South Korean virtual currency exchange Bithumb has signed a memorandum of understanding with SSI Digital Technology (SSID) to explore local digital asset exchange business in Vietnam.
SSID is linked to SSI Securities, one of the largest securities companies in Vietnam. The agreement includes the setup and operation of a cryptocurrency exchange.
The companies will work on technology, wallet systems, custody, security, risk management, compliance support, product development, and institutional services.
Transaction is subject to local approval
Bithumb may also make strategic equity investments in entities linked to SSIDs. However, this move is subject to the approval of Vietnamese authorities as the country establishes formal rules on digital asset trading.
Bithumb officials said, “We will prioritize strict compliance with the regulatory environment set by Vietnam’s financial authorities and cooperate in establishing a secure virtual asset trading infrastructure.” This quote shows that Bithumb structures its deals based on local rules rather than quick market entry.
Additionally, the move comes as Vietnam moves crypto transactions from offshore platforms to domestic oversight. Crypto.news reported in January that Vietnam had launched a pilot licensing system for virtual currency exchanges under the Ministry of Finance and the National Securities Commission.
The framework established strict entry rules for exchange operators. Applicants must be Vietnamese companies with paid-up charter capital of at least VND10 trillion, mainly supported by institutional investors. They must also meet standards regarding governance, staffing, infrastructure, and cybersecurity.
Local and foreign players move in
Several companies were preparing authorized exchange tenders in Vietnam. SSI, VIX, MBBank, Techcombank, and VPBank are among the companies involved in the domestic cryptocurrency exchange plan.
In April, crypto.news reported that OKX Ventures and HashKey Capital backed CAEX, a platform linked to VPBank, in preparation for Vietnam’s cryptocurrency exchange experiment. CAEX aimed to meet the same VND10 trillion capital requirement under the pilot regulations.
Vietnam market attracts regional exchanges
Bithumb is not the only Korean exchange organization paying attention to Vietnam. MBBank has signed a technical cooperation agreement with Dunamu, the operator of Upbit, to explore a regulated exchange.
Vietnam remains one of the most active crypto markets in Asia. Crypto.news reported in March that authorities were preparing rules to restrict trading on foreign platforms as part of efforts to curb capital outflows and bring more activities under local control.
