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South Korean crypto exchange Bithumb has signed a memorandum of understanding with SSI Digital Technology, or SSID, to explore a local digital asset exchange business in Vietnam.
Summary
- Bithumb partnered with SSID to explore a Vietnam exchange focused on custody, compliance, and security.
- Vietnam’s licensing push is drawing Korean exchanges as regulators steer crypto trading toward domestic platforms.
- The deal may include Bithumb investment if Vietnamese authorities approve SSID’s upcoming crypto exchange venture.
SSID is linked to SSI Securities, one of Vietnam’s largest securities firms. The agreement covers the setup and operation of a crypto exchange.
The companies plan to work on technology, wallet systems, custody, security, risk controls, compliance support, product development, and institutional services.
Deal depends on local approval
Bithumb may also make a strategic equity investment in an SSID-linked entity. However, that move depends on approval from Vietnamese authorities as the country builds formal rules for digital asset trading.
A Bithumb official said, “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 quote shows Bithumb is framing the deal around local rules rather than fast market entry.
Additionally, the move comes as Vietnam shifts crypto trading from offshore platforms toward domestic oversight. Crypto.news reported in January that Vietnam launched a pilot licensing regime for crypto exchanges under the Ministry of Finance and the State Securities Commission.
That framework set strict entry rules for exchange operators. Applicants must be Vietnamese companies with at least 10 trillion dong in paid-in charter capital, mainly backed by institutional investors. They must also meet standards on governance, staffing, infrastructure, and cybersecurity.
Local and foreign players move in
Several firms were preparing licensed exchange bids in Vietnam. SSI, VIX, MBBank, Techcombank, and VPBank were among the companies tied to domestic crypto exchange plans.
In April, crypto.news reported that OKX Ventures and HashKey Capital backed CAEX, a VPBank-linked platform, as it prepared for Vietnam’s crypto exchange pilot. CAEX aimed to meet the same 10 trillion dong capital requirement under the pilot rules.
Vietnam market draws regional exchanges
Bithumb is not the only Korean exchange group looking at Vietnam. MBBank signed a technical cooperation agreement with Dunamu, the operator of Upbit, to explore a regulated exchange.
Vietnam remains one of Asia’s most active crypto markets. Crypto.news reported in March that authorities were also preparing rules to limit trading on foreign platforms as part of efforts to curb capital outflows and bring more activity under local control.
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