Dunamu will support Vietnam’s Military Bank in launching a cryptocurrency exchange.
Vietnam’s government has approved a five-year pilot program to regulate crypto asset trading, marking a significant move toward formalizing a previously unregulated market. Despite the lack of a legal framework, the cryptocurrency market in Vietnam has thrived, with millions of citizens holding digital assets.
The new regulations aim to create a controlled environment for crypto trading, positioning Vietnam as a forward-thinking player in the global digital asset landscape.
The new resolution sets clear guidelines for crypto asset trading within the country. Only Vietnamese companies will be permitted to provide crypto trading platforms, and all transactions, including issuances, trading, and payments, must be conducted in the Vietnam dong. Furthermore, only Vietnamese firms will be allowed to issue crypto assets, and these will be made available solely to foreign investors.
To ensure that only capable entities engage in this space, the regulations require that exchange providers have a minimum capital of 10 trillion dong ($379 million). Additionally, at least 65% of the capital must come from institutional investors. Foreign ownership of these platforms will be capped at 49%, ensuring that control remains in the hands of domestic entities.
Vietnam has emerged as a leading market for digital assets, despite the lack of regulatory clarity until now. The country ranked fifth in the 2024 global adoption index by blockchain firm Chainalysis. It is estimated that 17 million Vietnamese citizens currently own digital assets, with a total market value exceeding $100 billion. This growth has been fueled by widespread interest in cryptocurrencies, even in the absence of clear legal guidelines.
The new pilot program aims to regulate this booming market, while giving investors an avenue for trading in a controlled environment. Vietnamese citizens holding crypto assets, along with foreign investors, will be allowed to open accounts on the licensed platforms. However, a six-month window will be granted after the first license is issued, during which unlicensed trading platforms will be deemed illegal for Vietnamese investors.
Vietnam’s government has signaled its support for blockchain technology as part of its long-term development plans. Last month, Dunamu, operator of South Korea’s largest digital asset exchange, Upbit, entered into a memorandum of understanding with Vietnam’s Military Bank. This agreement will support the establishment of a cryptocurrency exchange in Vietnam, transferring Upbit’s technology to the bank.
While Bitcoin and other cryptocurrencies remain outside the legal tender status in Vietnam, there are ongoing discussions about potential special mechanisms and sandbox initiatives. These may be linked to broader plans to create international financial centers in key cities like Danang and Ho Chi Minh City. Such developments suggest Vietnam is preparing to further integrate digital assets into its economic structure while maintaining regulatory oversight.
