South Korean crypto exchange Bithumb has signed a memorandum of understanding with SSI Digital Technology (SSID) to explore launching a digital asset exchange in Vietnam. SSID is tied to SSI Securities, one of the country’s largest securities firms. The deal covers technology, wallet systems, custody, security, risk controls, compliance support, product development, and institutional services.
But the plan isn’t final. It still depends on approval from Vietnamese authorities. Bithumb may also make a strategic equity investment in an SSID-linked entity. That move, too, hinges on local regulators as Vietnam builds formal rules for digital asset trading.
Bithumb is taking a careful approach. A company official said, “We will prioritize strict compliance with the regulatory environment set by Vietnamese financial authorities and work together to establish a safe virtual asset trading infrastructure.” That suggests Bithumb is framing the deal around local rules rather than rushing into the market.
Vietnam’s shifting regulatory landscape
The timing matters. Vietnam is moving crypto trading from offshore platforms toward domestic oversight. In January, the country launched a pilot licensing regime for crypto exchanges under the Ministry of Finance and the State Securities Commission. The rules are strict. Applicants must be Vietnamese companies with at least 10 trillion dong in paid-in charter capital, mostly from institutional investors. They also need to meet standards on governance, staffing, infrastructure, and cybersecurity.
Several firms are already preparing bids. SSI, VIX, MBBank, Techcombank, and VPBank are among the companies tied to domestic crypto exchange plans. In April, OKX Ventures and HashKey Capital backed CAEX, a VPBank-linked platform, as it prepared for Vietnam’s pilot. CAEX aimed to meet the same 10 trillion dong capital requirement.
Regional interest in Vietnam heats up
Bithumb isn’t the only Korean exchange looking at Vietnam. MBBank signed a technical cooperation agreement with Dunamu, the operator of Upbit, to explore a regulated exchange. That shows a broader trend.
Vietnam remains one of Asia’s most active crypto markets. In March, reports suggested authorities were also preparing rules to limit trading on foreign platforms. That’s part of efforts to curb capital outflows and bring more activity under local control. For exchanges like Bithumb, entering through a local partner might be the safest path forward.
