South Korea’s Upbit Parent Company Dunamu Signs MOU with Vietnam’s MB Bank to Establish Vietnam’s First Regulated National Digital Asset Exchange
(Background: The female stock god invests in Ethereum! Ark Invests $182 million in BitMine; SharpLink Gaming purchases an additional 80,000 ETH.)
(Context: Ethereum peaks at $4,640, less than 5% from its “historical high,” with a market capitalization surpassing Netflix and Mastercard.)
South Korea’s largest cryptocurrency exchange Upbit’s parent company Dunamu signed a memorandum of understanding (MOU) with Vietnam’s state-owned Military Commercial Joint Stock Bank (MB Bank) in Hanoi on the 13th. The two parties plan to establish Vietnam’s first regulated local digital asset exchange. This state-supported collaboration not only provides compliant channels for over 20 million cryptocurrency users in Vietnam but also symbolizes the government’s formal inclusion of blockchain and cryptocurrency assets into the national digital economy framework.
Vietnam and South Korea Join Forces to Build the First National Exchange
It is understood that MB Bank, which is under the Ministry of National Defense of Vietnam, is regarded as the most official financial institution; Upbit is the largest cryptocurrency exchange in South Korea, managing assets of approximately $11 billion. Dunamu emphasized that this is the company’s “first export of the Korean exchange model and technology as part of a state-led initiative.”
“This cooperation is significant because Dunamu is exporting the Korean exchange model and technology as part of a state-led overseas initiative.”
Regulatory Framework in Place to Strengthen Investor Protection
Earlier, the Vietnamese National Assembly passed the Digital Technology Industry Law in July, which legally recognized the status of cryptocurrency assets for the first time and authorized regulatory agencies to establish a review mechanism for exchanges, enforcing KYC and AML standards.
According to official plans, the first batch of regulated exchanges will start pilot operations in 2025. Dunamu CEO Oh Kyoung-suk revealed that the number of cryptocurrency users in Vietnam has surpassed 20 million, with an annual trading volume exceeding $800 billion, indicating “huge potential”; through comprehensive regulation, past fragmented P2P trading can be directed towards transparent and secure compliant channels.
Regional Demonstration Effect to Guide Compliant Funds
Amidst the high volatility of the cryptocurrency market, the collaboration between Dunamu and MB Bank provides Vietnam with a path to balance innovation and regulation, while also demonstrating to other emerging markets how the “national team + international leader” model can be implemented. It also symbolizes Vietnam’s ambition to expand its presence in the global digital finance landscape.
