Dunamu and MB Bank to Open Vietnam’s First Regulated Digital Asset Exchange

Dunamu, the South Korean operator of crypto exchange Upbit, has signed a partnership with Vietnam’s Military Commercial Joint Stock Bank (MB Bank) to launch the country’s first domestic digital asset exchange. The deal makes MB Bank the first Vietnamese financial institution to operate a regulated platform for trading digital assets within the country.

According to The Korea Herald, the agreement was formalized at the Vietnam–Korea Business Forum in Seoul this week, where Dunamu and MB Bank signed a Memorandum of Understanding (MoU). Dunamu will act as MB Bank’s strategic partner, providing technical infrastructure, compliance guidance, investor protection frameworks, and workforce training.

A Strategic Partnership Under Vietnam’s New Digital Asset Law

Vietnam’s move to create a legal framework for digital assets gained momentum in June with the passage of the Law on Digital Technology Industry. The law, which takes effect on January 1, 2026, introduces formal oversight for digital asset businesses and aims to integrate them into the country’s broader economic transformation.

MB Bank is one of Vietnam’s top five banks, with 33 million customers and assets nearing $50 billion. Founded in 1994 under the Ministry of National Defence, the bank is deeply integrated into the country’s state-linked financial system.

Under the MoU:

• Technology Transfer: Dunamu will provide the core exchange infrastructure modeled on Upbit’s technology stack.
• Regulatory Compliance: Dunamu will advise on aligning the exchange’s operations with Vietnam’s new legal requirements.
• Investor Safeguards: Measures will be implemented for asset custody, transaction monitoring, and anti-fraud protections.
• Talent Development: MB Bank’s staff will receive technical and operational training in digital asset services.

Why Dunamu Was Selected

Dunamu operates Upbit, South Korea’s largest crypto exchange, which as of February 2025 held up to 69% of the domestic market, according to Kaiko Research. Globally, Upbit ranks as the world’s third-largest crypto exchange by trading volume, handling over $1.1 trillion in transactions and managing more than $11 billion in assets.

The company has played a central role in shaping South Korea’s crypto market and regulatory environment — expertise that the Vietnamese government appears to value as it builds its own regulated market.

In July, Dunamu Vice Chair and co-founder Kim Hyoung-nyon met Vietnamese Prime Minister Pham Minh Chinh to discuss cooperation in Vietnam’s digital economy.

Market Potential in Vietnam

Vietnam is already an active player in the global crypto economy. Dunamu CEO Oh Kyoung-suk estimates the country has:

1. More than 20 million virtual asset holders
2. Over $800 billion in trading volume annually
3. The fifth-largest inflow of blockchain-based assets in the world

Vietnam’s high adoption rates, combined with the upcoming legal framework, create favorable conditions for a regulated domestic exchange.

MB Bank Chair Luu Trung Thai said the partnership will “advance Vietnam’s digital finance market,” highlighting the bank’s intent to align with the government’s broader digital transformation agenda.

Technical and Compliance Framework

While the project is still in its early stages, Dunamu’s role will likely involve adapting the Upbit model to meet Vietnamese legal and market requirements. This includes:

1. Order Matching Systems: High-performance matching engines capable of handling large volumes with low latency.
2. Cold and Hot Wallet Management: Segregation of customer funds with multi-signature security protocols.
3. AML/KYC Processes: Full integration of anti-money laundering and know-your-customer verification aligned with local regulations.
4. Regulatory Reporting Tools: Automated compliance reporting to Vietnamese authorities.

Such systems are designed to reduce counterparty risk and protect investors in a market where trust and transparency are key to adoption.

International Cooperation in the Crypto Sector

The collaboration between Dunamu and MB Bank is part of a growing trend where established financial institutions in emerging markets partner with experienced global crypto operators to accelerate market readiness. Similar initiatives have taken place in the Philippines, Indonesia, and the Middle East.

For Dunamu, this deal represents the export of South Korea’s exchange model under a state-linked financial partnership, making it one of the few cases where a national bank is directly involved in crypto exchange operations.

Conclusion

The Dunamu–MB Bank partnership brings together South Korea’s leading crypto technology provider and one of Vietnam’s largest banks to launch the country’s first regulated digital asset exchange. Backed by new legislation and a large crypto-active population, the initiative is structured around technical rigor, compliance, and investor protection — areas where Dunamu has established its expertise through Upbit’s operations.

A successful exchange would serve as a fully integrated domestic trading platform, operating under Vietnam's forthcoming digital asset laws, with the potential to standardize digital finance infrastructure nationwide.

Resources:

1. Dunamu and MB Bank Partnership Report: https://www.koreaherald.com/article/10553213

2. MB Bank Affirms its Position as a Big 5 Bank

3. https://asemconnectvietnam.gov.vn/default.aspx?ZID1=6&ID8=144055&ID1=2#:~:text=MB%20is%20increasingly%20affirming%20its,MB's%20total%20assets%20reached%20VND1.

4. Vietnam ranks second globally in cryptocurrency ownership: https://en.vietnamplus.vn/vietnam-ranks-second-globally-in-cryptocurrency-ownership-post304989.vnp