will launch Byreal, its first on-chain DEX built on Solana, on June 30.

Daily top performer — Maple Finance (SYRUP)

The S&P 500 fell 1.13% Friday amid rising Israel-Iran tensions and oil price spikes, but US futures held steady as markets await the Fed's rate decision. Gold neared $3,445 as Middle East tensions rose and Fed rate cut bets grew, despite strong U.S. sentiment data. CoinDesk Indices, which track the broader crypto market, rose 1.39% in the past 24 hours, while Bitcoin and Ether rising 0.26% and 0.82%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is SYRUP, up 11.6% after Maple Finance launched stETH-backed stablecoin credit lines for institutional borrowers.

Maple Finance (SYRUP), founded in 2019, is a decentralized platform that offers fixed-rate yields by connecting institutional borrowers with liquidity providers through professionally managed lending pools and strong risk controls. Maple Finance has 

 with Lido Finance to offer stablecoin credit lines backed by stETH, enabling institutions to access liquidity without unstaking ETH. This move supports capital efficiency by allowing borrowers to retain ETH staking rewards while using stETH as collateral for loans.

Check out the latest prices, charts, and data of 

, its first on-chain DEX built on Solana, on June 30. Designed as a hybrid finance platform, Byreal combines centralized exchange features with decentralized infrastructure, offering low-slippage trades, MEV protection, and curated yield vaults like bbSOL. The move follows Bybit's shutdown of several Web3 services to streamline operations after a major security breach, signaling a renewed focus on efficient, integrated trading experiences.

From June 9–13, 2025, BTC spot ETFs recorded $1.37 billion in net inflows, driven almost entirely by non-GBTC products, which added $1.355 billion, while GBTC saw a modest $15 million inflow. Since inception, total net inflows across all spot ETFs stand at $45.6 billion, with non-GBTC products accumulating $68.8 billion and GBTC experiencing $23.2 billion in outflows.

, and users can now earn 300 free points by completing two new tasks on the Klok app. Simply open the app and finish the tasks listed at the bottom right. You can also earn 10 points per prompt (up to 10 prompts daily), and inviting 20 friends unlocks PRO status, increasing the daily limit to 50 prompts.

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Bybit debuts hybrid DEX 'Byreal' on Solana to bridge CeFi and DeFi

SOON brings Solana’s fast, low-cost SVM to Ethereum and beyond, enabling scalable Layer 2 rollups on any Layer 1 via its decoupled SVM architecture.

 (EVM), has been at the forefront of enabling 

 functionality on blockchains. However, the EVM has several limitations, making it less efficient for many use cases. Specifically, EVM handles all transactions via a single-threaded model, leading to performance bottlenecks. Additionally, it has an inefficient gas fee determination system, based on a global model, whereby high-impact transactions drive the overall fees on the network for everything, including 

 (DApps) that feature a low transactional footprint.

 (SOL)'s native execution engine, the Solana Virtual Machine (SVM), solves these problems by enabling parallelized processing and local fee markets, so each transaction pays gas fees commensurate with its processing load on the network. Unfortunately, the standard SVM on Solana features little interoperability with Ethereum and other Layer 1 environments. 

SOON (SOON) is a decentralized platform that leverages a 

 (L1) networks, including Ethereum. The SOON project has developed an ecosystem of tools under the SOON Adoption Stack (SAS) banner to help developers integrate its variation of SVM into various L1 networks.

In this article, we’ll examine this novel 

 project that aims to "bring Solana everywhere." 

 (SOON) is a decentralized platform that uses Solana's SVM technology to power Layer 2 (L2) chains that settle on Ethereum and other Layer 1 (L1) networks. 

SOON represents a stack of technologies — united under the 

 (SAS) framework — designed to bring SVM's benefits to as many L1 networks in the industry as possible. The SAS framework consists of the SOON Mainnet L2 network; the SOON Stack, which provides tools to deploy SVM-based L2 chains on popular L1 platforms; and the InterSOON cross-chain messaging protocol.

All of these technologies serve the general mission of enabling SVM-powered, efficient L2 networks on various L1 blockchains.

