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South Korean crypto exchange Bithumb has signed a memorandum of understanding with SSI Digital, a subsidiary of SSI Securities — Vietnam's largest securities firm — to jointly establish and operate a digital asset exchange in Vietnam. The MOU was signed on March 2, 2026 but only made public on May 7.
The agreement covers technology architecture and development, wallet and custody systems, security and risk management, regulatory support and knowledge transfer, business and product development, and institutional business operations. It also includes the possibility of a strategic equity investment by Bithumb in an SSID-designated entity, subject to future regulatory approval for virtual assets in Vietnam.
Vietnam only recently recognised digital assets as property under its Law on Digital Technology Industry, while Government Resolution No. 05, passed in September 2025, allows a five-year pilot program for crypto exchanges — clearing the regulatory path for partnerships like this one. Several banks and securities firms in Vietnam have shown interest in the pilot program, including SSI, VIX, MBBank, Techcombank, and VPBank, as the government works to shift trading activity from offshore platforms to licensed local venues.
The market Bithumb is moving into is substantial. Vietnam has roughly 17 million crypto asset holders and recorded an estimated $220 billion to $230 billion in crypto transaction volume between July 2024 and June 2025, making it one of the three largest crypto markets in Asia-Pacific. Chainalysis ranked Vietnam fourth on its 2025 Global Crypto Adoption Index, behind India, the US, and Pakistan, with crypto used primarily for remittances, gaming, and savings.
Bithumb is not the first Korean exchange to move on Vietnam. Upbit parent Dunamu signed a similar MOU with Vietnam's state-run Military Bank last August, agreeing to transfer exchange technology and security infrastructure. The two deals reflect a broader race by South Korean exchanges to establish early footholds in a market that is formalising rapidly.
There are structural hurdles. Vietnam's crypto exchange pilot requires at least VND 10 trillion — roughly $400 million — in capital to obtain a licence. SSID itself had charter capital of just VND 200 billion as of Q2 2025, far below that threshold, meaning any operating exchange entity would likely need to be a newly capitalised vehicle, with Bithumb's potential equity stake helping bridge the gap.
The announcement also comes at a sensitive moment for Bithumb domestically. The exchange pushed back its IPO plans to after 2028, and has been under scrutiny from South Korea's Financial Services Commission following a February incident in which a staff error resulted in 620,000 BTC being mistakenly distributed to customers — of which 99.7% was recovered.
The Vietnam expansion offers Bithumb a chance to reframe its narrative around international growth at a time when its domestic standing is under pressure.
