Main Points :
- Strategic MoU between South Korea’s Dunamu (Upbit operator) and Vietnam’s state-controlled Military Bank (MB) signed in August 2025.
- Dunamu brings proven technology, compliance, investor‑protection, and talent development experience.
- MB Bank contributes regulatory integration, national banking infrastructure, and trusted institutional presence.
- Vietnam’s evolving legal framework—the Digital Technology Industry Law effective January 2026—provides the regulatory foundation.
- Vietnam counts over 20 million crypto holders, and sees an estimated $800 billion annual trading volume.
- Strict capital requirements (VND 10 trillion, ~US$400 million) and high cybersecurity and AML standards will apply.
- The venture marks a major shift toward domestic digital finance infrastructure, with regional significance.
- Challenges ahead include potential crowding out of local startups and ensuring balanced fintech innovation.
A Strategic Partnership for Domestic Crypto Infrastructure
In August 2025, during the Vietnam–Korea Business Forum in Seoul, a groundbreaking Memorandum of Understanding (MoU) was signed between South Korea’s Dunamu—the operator of Upbit—and Vietnam’s state-controlled Military Bank (MB Bank). This collaboration signals the inception of Vietnam’s first regulated, domestically operated cryptocurrency exchange.
By leveraging Dunamu’s robust technology and regulatory acumen, and coupling it with MB Bank’s extensive national reach and credibility, the exchange aims to establish a trustworthy, secure, and scalable digital asset platform in Vietnam.
What Dunamu Contributes: Proven Infrastructure and Expertise
Dunamu brings a wealth of operational excellence to the table:
- Infrastructure & Security: Drawing from Upbit’s systems that process over US$1.1 trillion in annual trading volume and manage more than US$11 billion in assets, the platform will be built on a high-performance, secure infrastructure.
- Compliance & Investor Protection: It will guide MB Bank in AML protocols, regulatory alignment, and user protection, in line with global standards.
- Talent Development: Through knowledge transfer and training, local capacity in digital asset operations will be nurtured.
Upbit’s proven dominance in Korea—commanding around 69% market share and known for institutional-grade custody—positions Dunamu as an unparalleled partner.
MB Bank’s Role: Institutional Reach and Regulatory Anchoring
Established in 1994 under Vietnam’s Ministry of National Defense, MB Bank is among the country’s largest state-linked financial institutions. It serves approximately 33 million clients and manages nearly US$50 billion in assets.
In this venture:
- MB Bank will oversee regulatory compliance, ensuring alignment with Vietnam’s newly forming legal structures.
- It will integrate the platform into the banking network and customer base, offering accessibility and trust.
- Its involvement marks the exchange as a state-backed, government-aligned project with public legitimacy.
Regulatory Framework: Paving the Way for Regulated Exchanges
Vietnam’s Digital Technology Industry Law, passed in June 2025 and effective from January 1, 2026, formally legalizes digital assets and establishes regulatory oversight for exchanges.
The government is also designing a regulated pilot framework that includes:
- Testing exchanges within an international financial center, with multiple operators allowed to foster competition.
- Defined technical standards, operational procedures, and participant qualifications.
Vietnam’s Crypto Market: Massive Adoption, Untapped Local Infrastructure
Vietnam boasts a vibrant crypto ecosystem:
- More than 20 million crypto holders, accounting for about 21% of the population.
- Annual trading volumes estimated at US$800 billion, positioning Vietnam among the top global markets for blockchain capital flows.
Until now, activity has largely been conducted via foreign exchanges, which lacks local accountability and complicates customer protection and tax regulation.
This initiative aims to retain trading within a regulated environment, fostering fair competition and deeper integration into Vietnam’s financial system.
High Barriers to Entry: Capital and Security Standards
Vietnam’s new framework imposes stringent entry requirements:
- Minimum charter capital: VND 10 trillion (approx. US$400 million), which is significantly higher than requirements in many markets.
- Cybersecurity Level 4 compliance and robust anti-money laundering measures aligned with FATF standards—demanding the highest security class.
- Platforms must clearly state that digital assets are not legal tender, with Vietnamese dong as the only recognized fiat currency.
Regional Significance: Blueprint for Emerging Markets
This venture exemplifies a model of cross-border collaboration between established crypto infrastructure and national institutions. It offers:
- A path for secure, compliant domestic exchange, reducing reliance on offshore platforms.
- A foundation for fintech talent development, expanding Vietnam’s capabilities in blockchain and digital finance.
- A potential blueprint for regional replication, especially in Southeast Asia, where regulatory clarity is still evolving.
Cautions and Challenges Ahead
Despite the promise, challenges must be acknowledged:
- Local startups may struggle to compete against the combined might of MB Bank and Dunamu, potentially dampening homegrown innovation.
- Execution hinges on navigating complex legal, technical, and operational integration—any misalignment could delay rollout.
- Trust must be maintained through transparency, user education, and inclusive stakeholder engagement.
A balanced approach that supports both institutional strength and local innovation will be critical.
Conclusion
The MoU between Dunamu and MB Bank represents a pivotal moment in Vietnam’s journey toward a regulated crypto ecosystem. Armed with cutting-edge technology, institutional legitimacy, and a favorable legal framework, the exchange could redefine the country’s digital finance landscape.
Anchored by the country’s massive crypto adoption and backed by robust infrastructure and regulation, the initiative promises to:
- Elevate trust and investor protection.
- Keep crypto economic value within national borders.
- Stimulate local talent and fintech growth.
- Position Vietnam as a leader among Southeast Asia’s digital asset markets.
With careful execution, stakeholder collaboration, and continued regulatory refinement, Vietnam’s first licensed crypto exchange could mark not just the dawn of a new platform, but the birth of a digital financial infrastructure built on trust, innovation, and inclusion.
