South Korean crypto exchange Bithumb has signed a memorandum of understanding with SSI Digital Technology (SSID), a subsidiary of Vietnam’s largest securities firm SSI Securities, to explore establishing a local digital asset exchange in Vietnam. The partnership focuses on building comprehensive exchange infrastructure including custody systems, wallet technology, security, risk controls, compliance support, product development, and institutional services.
The move comes as Vietnam actively shifts crypto trading from offshore platforms toward a domestic licensing regime. In January, Vietnamese authorities launched a pilot licensing framework under the Ministry of Finance and the State Securities Commission, requiring exchange operators to be Vietnamese companies with at least 10 trillion dong in paid-in charter capital, primarily backed by institutional investors, and meet strict governance, staffing, infrastructure, and cybersecurity standards.
Bithumb may also make a strategic equity investment in an SSID-linked entity, though that depends entirely on approval from Vietnamese regulators as the country finalizes its digital asset trading rules. A Bithumb official emphasized: “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.” The exchange is framing the deal around local rules rather than fast market entry.
Vietnam is one of Asia’s most active crypto markets, with an estimated 17 million digital asset holders and consistently high rankings in global crypto adoption indexes, driven by remittances, gaming economies, and retail trading. Bithumb’s move follows a similar technical cooperation agreement between Vietnam’s MBBank and Dunamu, the operator of Upbit, to explore a regulated exchange. Other local firms like SSI, VIX, MBBank, Techcombank, and VPBank have also been preparing licensed exchange bids, with VPBank-linked CAEX receiving backing from OKX Ventures and HashKey Capital.
The partnership also serves as a strategic pivot for Bithumb, which has faced scrutiny after a recent operational error where an employee mistakenly distributed 620,000 BTC to users, raising concerns over internal controls and delaying its IPO plans to 2028. Expanding into Vietnam helps reposition the exchange as a global infrastructure player amid intensifying domestic competition.