The key benefits SOON offers revolve around SVM's technical superiorities over EVM and other popular virtual engines used in the blockchain industry. Because of SVM, the Solana blockchain is well-known for its industry-leading throughput capacity and scalability, achieved thanks to multiple technological innovations, the most impactful of which is SVM's parallelized processing capacity. Unlike EVM, which handles all transaction processing via a single thread, SVM processes transactions by using many parallel threads, which significantly boosts performance and throughput. 

Additionally, SVM enables local fee markets that regulate gas fees based on the resources consumed by individual transactions. Transactions that utilize more network resources incur higher gas fees, ensuring fair pricing and helping to reducing congestion. Although complex transactions also incur higher fees in EVM, its global fee model forces all transactions to compete for block space in a single auction — often leading to inflated costs, even for simple operations. SOON's technology now expands these technological and cost benefits to other L1 environments.

SOON has taken the technical efficiencies of SVM to an entirely new level by introducing its 

 model, which separates the execution and settlement layers of the processing engine. The decoupling lets SOON-built L2 networks settle on L1 chains securely and efficiently, providing the perfect mix of SVM-powered performance and the security of chains such as Ethereum. As of the end of May 2025, SOON has implemented its decoupled SVM technology to allow settlement on two very popular L1 blockchains — Ethereum and 

 (BNB) — as well as the Ethereum-linked 

The SOON project was founded by Joanna Zeng in mid-2024, and introduced its Alpha Mainnet in January 2025. In late May 2025, the project debuted SOON, its native crypto token.

The SOON ecosystem is designed to provide a set of tools to easily launch L2 rollups on top of any L1 network. Rollup networks greatly improve transaction capacity, scalability and costs on blockchains. The Solana L1 chain has a lesser need for such solutions, thanks to SVM's technical properties, which ensure high throughput and low costs. 

On the other hand, because of their less efficient processing engines, networks like Ethereum and Bitcoin greatly benefit from using L2 chains. SOON's decoupled SVM model separates transaction execution and settlement layers. While SOON's SVM handles the execution layer, the final settlement of transactions is done on the host L1 chain. This brings the benefits of SVM to any L1 network.

The SOON Stack allows developers to launch rollups that utilize 

 (ZK) fraud proofs, which combine the properties of ZK and optimistic verification. This is a significant improvement over the typical fraud proofs utilized by optimistic rollups. In a typical optimistic rollup, fraud proofs are attached to blocks submitted to Layer 1. There's usually a time window (e.g., seven days), during which validators on L1 can challenge a fraud proof. If the challenge window is over, and no validator has raised objections, the transactions are finalized on L1. The typical seven-day window makes the complete finalization of transactions processed by optimistic rollups a slow process. 

In contrast, SOON's fraud proofs are enhanced with ZK validation, reducing the total processing window from a week to about a day.

Additionally, any rollup launched using the SOON framework can be designed in a fully modular fashion, with separate layers handled by different platforms. We’ve noted above that SOON rollups use the SVM as their execution layer, and an L1 network as the settlement layer. The third key component in any blockchain network, the data availability (DA) layer, is also externally handled using specialized data availability solutions such as EigenDA, 

The decoupled SVM is a key feature that lets SOON-based rollups enjoy fast transaction finalization on L1, high throughput and excellent scalability. To achieve complete decoupling of key functions performed by the SVM, SOON separates the block derivation procedure from execution. The basic design of SOON rollups is optimistic. In an optimistic rollup, the sequencer — the critical node that batches and organizes transaction blocks — requires data from L1 to construct blocks on the rollup/L2.

This derivation of data from L1 is what the SOON project calls the "derivation layer." In a standard optimistic rollup, derivation and execution are handled in a unified, monolithic fashion. In a SOON-based rollup, however, the derivation layer based on Optimism is decoupled from the SVM execution layer. This modular split has numerous benefits, including high performance, tighter security, greater flexibility and more efficient utilization of resources. 

Merkleization is the process of organizing blockchain data into 

 for secure verification. It's a critical part of blockchain data architecture. Solana's native Merkleization process has several limitations, including excessive complexity and slow proof generation.

The standard Solana Merkleization splits transaction proofs into many separate parts, and only updates the state snapshot every few days.

