The country will enter the domestic trading market, with state-owned MB Bank partnering with South Korean Dunamu to open the country to a domestic cryptocurrency exchange.
These deals were completed at a Seoul business forum, where high-ranking officials and corporate heads of the two nations were present.
Dunamu, the parent company of the large crypto exchange Upbit in South Korea, will advise on technology and regulatory safety. MB Bank, one of the largest financial institutions in Vietnam, will be the local banking partner.
Dunamu Brings Korean Expertise to Vietnam
The collaboration hopes to replicate the successful South Korean model of a digital asset exchange in Vietnam, an emerging market. Dunamu, the operator of Upbit, which turned the crypto exchange into a heavyweight in Asian markets, will provide compliance, investor protection, and talent services as advisors.
Kim Hyoung-nyon, Vice Chair and Co-founder of Dunamu, pledged its commitment to help develop the crypto industry in Vietnam to the country’s Prime Minister Pham Minh Chinh. Since Upbit is already operating more than 11 billion worth of digital assets and achieved a 4 billion worth of trading volume in 24 hours, Dunamu plans to repeat the success in Vietnam.
With Upbit, Dunamu enjoys a 65% share of the crypto market in South Korea. The exchange is ranked number three globally in overall trading volume, with more than one trillion and ten million traded. The firm will also use this momentum to strengthen its growth in Vietnam.
MB Bank Taps Upbit’s Proven Track Record
Formerly founded by the Ministry of National Defense of Vietnam, MB Bank currently has more than 33 million customers. It has signed a long-term strategic partnership with Dunamu to build digital financial services.
Luu Trung Thai, the chair of MB Bank, said that the bank is trusting Upbit’s expertise to develop Vietnam’s crypto market. According to the bank, the partnership will aid innovation and ensure the prosperity of financial services in the country.
Vietnam has already become the fifth country in the world in terms of crypto adoption. There are already more than 20 million crypto users, and the total volume of trading cryptocurrency in this country amounts to more than 800 billion dollars.
Regulatory Framework and Digital Asset Laws Approved
The Vietnam National Assembly adopted the Law on Digital Technology Industry in June. This legislation will fully regulate crypto assets and take effect on January 1, 2026.
An initial regulatory framework that would permit licensed exchanges to operate is planned for August. The government has structured the licensing of digital asset providers in evident technical, financial, and operational terms.
Officials also confirmed that harsh anti-money laundering policies will be among the policy components. Vietnam is also concluding a resolution to establish an international financial center.
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