On 12/8, MB signed a memorandum of understanding (MOU) on technical cooperation with South Korean conglomerate Dunamu. In addition to supporting the establishment of the exchange, Dunamu will transfer Upbit's technology to MB and provide comprehensive operational expertise.
MB chairman Luu Trung Thai stated that the bank will work with Dunamu to promote Vietnam's digital finance market.
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The signing ceremony between Dunamu and MB on 12/8. Photo: MB. |
The signing ceremony between Dunamu and MB on 12/8. Photo: MB.
According to a draft resolution on the digital asset market soon to be submitted to the government, exchange operators must have a minimum capital of 10 trillion VND. At least 35% of this capital must be held by two institutions: banks, securities companies, fund managers, insurance companies, or technology firms. The remaining 65% must be owned by organizations, not individuals.
Dunamu operates Upbit, the world's third-largest centralized cryptocurrency exchange. Upbit holds approximately 80% of the South Korean market share, with 6 million customers and a trading volume exceeding 1.1 trillion USD in 2024.
MB is currently Vietnam's fifth-largest bank, with total assets reaching 1.29 quadrillion VND at the end of the second quarter of this year. In the first six months of the year, the bank earned 15,889 billion VND in pre-tax profit, an 18% increase year-on-year.
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Illustrative image of Bitcoin. Photo: Reuters. |
Illustrative image of Bitcoin. Photo: Reuters.
In June, the National Assembly passed the Digital Technology Industry Law, effective from 1/1/2026. This law defines digital technology and cryptocurrencies as digital assets that use encryption or other digital technologies for authentication during creation, issuance, storage, and transfer.
According to Deputy Minister of Finance Nguyen Duc Chi on 7/8, the Ministry of Finance has finalized a proposal and submitted it to the government. The government is expected to issue regulations for a pilot program for the digital asset trading market in Vietnam in August, pending approval from relevant authorities.
Regarding the number of exchanges participating in the pilot program, Deputy Minister Chi stated that there "will certainly be more than one exchange" to ensure competition. However, the government will not grant many licenses due to concerns about evaluation difficulties after the pilot period.
Trong Hieu
