South Korea’s Dunamu, the parent company of crypto exchange Upbit, has signed an MoU with MB Bank to establish Vietnam’s first domestic cryptocurrency exchange. The agreement was finalized during the Korea–Vietnam Business Forum held in Seoul on August 12, 2025.
As part of the collaboration, Dunamu will contribute its robust tech infrastructure, regulatory insights, and investor protection capabilities to MB Bank. This includes guidance on compliance, workforce development, and institutional safeguards essential for launching and managing a licensed crypto exchange in Vietnam.
Dunamu brings expertise; MB Bank provides reach
Vietnam has shown strong interest in crypto adoption, with over 20 million digital asset holders and a record of $800 billion in trading volumes. According to official remarks from Dunamu’s leadership, the country ranks fifth globally in blockchain-based asset inflows.
“When Vietnam’s 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,” said Dunamu CEO Oh Kyoung-suk.
Favorable legal and market climate in Vietnam
This collaboration aligns with Vietnam’s drive to regulate digital assets. In June 2025, the country passed the Law on Digital Technology Industry, which defines, classifies, and regulates digital assets. The law also enables pilot operations of digital asset exchanges, making this announcement timely and foundational. Interestingly, Vietnam also launched its own national blockchain platform, NDAChain.
MB Bank is one of Vietnam’s top five banks, with 33 million customers and nearly $50 billion in assets. Whereas Upbit is the world’s third-largest crypto exchange, handling more than $1.1 trillion in trades and managing assets of over 15.3 trillion won or ~$11 billion.