Vietnam’s Deputy Prime Minister Nguyen Hoa Binh recently met with Binance CEO Richard Teng in the UAE. The country hopes to establish local headquarters to advance the development of crypto ecosystems.
Nguyen also met with CEO and BYBIT co-founder Ben Zhou to discuss regulatory concerns. The nation aims to become a crypto hub for the new region and is preparing ambitious measures to achieve this goal.
How can we help Vietnam’s digital asset market?
Vietnam has been aiming to become a new crypto hub for some time, preparing friendly regulations and encouraging new exchange infrastructure.
Today, a state-run media outlet detailed some developments on this aspect.
“The Deputy Prime Minister (Nguyen Hoa Binh) has proposed opening his headquarters in Da Nang and working closely with Vietnam’s International Financial Centre to develop digital asset exchanges.
The conference was held in the UAE, and Nguyen explicitly pursued its goal of expanding the existence of its country’s Web3. Binance was clearly interested in the proposal and has committed to “sharing and working with Vietnam.”
Additionally, the company has signed a memorandum of understanding with government officials on blockchain development.
Bibit Regulation Support
Nguyen did not pursue vinance exclusively. The Vietnamese deputy prime minister discussed these issues with several crypto CEOs. In particular, he contacted Bybit co-founder and CEO Ben Zhou.
Zhou has already met with top Vietnamese officials and has been discussing crypto policy this year, and these relationships are clearly deepening.
Specifically, Nguyen cited Bybit’s successful European expansion and praised the company’s extensive efforts to meet regulatory compliance. The conference pledged that the importance of a robust regulatory framework will contribute to the regulatory framework to build a cryptographic market and policy development.
Ambitious growth plan
Still, the Vietnamese statement clearly prioritized the Binance Conference. If this cooperation works as advertised, the world’s biggest exchange will lower the concrete roots of the country and build new on-ramps and off-ramps between Web3 and local people. Such measures can disrupt the growth of the local crypto industry.
The country is also ready to act independently of these international companies and is bringing together domestic financial institutions to support these ambitious plans.
Vietnam aims to establish an international financial centre, integrating the interests of local TRADFI and high-tech companies into a new infrastructure hub.
Between these investments and international partners such as Binance and Bybit, Vietnam may create a thriving local industry. Although there is a lot of competition in this region, success can have great benefits.
The CEOs of Post-Binance and Bibit met with Vietnam’s Deputy Prime Minister for expansion plans.