South Korea’s Dunamu, operator of Upbit, is teaming up with Vietnam’s state-controlled Military Bank (MB Bank) to launch the country’s first domestic cryptocurrency exchange. The strategic partnership was formalized through a memorandum of understanding (MoU) signed on Tuesday at a business forum in Seoul, attended by business leaders from both nations.
The alliance marks a major step in Vietnam’s push to regulate its digital asset industry. As per The Korea Herald reports, Dunamu will provide MB Bank with technology infrastructure, regulatory guidance, and expertise in investor protection and talent development, effectively exporting South Korea’s proven crypto exchange model.
“The partnership is especially significant as Dunamu is exporting Korea’s exchange model and technology as part of an overseas state-led initiative,” a Dunamu official said to The Korea Herald.
MB Bank, founded in 1994 under Vietnam’s Ministry of National Defence, is among the country’s top five banks, with 33 million customers and assets approaching $50 billion. As per the deal, MB Bank will anchor the rollout of digital asset services within a trusted banking framework.
Vietnam’s regulatory trend toward digital assets aligns with the agreement. The National Assembly passed the law in June legalizing virtual assets by passing the Law on Digital Technology.
Dunamu CEO Oh Kyoung-suk stated, “Vietnam has potential with more than 20 million virtual asset holders, over $800 billion in trading volume, 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 not just an exchange but Vietnam’s entire digital financial infrastructure on a foundation of trust.”
MB Bank Chairman Luu Trung Thai echoed the sentiment, stating, “MB and Upbit will work together as trusted partners to advance Vietnam’s digital finance market.”
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