Breaking: Dunamu & MB Bank Launch Vietnam’s First Licensed Crypto Exchange—Here’s Why It Matters

South Korea's crypto heavyweight Dunamu just shook up Southeast Asia—teaming with Vietnam's MB Bank to crack open the market with the country's first regulated digital asset platform. Move over, gray markets.

Why Vietnam? The unbanked population hovers near 78%, while smartphone penetration rockets past 70%. Perfect storm for crypto adoption—if you ignore the finance minister who still calls Bitcoin 'pyramid scheme' behind closed doors.

The partnership leverages Dunamu's Upbit tech stack (you know, the exchange that survived Korea's brutal regulatory purge) and MB Bank's 20 million-strong customer base. Clever—skip the user acquisition grind by tapping ready-made banking clients.

Watch for ripple effects: Thailand's SEC already sweating over potential capital flight. Meanwhile, Vietnam's regulators play catch-up—their 'sandbox' framework still smells like fresh ink.

One banker's off-record quip says it all: 'We'll monetize the hype cycle before the inevitable crackdown.' Ah, tradition.

Vietnam eyes Dunamu due to its proven expertise on Upbit

MB Bank, which serves 33 million customers with total assets nearing 50 million, agreed that Dunamu will serve as its key strategic partner. According to local media outlet The Korea Herald, the Upbit operator will offer its advisory capabilities on regulatory compliance, investor protection, and talent development.

The Vietnamese government tapped into Dunamu due to its proven expertise on Upbit, where it transformed the exchange to help shape Korea’s broader crypto ecosystem. The company’s vice chair and co-founder, Kim Hyuong-nyon, pledged Dunamu’s commitment to Prime Minister Pham Minh Chinh towards the country’s crypto industry.

At the time of publication, Upbit has nearly $4 billion in trading volume in the last 24 hours, and manages over $11 billion in digital assets. Vietnam ranked on Chainalysis Statista as the 5th globally in overall interest in cryptocurrencies. The country also has the fifth-largest inflow of blockchain-based assets, with over 20 million crypto holders and over $800 billion in trading volume. 

“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.”

-Oh Kyoung-suk, CEO of Dunamu.

MB Bank Chair Luu Trung Thai also acknowledged that the financial institution will work with Upbit as a trusted partner to advance Vietnam’s digital finance market. On-chain data showed that Upbit has a 65% market share coming from South Korea. Dunamu also stated that Upbit has a trading volume of $1.1 trillion, ranking it third globally.

Sogang University professor Yoon Seok-bin said Dunamu was one of the most profitable companies in Korea in terms of operating margin. He argued that the company should tap into the global markets to continue its growth momentum. The professor also believes that Vietnam is the right choice since it is expected to experience rapid growth in the digital asset markets. 

Vietnam approves crypto legislation

The Vietnamese government also approved the Law on Digital Technology Industry on June 14, which brought digital assets under regulatory oversight. The country’s National Assembly said the legislation will take effect on January 1, 2026. 

Vietnam also passed a draft framework to legalize the pilot operation of digital asset exchanges, which will be realized by August. Deputy Minister of Finance Nguyen Duc Chi said at the government’s Wednesday conference that the initiative on crypto assets had been completed. 

Chi acknowledged that the criteria of market participants, technical conditions, financial capacity, operation procedures, and expertise of service providers were already established. As previously reported by Cryptopolitan, Vietnam launched its own national blockchain platform, NDAChain.

The Vietnamese government also passed a resolution on the establishment of an international financial center (IFC). It said the project’s resolution is being finalized and submitted to the government for approval and is expected to be issued within August or September. Chi also mentioned that the pilot phase will allow several exchanges to operate in order to create a healthy competitive environment. 

Deputy head of the Market Development Department, To Tran Hao, revealed that the draft would set strict regulations for establishing businesses providing digital asset services. The draft indicates that the management of VIRTUAL assets will focus on trading, transfers, and anti-money laundering measures.

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