State-Backed Financial Institution Enters Crypto Space

Vietnam's Military Commercial Joint Stock Bank (MB) has formed a strategic alliance with Dunamu Inc., operator of South Korea's largest cryptocurrency exchange Upbit, to establish a regulated digital asset trading platform. The partnership marks Vietnam's first state-sanctioned entry into cryptocurrency exchange operations, with the platform expected to launch within 2025.

Technology Transfer from Market Leader

Under the memorandum of understanding signed this Wednesday, Dunamu will provide its proprietary exchange technology that powers Upbit's 【$12 billion】 daily trading volume. MB Chairman Luu Trung Thai emphasized the collaboration would "accelerate Vietnam's digital finance capabilities" while ensuring regulatory compliance. The military-affiliated bank currently serves 【8.2 million】 customers through its 300+ branches nationwide.

Regulatory Framework Takes Shape

The venture coincides with Vietnam's completion of its digital asset legal framework in August 2025, following March's pilot program announcement by Deputy Finance Minister Nguyen Duc Chi. ——State Bank of Vietnam officials confirm the exchange will operate under strict capital controls and KYC requirements——, contrasting with existing unregulated platforms like BitcoinVN and Nami.Exchange.

Strategic Regional Positioning

Industry analysts note the timing aligns with Vietnam's push to establish itself as Southeast Asia's blockchain hub, coming just months after the launch of the national NDAChain. The crypto exchange will initially serve Vietnam's 【27 million】 crypto-active population, with plans to expand regionally. Interestingly, this represents Dunamu's first technology licensing deal outside South Korea.

Balancing Innovation and Control

While Vietnam ranks 【third】 globally for crypto adoption according to Chainalysis 2024 data, authorities have maintained cautious oversight. The new platform's military affiliation provides unique advantages in navigating regulatory requirements while accessing government-backed blockchain initiatives. As of press time, the partners haven't disclosed whether the exchange will support 【NFT】 or 【tokenized securities】 trading.