Nguyen Hoa Binh, Deputy Prime Minister of Vietnam, recently met with Binance CEO Richard Teng in the UAE. The country wants Binance to establish a local headquarters to advance crypto ecosystem development.
Nguyen also met with Ben Zhou, co-founder of CEO and Bybit, to discuss regulatory concerns. The nation aims to become a new regional crypto hub and is preparing ambitious measures to achieve this goal.
How Binance Can Help Vietnam’s Digital Assets Market
Vietnam has been aiming to be a new crypto hub for a while, preparing friendlier regulations and encouraging new exchange infrastructure.
Today, a state-owned media outlet detailed a few developments on this front, as Binance CEO Richard Teng met with Vietnam’s Deputy Prime Minister:
“Deputy PM [Nguyen Hoa Binh] proposed opening a headquarters in Da Nang and working closely with Vietnam’s International Financial Center to deploy a digital asset exchange [with Binance]. Richard Teng…was invited to serve as a senior advisor for the project,” the statement claimed.
This meeting took place in the UAE, and Nguyen was explicitly pursuing the goals of expanding his country’s Web3 presence. Binance was apparently interested in this proposal, promising to “share expertise and cooperate” with Vietnam.
Additionally, the firm signed a Memorandum of Understanding with government officials regarding blockchain development.
Bybit’s Regulatory Assistance
Nguyen did not pursue Binance exclusively; Vietnam’s Deputy PM discussed these issues with several crypto CEOs. In particular, he reached out to Ben Zhou, co-founder and CEO of Bybit.
Zhou has already met with top-level Vietnamese officials to discuss crypto policy this year, and these relationships are apparently deepening.
Specifically, Nguyen praised the firm’s extensive efforts to meet regulatory compliance, citing Bybit’s successful European expansion. This meeting discussed the importance of a sturdy regulatory framework to undergird crypto markets, and Bybit pledged to contribute to policy development.
Ambitious Growth Plans
Still, Vietnam’s statements clearly prioritized the Binance meeting. If this cooperation works as advertised, the world’s largest exchange will put down concrete roots in the country, building new on- and off-ramps between Web3 and the local population. Such a measure could turbocharge local crypto industry growth.
The nation is also prepared to act independently of these international firms, rallying domestic financial institutions to support these ambitious plans.
Vietnam aims to establish an International Financial Center, integrating local TradFi and tech firm interests into a new infrastructure hub.
Between these investments and international partners like Binance and Bybit, Vietnam may create a thriving local industry. It will face a lot of competition in the region, but success could provide huge benefits.
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