Upbit Operator, Dunamu, partners with Vietnam’s MB Bank to launch the first domestic crypto exchange, boosting the country’s regulated digital asset market.
South Korea’s largest cryptocurrency exchange operator, Dunamu, has partnered with Vietnam’s MB Bank to launch the country’s first domestic digital asset exchange. The agreement was signed on Tuesday during a business forum in Seoul. The event saw the attendance of leaders of both nations. The collaboration is an important milestone for the emerging digital economy of Vietnam.
Upbit Operator to Support Vietnam’s Legal Crypto Market Framework
Dunamu operates Upbit, the third-largest cryptocurrency exchange in the world. Upbit conducts trades of more than 1.1 trillion and has an asset value of more than 11 billion. In the meantime, the Military Bank, which is formally named MB Bank, is ranked among the five leading banks of Vietnam. Established in 1994, it has a customer base of 33 million customers and an asset base of almost 50 billion dollars. MB Bank is a subsidiary of the Ministry of National Defence in Vietnam.
Within the framework of the agreement, Dunamu will supply MB Bank with the technology and infrastructure. Also, Dunamu will provide regulatory compliance, investor protection, and talent development advice. Such backing will assist MB Bank in creating a safe and reliable crypto platform. The collaboration will establish a solid base in the digital financial market of Vietnam.
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Vietnam is in the process of regulating its market in digital assets. In July, the Law on the Digital Technology Industry was passed in the country. This act gives all digital assets legality and establishes a regulated market. The crypto market in Vietnam is flourishing, and it has more than 20 million of its citizens holding virtual assets. The trading volume in the country exceeds 800 billion dollars, and that nation is the fifth in the world in terms of blockchain-related asset inflows.
Dunamu is an expert, and this makes it an important partner of Vietnam. The firm has influenced the crypto space and policies in South Korea. Dunamu vice chair Kim Hyoung-nyon met with Vietnam Prime Minister Pham Minh Chinh in July. Kim is committed to supporting the Vietnam digital economy through Dunamu.
Dunamu-MB Bank Deal Aims to Transform Vietnam’s Crypto Landscape
Dunamu CEO Oh Kyoung-suk highlighted Vietnam’s rapidly expanding digital asset landscape. He noted the country’s more than 20 million virtual asset holders as a sign of strong market potential. Moreover, he cited the business model of Upbit, according to which it was also possible to create not only a cryptocurrency exchange but also a more comprehensive, trusted digital financial system in the country.
Luu Trung Thai, the Chair of MB Bank, said he shared the same confidence that the partnership between MB Bank and Upbit was a strategic move to assist the development of the digital finance industry in Vietnam.
The collaboration is just a strand of a wider initiative to introduce crypto skills to Vietnam from South Korea. The increased influence of Dunamu is evidenced by its participation in this initiative by the state. The firm is also selling its exchange model and technology to assist Vietnam in developing a regulated and safe crypto market.
This partnership is a landmark partnership for both companies. In the case of Dunamu, it enhances its international operation. For MB Bank, this is a step toward becoming a leader in Vietnam’s digital finance industry. Moreover, the partnership could set an example for other countries in the region. This is because Vietnam’s crypto market is growing rapidly.
The new exchange will start operating soon, but no precise date was given. The two companies also believe in the development of a secure and innovative platform. The exchange has the potential to change the digital economy in Vietnam since the country has a high number of crypto users, and Dunamu has extensive knowledge in this industry.
