Military Bank of South Korea and Dunamu, a subsidiary of the country's largest internet company, Kakao, plan to oversee Vietnam's inaugural digital asset exchange.
In a significant stride towards establishing a secure and compliant digital asset market in Vietnam, Military Bank, a state-controlled bank under Vietnam's Ministry of National Defense, has partnered with South Korea's leading digital asset exchange, Upbit, operated by Dunamu Inc.
The partnership, formalized with a Memorandum of Understanding (MoU) signed on August 12, 2025, during the Vietnam-Korea Business Forum in Seoul, aims to launch Vietnam's first regulated, state-backed cryptocurrency exchange.
Dunamu will provide the technical infrastructure, cybersecurity systems, compliance frameworks, and support training for local talent to build a skilled workforce in Vietnam’s digital finance sector. On the other hand, Military Bank will handle customer service, regulatory coordination, and operational management on the ground in Vietnam.
The launch follows Vietnam's establishment of a legal framework for digital assets, including tokenized assets, anticipating full regulation commencing in 2026. A pilot program for crypto exchanges was announced by the Deputy Finance Minister earlier in 2025.
Vietnam's rapidly growing crypto user base of over 20 million holders and significant annual crypto trading volume ($800 billion) position it as one of the leading countries in crypto adoption globally. The exchange aims to promote Vietnam’s digital financial market, enhance investor trust through a regulated platform, and contribute to the country’s broader digital economy transformation goals.
Oh Kyung-seok, CEO of Dunamu, expressed support for Vietnam in establishing a secure digital finance ecosystem grounded in reliable technology. He described Upbit as a comprehensive platform that encompasses planning, operations, compliance, and asset management. Upbit handles more than $1.1 trillion in trades and manages assets of over $11 billion.
The partnership also includes the formulation of legal frameworks and the development of investor protection measures related to digital assets. The Ministry of Finance (MoF) in Vietnam is finalising a draft scheme for the operation of one or more licensed crypto trading platforms under a controlled framework.
The Chairman of Military Bank, Luu Trung Thai, has expressed support for the partnership between Military Bank and Upbit. Oh Kyung-seok stated that the partnership aims to go beyond building an exchange to designing the entire digital finance infrastructure based on trust.
This partnership marks a significant step towards creating a secure, compliant, and government-supported digital asset market in Vietnam, blending South Korea’s tech expertise with Vietnam’s state control and market access.
- The technology expertise of South Korea's Upbit, as part of the partnership with Military Bank, will be instrumental in building Vietnam's digital finance infrastructure.
- The launch of Vietnam's first regulated, state-backed cryptocurrency exchange, a result of the partnership between Military Bank and Upbit, aims to foster trust in the country's digital finance sector, aligning with the goals of Vietnam's digital economy transformation.
