Bithumb, SSI unit to build regulated crypto exchange in Vietnam

Bithumb and SSI Digital Technology (SSID) signed a memorandum of understanding in Hanoi on March 2 to build and operate a regulated local digital asset exchange in Vietnam. The agreement covers custody, wallet systems, security, technology architecture, institutional business development and regulatory compliance.

The MOU was signed at SSI Securities’ Hanoi branch. Attendees included Bithumb CEO Jae-won Lee and SSID CEO Nguyen Khac Hai. SSID is a unit of SSI Securities Corporation (HOSE: SSI), Vietnam’s largest securities firm.

The agreement outlines cooperation on the technical stack needed to run a regulated exchange and leaves open the possibility that Bithumb could take a strategic equity stake in an SSID-designated entity, subject to Vietnam’s pending crypto regulatory framework.

A company official described the cooperation as ‘recognized internationally’ and added that compliance with Vietnamese financial regulations would be the company’s ‘top priority.’

Vietnam introduced a five-year pilot program for crypto trading under Resolution No. 05, which took effect in January. The country also recognized digital assets as property under the new Law on Digital Technology Industry.

Authorities and analytics firms estimate about 21.2 million Vietnamese adults, roughly 17% of the adult population, have used cryptocurrency, with peak ownership near 21 million. Blockchain analytics firm Chainalysis estimated crypto transaction volume in Vietnam at $220 billion to $230 billion between July 2024 and June 2025, averaging more than $600 million a day.

SSI Securities has branches in Hanoi, Ho Chi Minh City and Haiphong and maintains relationships with local regulators. The agreement combines SSI’s market access and regulatory ties with Bithumb’s experience operating one of South Korea’s largest exchanges; Bithumb is South Korea’s second-largest crypto exchange.

Bithumb’s domestic rival Dunamu, operator of Upbit, has also pursued ties in Vietnam. Dunamu’s executive vice president met the Vietnamese prime minister in July 2025 to discuss investment. Dunamu controls about 80% of South Korea’s crypto trading market and manages more than $80 billion in digital assets.

Under the MOU, the firms will cooperate on wallet and custody systems, security and risk management, technology architecture and institutional business development, and provide support to meet regulatory requirements. Implementation details, timelines and any equity arrangements will depend on Vietnam’s pending regulatory decisions and the outcomes of the pilot program.