Vietnam's burgeoning cryptocurrency market is set for a significant transformation with the announcement of a landmark partnership between South Korea's Dunamu, the operator of the Upbit exchange, and Vietnam's state-owned Military Bank (MB Bank). This collaboration aims to launch the nation's first officially licensed digital asset exchange, marking a pivotal moment in the country's efforts to regulate its rapidly growing crypto sector.
Key Takeaways
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Dunamu, operator of South Korea's Upbit, partners with Vietnam's MB Bank to launch the country's first licensed crypto exchange.
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The partnership leverages Dunamu's technological expertise and MB Bank's strong institutional presence and regulatory compliance capabilities.
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Vietnam's crypto market is substantial, with 20 million users, an $800 billion annual trading volume, and a top-five global ranking in blockchain capital inflows.
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The venture aligns with Vietnam's recent legal advancements aimed at regulating the digital asset sector.
A New Era for Vietnamese Crypto
The agreement, formalized on August 12, 2025, during a Korea-Vietnam business forum in Seoul, signifies a major step towards establishing a secure and regulated environment for digital asset trading in Vietnam. The country currently boasts over 20 million crypto users who often trade on international platforms, highlighting the demand for a domestic, regulated option. This initiative is bolstered by Vietnam's recent legislative progress, including the Law on the Digital Technology Industry passed in July 2025, which provides a legal foundation for digital asset activities.
Strategic Collaboration and Market Potential
Dunamu will provide the essential technological infrastructure and compliance frameworks, drawing on its experience managing high-volume trading platforms like Upbit. MB Bank, with its extensive customer base of 33 million and assets nearing $50 billion, will oversee regulatory and operational aspects. This synergy is expected to foster institutional confidence and drive long-term market development.
Dunamu CEO Oh Kyoung-suk expressed optimism about Vietnam's market potential, envisioning the creation of a comprehensive digital financial system beyond just trading. MB Bank's Chair, Luu Trung Thai, echoed this sentiment, viewing the partnership as a strategic move to enhance the bank's position in digital finance and support Vietnam's economic transformation. The collaboration is seen as a model for cross-border partnerships in the evolving global crypto landscape, particularly in regions seeking regulatory clarity and robust infrastructure.
Regulatory Landscape and Future Outlook
The establishment of this licensed exchange comes at a time when Vietnam is actively shaping its regulatory framework for digital assets. The new Law on Digital Technology Industry, effective January 1, 2026, officially recognizes digital assets.
Sources
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Dunamu and MB Bank Launch Vietnam's First Licensed Crypto Exchange, AInvest.
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Vietnam’s $800B Crypto Market Set for Historic Shift with Landmark Korea Partnership, CryptoNinjas.
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Dunamu and MB Bank team up for Vietnam’s first crypto exchange, Mitrade.
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Dunamu and Military Bank to launch Vietnam’s first digital asset exchange, Vietnam Investment Review - VIR.
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Vietnam’s MB Bank and UpBit's parent Build Crypto Exchange, Cointelegraph.
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