South Korea’s second-largest cryptocurrency exchange, Bithumb, has signed a memorandum of understanding with SSID, the digital asset subsidiary of Vietnam's largest securities firm SSI Securities, to jointly develop a virtual asset exchange in Vietnam.
"Our cooperation with SSI Securities and SSID, Vietnam's established traditional financial institutions, demonstrates international recognition of Bithumb’s operational capabilities and transparency," a Bithumb representative said. "We will prioritise full compliance with Vietnamese regulations and work together to build a safe virtual asset trading infrastructure.”
The agreement, signed on March 2 and announced May 7, outlines a broad collaboration covering technology architecture, wallet and custody systems, security, and regulatory compliance. According to the announcement, Bithumb is also considering a strategic equity investment into SSID's designated entity, contingent on regulatory approvals for virtual asset activities in Vietnam.
This partnership marks a significant step in the race to establish regulated cryptocurrency trading in Vietnam, a country with high crypto adoption that is actively developing a formal legal framework. The entry of Bithumb, backed by the local market knowledge of financial giant SSI Securities, is set to accelerate the development of institutional-grade trading infrastructure ahead of expected new licensing rules for virtual asset service providers.
Competitive Landscape Heats Up
Bithumb is not the only major Korean player targeting Vietnam's burgeoning market. Dunamu, the operator of South Korea’s largest exchange Upbit, has also signed an MOU with Vietnam's Military Bank to launch a digital asset exchange.
The market is also attracting other global players. In April, OKX Ventures and HashKey Capital announced a strategic investment into the Ho Chi Minh City-based Vietnam Prosperity Crypto Asset Exchange (CAEX). The series of deals underscores the strategic importance of Vietnam as Southeast Asian governments move to formalize rules for the digital asset industry.
For Bithumb, the deal provides a crucial foothold in Southeast Asia, leveraging its extensive experience in exchange operations and security technology. For SSI Securities, which was founded in 1999 and operates a wide network across Vietnam, the partnership is a strategic move into the rapidly growing digital asset class.
This article is for informational purposes only and does not constitute investment advice.
