- South Korea’s leading exchange operator, Dunamu, will help Vietnam launch its first domestic crypto exchange.
- Dunamu will provide technology, infrastructure, compliance, and investor protection support.
- Vietnam’s crypto market is booming but still operates in a legal gray area.
South Korea’s Dunamu, operator of top exchange Upbit, is stepping onto the Vietnamese stage, partnering with MB Bank to launch the country’s first homegrown crypto exchange.
Under the agreement, Dunamu will provide technology and infrastructure support and guidance on compliance, investor protection, and talent development — a comprehensive package aimed at building a secure, scalable platform.
Vietnam’s Top Bank Turns to Crypto
On Aug. 12, Dunamu and MB Bank signed a Memorandum of Understanding (MoU) at the Korea–Vietnam business forum in Seoul, attended by business leaders from both nations.
MB Bank, one of Vietnam’s five largest government-run banks, was founded in 1994 under the Ministry of Defense. Today, it serves 33 million customers and manages nearly $50 billion in assets.
Plans for the exchange date back to July, when Dunamu Vice Chairman and co-founder Kim Hyoung-nyon met with Vietnamese Prime Minister Pham Minh Chinh and pledged support for Vietnam’s digital economy.
“The partnership is especially significant as Dunamu is exporting Korea’s exchange model and technology as part of an overseas state-led initiative,” a company official said.
Crypto in a Gray Zone
Despite its popularity, crypto in Vietnam still operates without a clear legal framework.
According to Dunamu CEO Oh Kyoung-suk, the country holds huge potential: more than 20 million virtual asset holders, $800 billion in trading volume, and the world’s fifth-largest inflow of blockchain-based assets.
The new exchange project aligns with Vietnam’s ongoing efforts to regulate the sector, with the Digital Technology Industry Law set to take effect in January 2026.
The government is also exploring sandbox programs for testing exchanges under real-world conditions.
A $400 Million Barrier to Entry
One headline-grabbing detail is the minimum charter capital required to operate a crypto exchange in Vietnam: VND 10 trillion, or roughly $400 million.
This figure is far higher than in other countries, where pilot programs often require just $50,000 to a few hundred thousand dollars.
For comparison, it’s 33 times the capital needed to start an airline in Vietnam and more than three times the amount required to establish a national commercial bank ($127 million).
Officials say the steep requirement is designed to protect investors, safeguard financial stability, and enforce robust risk management — all in line with Financial Action Task Force (FATF) anti-money laundering guidelines.
Exchanges must also clearly state that digital assets are not legal tender, with only the Vietnamese dong recognized, and must meet the country’s top cybersecurity rating, Level 4.