SOON has improved the Merkleization process by making state proof updates occur more frequently, and with more complete state information included directly inside the blocks. This allows validators to quickly and reliably verify the accuracy of the rollup's state at any point. It also results in more efficient state management and enhanced performance.

Horizontal scaling involves improving the capacity of a blockchain network by adding more machines/

. It's the direct opposite of the vertical scaling approach, whereby the network’s capacity is beefed up by making each existing node more powerful. Traditional blockchains rely mostly on vertical scaling to support their operations.

In contrast, SOON adopts horizontal scaling to support scalable growth, improved decentralization and flexible integration of additional network nodes. This model enables efficient load distribution across nodes, reduces single points of failure and allows the network to utilize more cost-effective standard hardware. As a result, SOON’s scaling effectively offers near-unlimited growth potential. 

The SOON Mainnet is the first rollup developed by the project's core team using the SOON Stack. It functions as a general-purpose L2 network that settles on Ethereum. Developed by the SOON team, the SOON Mainnet is a significant showcase of the framework's capabilities. It combines Ethereum's security with the decoupled SVM's technical efficiencies. 

Besides being an efficient Layer 2 for Ethereum, the SOON Mainnet is pivotal in bringing together the developer communities of Solana and Ethereum, two of the leading blockchain ecosystems. By involving Ethereum's vast developer community, SOON also aims to achieve the mass adoption of SVM technology in the blockchain world.

Launched in January 2025, the SOON Mainnet has grown to over 280,000 unique addresses by the end of May 2025. In addition to its SVM-powered speed and scalability benefits, the network boasts very low transaction fees, typically measured in tiny fractions of a cent. 

The SOON Stack is a comprehensive toolset for developers to easily build and deploy SVM-powered L2 rollups for any L1 network. While the SOON Mainnet is the most notable chain developed using the stack, two more rollups have been launched using the framework since late May 2025. 

One of these is svmBNB, which uses the decoupled SVM as its execution engine and BNB Chain as its settlement layer. The other one is soonBase, which settles on Base, one of Ethereum's most popular L2 networks. 

InterSOON is a cross-chain messaging protocol designed to facilitate easy communication and asset transfers between SOON Chains, which are rollups developed with the SOON Stack. At the underlying level, the protocol's cross-chain capabilities are powered by 

 (HYPER), one of the major players among cross-chain protocols.

Networks that integrate InterSOON for cross-chain operations can communicate via a standardized messaging system that eliminates the need for custom 

 procedures. When assets are transferred between InterSOON-powered networks, they stay in their original, native form. This helps avoid the liquidity fragmentation problem caused by bridging solutions that convert transferred assets into wrapped formats during cross-chain transactions.

 (DeFi) app on the SOON network that’s designed explicitly for 

. DeFi enthusiasts at all experience levels can enjoy a specialized set of tools to support their copy trading strategies. Simpfor.fun V2 offers one-click copy trading on the Hyperliquid crypto perpetuals exchange, comprehensive data analytics tools and personalized analytics on traders to help you choose your preferred 

. The platform also plans to introduce tokenized gold trading in the future.

 and core utility token. It acts as the native asset for the SOON Mainnet and other SOON chains. The SOON token is used for paying transaction fees on these networks, and is also used for governance. Token holders have the right to vote on critical issues related to the SOON ecosystem, including protocol upgrades, ecosystem fund distributions and other key matters.

SOON is also used for rewards to developers working on the ecosystem's growth. Additionally, the platform will introduce a SOON 

 mechanism to boost the performance and security of network operations.

SOON was launched in late May 2025, with an initial total supply of 1 billion. The token has no maximum supply limitation. Its supply allocation shares are shown in the image below.

Eight percent of the supply is allocated to airdrops and liquidity incentives. Now that the May 2025 launch of the SOON token has taken place, the project plans to allocate 1.5% of the total supply to incentives for Simpfor.fun V2 referrers. Specifically, streamers who use a Simpfor.fun link to attract traders to the platform through their video streams will be eligible for airdrop allocations.

The SOON token is available on Bybit as a 

 that allows you to trade the token with up to 50x leverage.

