Vietnam state-run Military Bank partners with Dunamu to launch crypto exchange

Vietnamese state-controlled bank Military Bank (MB) is teaming up with Dunamu, the brains behind South Korea’s Upbit exchange, to roll out a regulated crypto exchange. This move is set to turbocharge Vietnam’s digital finance scene.

Dunamu dropped the news in a Wednesday announcement, revealing a fresh MoU with MB. The bank’s Facebook post hinted at Dunamu’s tech backing for the crypto exchange venture. 'MB and Upbit will be trusted partners, working together to promote Vietnam’s digital financial market,' declared MB Chairman Luu Trung Thai.

Given MB’s ties to the Vietnamese Ministry of National Defense, this exchange is essentially a government-backed play.

Back in March, Deputy Finance Minister Nguyen Duc Chi teased a pilot for fintech firms, including crypto exchanges, in Vietnam. Fast forward to earlier this month, and SBV’s Deputy Governor Pham Tien Dung confirmed the country’s now got a legal framework for digital assets, thanks to a trifecta of developments: the pilot program, a National Assembly resolution, and new digital tech laws.

The pilot will kick off at an international financial hub, with multiple exchanges getting the green light, per the Ministry of Finance.

While some are calling this Vietnam’s first homegrown crypto exchange, that’s not quite right. BitcoinVN and Nami.Exchange are already in the game. But with Vietnam’s regulatory pilot likely leading to future licensing, MB’s exchange could snag the title of first regulated platform under the new rules.