Vietnam’s Crypto Revolution Ignites as Upbit Exchange Launches – Market Braces for Impact
Vietnam's digital finance landscape just got a seismic upgrade—Upbit, one of Asia's largest crypto exchanges, officially enters the market.
Why It Matters
This isn't just another exchange launch. Upbit’s arrival signals Vietnam’s accelerating embrace of cryptocurrency, positioning the country as a key player in Southeast Asia’s booming digital economy. Regulatory hurdles? Cleared. Market demand? Surging.
Local traders gain access to global liquidity, tighter spreads, and institutional-grade security—features previously reserved for markets like South Korea and Singapore.
The Bigger Picture
Vietnam’s young, tech-savvy population has long hungered for regulated crypto infrastructure. Upbit delivers exactly that, combining deep liquidity with compliance-first operations. Expect trading volumes to spike—and competitors to sweat.
One cynical take? Traditional banks might finally notice that their 0.05% savings accounts aren’t exactly winning the future.
Bottom line: Upbit’s launch isn’t just a milestone—it’s a statement. Vietnam’s crypto revolution is here, and it’s moving fast.
Securities Firms Take the Initiative
Vietnam’s Resolution 05/2025 authorizes a pilot program for crypto issuance, trading, and service provision under government oversight. Firms must hold at least $68 million (VND 10 trillion) in charter capital to qualify.
Furthermore, 65 percent must be owned by organizations, and at least 35 percent must be contributed by two or more commercial banks, securities companies, fund managers, insurers, or technology firms. These rules have prompted swift action from domestic financial institutions.
SSI Securities Corporation has positioned itself early. In 2022, it formed SSI Digital Corporation with $1.36 million (VND 200 billion) in capital to develop a digital finance ecosystem. In addition, SSI recently signed agreements with Tether, U2U Network, and Amazon Web Services to build blockchain and cloud infrastructure. These steps lay the groundwork for tokenized asset services.
Techcom Securities (TCBS) also moved quickly. In May 2025, it created Techcom Encrypted Asset Exchange (TCEX) with an initial $20 million (VND 3 billion) charter capital, later boosted to $690 million (VND 101 billion). Similarly, VIX Securities contributed $1.02 million (VND 150 billion) to establish VIXEX. As a result, VIXEX quickly expanded to $6.8 million (VND 1 trillion). These developments indicate a growing involvement of brokers in the digital asset sector.
Banks Strengthen Digital Infrastructure
Banks are pursuing partnerships because licensed exchanges must include major financial or tech shareholders. For example, Military Commercial Joint Stock Bank (MB) has teamed up with South Korea’s Dunamu Group, operator of Upbit. Upbit is one of the world’s largest crypto exchanges, with a 2024 trading volume exceeding $1.1 trillion. Under the agreement, Dunamu will provide technology transfer, legal compliance guidance, and investor protection expertise.
Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is also finalizing its entry strategy. VPBank Securities (VPBankS) spearheads efforts to build a tokenized asset exchange. In addition, VPBankS is preparing an IPO to raise capital from domestic and foreign investors. This step is part of the bank’s preparation to participate in the pilot crypto exchange program.
Outlook for Vietnam’s Digital Asset Market
Vietnam’s combination of strict licensing requirements and proactive financial institutions sets the stage for a competitive crypto exchange landscape. Securities firms and banks also invest in technology, partnerships, and regulatory compliance.
Despite hopes of emerging as a key digital asset hub in Southeast Asia, the pilot program’s success will depend on effective oversight, investor protection, and the ability of institutions to balance innovation with risk management.
