South Korea’s Dunamu, operator of Upbit, is partnering with Vietnam’s state-controlled MB Bank to launch the country’s first licensed crypto exchange. The move follows new legislation legalizing digital assets in Vietnam.
Dunamu and MB Bank to Launch Vietnam’s First Licensed Crypto Exchange
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Vietnam Set to Open First Domestic Crypto Exchange with Dunamu–MB Bank Deal
Vietnam is preparing to debut its first domestic cryptocurrency exchange through a partnership between Dunamu, operator of South Korea’s leading exchange Upbit, and MB Bank, one of Vietnam’s top five banks.
The agreement will see Dunamu provide technology, infrastructure, and expertise to MB Bank, a state-linked lender with nearly $50 billion in assets and 33 million customers. The collaboration will also cover regulatory compliance, investor protections, and talent development.
“Vietnam has potential with more than 20 million virtual asset holders and the world’s fifth-largest inflow of blockchain-based assets. When this growth potential meets the Upbit model, it will be a chance to build Vietnam’s entire digital financial infrastructure on a foundation of trust,” Dunamu CEO Oh Kyoung-suk said.
The timing aligns with Vietnam’s recent passage of the Law on Digital Technology Industry, which formally legalizes and regulates digital assets. This policy shift paves the way for a fully regulated crypto market, with the Dunamu–MB Bank venture positioned as its first mover.
Dunamu’s track record likely played a role in securing the deal. The company has not only built Upbit into the world’s third-largest exchange, processing over $1.1 trillion in trades, but also contributed to shaping South Korea’s crypto regulations.