As of Jun 16, 2025, the SOON token is trading at $0.2079, a 64.5% drop from its all-time high (ATH) of $0.5857 on May 23, 2025, and an 12.5% increase from its all-time low (ATL) of $0.1851 on Jun 14, 2025.

SOON’s long-term price outlook is quite bullish.DigitalCoinPrice 

 the token to trade at $0.73 in 2027 and $1.09 in 2030, whileCoinCodex is 

 average prices of $0.267 in 2027 and $0.548 in 2030.

The SVM ecosystem is now supported by a new player — one that might help Solana's processing engine reach virtually any Layer 1 environment. The SOON Mainnet has already built a bridge for SVM to the vast world of Ethereum. Meanwhile, the svmBNB and soonBase ready-to-use platforms help developers accustomed to BNB Chain and Base utilize SVM (or more specifically, an innovative version of SVM in the form of SOON's decoupled SVM).

The SOON platform is still a new undertaking: the SOON Mainnet was launched only in January 2025, while the SOON token celebrated its market debut in late May. However, despite the project's novelty, the host of innovations that it’s introduced is already impressive.

Although many still view Solana's native SVM as the industry's top performer, wait until they find out about SOON's decoupled SVM, an innovation that brings Solana-like speeds and costs to virtually any Layer 1 blockchain.

Advanced

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SOON (SOON): The key to Solana’s cross-chain expansion

Bybit Learn

Regulations

Vietnam is establishing a crypto regulatory sandbox and legal framework to bring clarity, security and oversight to its fast-growing digital asset market.

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With a tech-savvy population and high rates of crypto adoption, Vietnam is a hotbed of crypto activity. About 17 million of the population own digital assets, as blockchain market flows into Vietnam reached $105 billion from 2023–2024, 

. However, the absence of a clear legal framework has posed challenges for investors, businesses and regulators. Recognizing the need for structured oversight, the Vietnamese government has initiated decisive steps to establish comprehensive regulations for the crypto sector. 

This article delves into Vietnam's current stance on cryptocurrencies, its implementation of a regulatory sandbox, collaborative efforts with industry leaders like Bybit — and the broader implications for traders and the crypto industry.

Vietnam currently lacks a formal legal framework that specifically addresses cryptocurrencies and digital assets. As a result, these digital currencies operate in a regulatory gray zone — neither fully legal nor banned. Existing financial laws only recognize electronic money tied directly to fiat currencies, such as prepaid bank cards and e-wallets, leaving cryptocurrencies like 

This lack of legal clarity has pushed many crypto-related businesses to register in jurisdictions with clearer regulations, such as Singapore and the United States, before operating within Vietnam. A workaround that has led to the loss of potential tax revenue has weakened the competitiveness of Vietnam’s domestic market in the growing digital economy.

Still, despite this uncertainty, Vietnam ranks among the top countries globally for crypto ownership and trading volume, and the stark contrast between widespread adoption and the absence of clear regulations points to the urgent need for a comprehensive legal framework. Recognizing this, the Vietnamese government has begun drafting new regulations to bring clarity and oversight to the digital asset space.

A regulatory sandbox is a controlled environment that allows financial technology innovations to be tested in real-world conditions for a limited time under the watchful eye of regulators. It provides a safe space in which to experiment with new products and services, while ensuring that consumer protection and market stability remain a priority.

How does Vietnam’s regulatory sandbox initiative work?

Vietnam’s regulatory sandbox is designed as a safe, controlled space in which financial technology innovations — including those involving digital assets and cryptocurrencies — can be tested under regulatory supervision. It operates under a multi-agency governance structure, with the 

This committee is responsible for licensing participants, supervising operations, assessing potential risks and ensuring the overall stability of the fintech ecosystem. It works closely with the State Bank of Vietnam (SBV), which was officially assigned to develop the sandbox under newly minted 

, as well as other key agencies like the Ministry of Finance and the Ministry of Public Security.

. The Ministry of Finance is responsible for developing legal guidelines and licensing service providers, while the Ministry of Public Security focuses on combating fraud, money laundering and other criminal activities within the digital asset market. Lastly, the State Bank of Vietnam monitors the impact of digital assets on the country’s monetary policy and overall financial system.

