Vietnam's Military Bank to Launch Regulated Crypto Exchange

Military Bank (MB), a state-controlled bank in Vietnam, is set to establish a regulated cryptocurrency exchange in collaboration with Dunamu, the parent company of South Korea's Upbit. Dunamu announced the signing of a memorandum of understanding with MB, which will leverage its technology to create the exchange. Chairman Luu Trung Thai emphasized the partnership's role in advancing Vietnam's digital financial landscape. As a financial institution under the Ministry of National Defense, this initiative is government-backed. In March, Deputy Finance Minister Nguyen Duc Chi revealed a pilot program for fintech firms, including crypto exchanges. The State Bank of Vietnam (SBV) has confirmed the establishment of a legal framework for digital assets. The SBV's leadership highlighted the importance of the pilot program, which requires a resolution from the National Assembly and a law on digital technology. While some reports claim this is Vietnam's first domestic crypto exchange, existing platforms like BitcoinVN and Nami.Exchange already operate in the country. Read more AI-generated news on: https://app.chaingpt.org/news