Upbit Operator Dunamu, MB Bank Partner to Launch Vietnam’s First Domestic Crypto Exchange

South Korean firm Dunamu, which operates crypto exchange Upbit, signed an MoU with Vietnam’s Military Bank or MB Bank to launch the nation’s first crypto exchange.

The deal signed on Tuesday is a structural game-changer for Vietnam’s crypto scene, following its recent legalization of digital assets.

According to the Korea Herald, the partnership will bring Dunamu’s Korean exchange model and technology to its overseas-led initiative. The signing of the initiative saw crypto leaders from both nations.

Dunamu will also serve as the advisor for MB Bank’s regulatory compliance, investor protection and talent development.

“MB and Upbit will work together as trusted partners to advance Vietnam’s digital finance market,” said MB Bank Chair Luu Trung Thai.

In June, the Southeast Asian nation passed the Law on Digital Technology Industry that defines, classifies and outlines crypto management.

Vietnam has officially legalized crypto assets, introducing its first legal framework to regulate digital currencies and virtual assets. Here's what the new law covers. #Vietnam #CryptoLaw https://t.co/p3SC5jp9UL

The legislation came after years of regulatory ambiguity and international pressure, ever since Vietnam remained on the Financial Action Task Force’s “grey list.” The country was scrutinized for its lack of insufficient anti-money laundering safeguards around virtual assets.

In July, Dunamu Vice Chair and co-founder Kim Hyoung-nyon met Prime Minister Pham Minh Chinh, promising that the company would commit to Vietnam’s digital economic cooperation.

According to Oh Kyoung-suk, Dunamu CEO, Vietnam has potential with over 20 million crypto holders, $800 billion in trading volume. It is also the fifth-largest in the global crypto adoption index last year, per Chainalysis data.

“When this growth potential meets the Upbit model, it will be a chance to build not just an exchange but Vietnam’s entire digital financial infrastructure on a foundation of trust,” Kyoung-suk added.

Further, Dunamu disclosed a sharp rise in annual profits, announcing a threefold increase in cash dividends to common shareholders.

The company revealed in March that it has allocated nearly 300 billion won ($204.5 million) for cash dividends under its retained earnings distribution plan. It also reported an 85.1% year-over-year increase in operating profit.

Dunamu attributed the strong performance to increased investor interest due to optimism surrounding pro-crypto regulations across various jurisdictions.

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