Breaking: Dunamu & MB Bank Team Up to Launch Vietnam’s First Homegrown Crypto Exchange
Vietnam's crypto scene just got a seismic upgrade—South Korea's Upbit operator Dunamu and local giant MB Bank are flipping the script with the nation's first domestic exchange.
Why it matters: No more offshore hopping for Vietnamese traders. This partnership cuts through red tape to deliver a regulated on-ramp for 100M+ potential users.
The backstory: MB Bank's 30M-strong customer base meets Dunamu's battle-tested exchange tech. A match made in bullish heaven—or another case of 'bankers chasing crypto relevancy'?
Watch this space: If regulators play ball, Vietnam could outpace regional rivals overnight. Just don't ask about transaction fees—some traditions die hard.
Vietnam Brings Crypto Under Formal Radar
In June, the Southeast Asian nation passed the Law on Digital Technology Industry that defines, classifies and outlines crypto management.
Vietnam has officially legalized crypto assets, introducing its first legal framework to regulate digital currencies and VIRTUAL assets. Here's what the new law covers. #Vietnam #CryptoLaw https://t.co/p3SC5jp9UL
The legislation came after years of regulatory ambiguity and international pressure, ever since Vietnam remained on the Financial Action Task Force’s “grey list.” The country was scrutinized for its lack of insufficient anti-money laundering safeguards around virtual assets.
In July, Dunamu Vice Chair and co-founder Kim Hyoung-nyon met Prime Minister Pham Minh Chinh, promising that the company WOULD commit to Vietnam’s digital economic cooperation.
According to Oh Kyoung-suk, Dunamu CEO, Vietnam has potential with over 20 million crypto holders, $800 billion in trading volume. It is also the fifth-largest in the global crypto adoption index last year, per Chainalysis data.
“When this 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,” Kyoung-suk added.
Dunamu Sees Three-Fold Increase in Cash Dividends
Further, Dunamu disclosed a sharp rise in annual profits, announcing a threefold increase in cash dividends to common shareholders.
The company revealed in March that it has allocated nearly 300 billion won ($204.5 million) for cash dividends under its retained earnings distribution plan. It also reported an 85.1% year-over-year increase in operating profit.
Dunamu attributed the strong performance to increased investor interest due to Optimism surrounding pro-crypto regulations across various jurisdictions.
