Government-Backed Platform Set to Join Vietnam’s Emerging Digital Asset Market
Vietnam’s state-controlled Military Bank (MB) is entering the cryptocurrency market through a strategic partnership with Dunamu, the parent company of South Korea’s leading exchange Upbit. The two have signed a memorandum of understanding to develop a regulated digital asset trading platform in Vietnam.
According to MB Chairman Luu Trung Thai, the collaboration will see Upbit provide technology and expertise, positioning both parties as “trusted partners” in advancing Vietnam’s digital financial market.
This initiative carries extra weight as MB operates under the Vietnamese Ministry of National Defense, making the exchange a government-led project — a rarity in the global crypto landscape.
Vietnam’s Regulatory Push for Digital Assets
The move comes amid Vietnam’s ongoing efforts to regulate cryptocurrencies. In March 2025, Deputy Minister of Finance Nguyen Duc Chi introduced a pilot program for fintech companies, including crypto exchanges. Earlier this month, State Bank of Vietnam (SBV) Deputy Governor Pham Tien Dung confirmed that the country has established a legal framework for digital assets and tokenized assets.
The framework consists of three pillars:
- A pilot program (submitted in March) for regulated testing.
- A National Assembly resolution on digital finance.
- A law on industry and digital technology to support blockchain adoption.
“We’re acting through law to facilitate investment and business in this sector,” SBV’s Dung stated.
Positioning for the First Fully Regulated Exchange
While Vietnam already hosts several crypto platforms — including BitcoinVN, Ginero, and Nami.Exchange — none currently operate under a formal licensing regime. Once the pilot program concludes, MB’s planned platform could become the first officially regulated crypto exchange in the country.
The government has indicated that multiple licensed exchanges will be allowed to operate within an international financial center, signaling a competitive but regulated environment ahead.
With Dunamu’s proven exchange technology and MB’s strong government ties, Vietnam could soon emerge as one of Southeast Asia’s most structured and transparent crypto markets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.