, businesses must undergo a formal assessment process. Eligible participants include credit institutions, independent fintech startups or fintech firms partnering with banks. After passing initial evaluations by the SBV, approved entities receive a registration certificate signed by the prime minister. These businesses then enter a testing phase lasting one to two years that allows regulators to observe how the businesses’ operations function in a live but supervised environment.

 preventing money laundering, managing digital asset transactions, regulating crypto mining activities and establishing oversight for the issuance, ownership and trading of 

. This initiative will roll out gradually, starting with the launch of financial centers in Ho Chi Minh City and Da Nang in 2025. 

 using crypto assets are expected to begin by Jul 1, 2026. 

How Bybit is supporting Vietnam in its path toward regulatory clarity

Bybit is closely collaborating with the Vietnamese government, particularly the Ministry of Finance, to contribute to the development of a regulatory sandbox. This controlled testing environment allows new crypto regulations to be explored and fine-tuned before being rolled out nationwide. During the 

, Nguyen Van Thang, Bybit CEO Ben Zhou emphasized the importance of building a secure, transparent and innovation-friendly crypto ecosystem that protects investors and upholds market integrity.

 is its technical support for Vietnam’s pilot crypto trading platform, which is operating within the sandbox framework. This initiative enables regulators to safely observe real-time crypto transactions and better understand market behavior. Bybit brings its deep expertise in areas like system architecture, transaction monitoring and the implementation of robust compliance tools, such as 

 (KYC) protocols — essential elements for ensuring digital assets aren’t misused, and that regulatory standards are met.

Enabling Vietnam’s crypto infrastructure

But Bybit’s involvement goes beyond technology. The exchange is also focused on empowering Vietnamese regulators through hands-on training and capacity building. These sessions are designed to equip officials with the skills and knowledge needed to effectively oversee a fast-growing crypto market. The 

 has been tasked with working directly alongside Bybit to explore future steps, a move that reflects the Vietnamese government’s confidence in Bybit’s global track record and regulatory experience.

While mainly focused on compliance, this collaboration is also a forward-looking partnership aimed at creating a balanced regulatory environment that nurtures innovation while ensuring financial stability. Bybit is helping Vietnam lay the foundation for a legal framework that can adapt to the rapid evolution of crypto technology. In doing so, the country is firmly positioning itself as a leader in the digital economy.

Why this matters for crypto traders and the industry

Vietnam’s move to establish a crypto regulatory sandbox (and eventually, a full legal framework) means greater security and peace of mind for individual investors and traders. The sandbox enforces strict KYC and AML protocols, reducing the risk of 

. With clear rules expected by May 2025, traders will finally have legal certainty, allowing them to operate confidently without fear of running afoul of unclear or outdated regulations.

For the crypto industry, the sandbox offers a rare opportunity to test new products and services under the watchful eye of regulators without immediately facing the full weight of compliance laws. This creates room for innovation that will help exchanges, token issuers and startups build trust and scale faster. The government’s support for building financial centers in cities like Ho Chi Minh City and Da Nang adds momentum, turning Vietnam into a potential regional hub for crypto businesses and investors.

As the framework takes shape, clearer licensing and operational guidelines will enable crypto platforms to run with greater transparency and reliability, boosting confidence for both institutional players and everyday users. Integration with national data systems will also strengthen transaction monitoring, and reduce risks related to energy-heavy mining operations or illicit activity. With major industry players like Bybit helping to realize this vision, Vietnam is laying the groundwork for a secure and innovation-friendly market.

Ultimately, this regulatory shift benefits everyone: Traders get protection and clarity, and industry players gain a supportive environment in which to grow. Vietnam will be positioning itself as a forward-looking nation that’s ready to welcome the future of finance, attracting foreign investment, driving adoption and unlocking new revenue streams to support economic growth.

Vietnam is taking bold steps toward regulating its crypto market through a structured regulatory sandbox and partnerships with industry leaders like Bybit. These efforts aim to create legal clarity, protect investors and encourage innovation. For traders and businesses alike this marks a turning point, ushering in a safer, more transparent and opportunity-rich environment as Vietnam embraces an alpha role in the global digital economy.

Crypto regulations in Vietnam: A path toward regulatory clarity

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