Dunamu and MB Bank will develop Vietnam’s first regulated crypto exchange, supported by new digital asset legislation.
The deal includes technology transfer, compliance guidance, and investor protection measures from South Korea’s Upbit operator.
Vietnam cites over 20 million crypto users and $800B in annual trading as the market enters formal regulation.
Vietnam is moving to establish its first regulated digital asset exchange through a strategic partnership between South Korea’s Dunamu and the country’s state linked Military Bank (MB Bank).
The agreement places the exchange within Vietnam’s formal financial framework, following the passage of the Law on Digital Technology Industry in July. This legislation, effective January 2026, legalizes cryptocurrencies and non-fungible tokens.
This creates a pathway for regulated trading. The deal was formalized at the Vietnam–Korea Business Forum in Seoul, attended by corporate leaders and government officials from both nations.
Partnership Anchored in Technology and Regulation
According to the memorandum of understanding, Dunamu will provide MB Bank with core infrastructure, technology, and operational expertise. The South Korean firm will also advise on compliance, investor protection, and talent development.
MB Bank, established in 1994 under the Ministry of National Defence, ranks among Vietnam’s five largest banks, with assets nearing $50 billion and a customer base exceeding 33 million.
Upbit, Dunamu’s flagship platform, is South Korea’s largest cryptocurrency exchange and the world’s third largest by trading volume. Kaiko Research reported that Upbit controlled up to 69% of South Korea’s domestic crypto market as of February 2025. Leveraging this experience, Dunamu aims to help design Vietnam’s trading systems to align with regulatory and security standards.
Government Links Strengthen Market Readiness
This collaboration follows a July meeting between Dunamu Vice Chair and co-founder Kim Hyoung-nyon and Vietnamese Prime Minister Pham Minh Chinh. During the meeting, Kim pledged to share expertise and support Vietnam’s digital finance infrastructure.
The Vietnamese government has recently focused on formalizing the sector, citing more than 20 million domestic virtual asset holders and an annual trading volume exceeding $800 billion.
Military Bank nationwide reach is expected to provide the operational capacity to engage users and manage compliance. Dunamu, meanwhile, will oversee backend systems, workforce training, and the integration of scalable frameworks. This approach combines local financial oversight with international exchange technology.
Expanding Digital Infrastructure
The Vietnamese digital asset exchange project forms part of the country’s wider digital transformation strategy. Alongside the exchange, Vietnam is advancing NDAChain, a government backed blockchain platform aimed at sectors including healthcare, logistics, and education. Officials have stated that these initiatives are intended to support the country’s integration into the global technology market.
Dunamu CEO Oh Kyoung-suk said Vietnam’s existing market activity and digital asset adoption create conditions for building a supportive domestic infrastructure. MB Bank Chair Luu Trung Thai confirmed both parties will work as trusted partners to advance the nation’s regulated digital finance sector.
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