Vietnam is planning to launch its first cryptocurrency exchange in its country.
This follows a partnership between Vietnam’s state-run military bank and Dunamu, the operator of South Korea’s Upbit exchange.
Local media outlet The Korea Herald reported today that military banks and Dunamu have signed a Seoul agreement and confirmed that they are interested in developing Vietnam’s first domestic crypto exchange.
Currently ranked behind Coinbase, Bybit and Binance. At the time of pressing, Upbit boasted a volume of $3.94 billion over the past 24 hours. Therefore, Dunamu’s expertise is expected to play an important role in the development and operation of Vietnam’s national-related exchanges.
In particular, under the MOU, Dunamu will serve as a technology partner for military banks and provide the necessary infrastructure, technology and compliance guidance.
Upbit operators also provide guidance to military banks on establishing investor protection measures necessary for exchange, helping to develop talent for their employees.
In addition to contributing to Upbit’s success, Dunamu helped shape the crypto-regulated environment in Korea. Despite facing intense regulatory scrutiny, Dunamu has consistently advocated clear rules for the country’s digital asset space.
Vietnam recognizes crypto assets
Meanwhile, the initiative comes less than two months after Vietnamese lawmakers passed a law that allows cryptocurrency and inappropriate tokens (NFTs).
In a meeting with the Vietnamese government, Dunamu co-founder Kim Hyoung-Nyon pledged the company’s dedication to promoting the country’s digital economy vision.
In line with this vision, the Vietnamese government has deployed an official blockchain platform called Ndachain, providing safe and high-performance infrastructure for logistics, healthcare and education.
