South Korea’s second-largest crypto exchange Bithumb, has signed a memorandum of understanding (MOU) with SSID to build and operate a local digital asset exchange. According to disclosures, the MOU will cover offerings like wallet and custody systems, security, technology architecture, institutional business development, and regulatory compliance support. Why are Bithumb and Korean exchanges laying ground in Vietnam? Bithumb has announced a comprehensive Memorandum of Understanding (MOU) with SSI Digital Technology Joint Stock Company (SSID) to build and operate a local digital asset exchange. The agreement was signed on March 2 at SSI Securities’ Hanoi branch, attended by Bithumb CEO Jae-won Lee and SSID CEO Nguyen Khac Hai. Vietnam is launching a five-year pilot program for crypto asset trading under Resolution No. 05, which took effect in January this year. The country represents one of the largest unbanked and crypto-curious populations in the world. According to government and international data, roughly 21.2 million Vietnamese adults have used cryptocurrency, accounting for nearly 17% of the adult population. At peak periods, ownership figures have reached 21 million people. Blockchain analytics firm Chainalysis estimated that the crypto transaction volume in Vietnam was $220 billion to $230 billion between July 2024 and June 2025, averaging over $600 million daily. This volume places Vietnam behind only India and South Korea in the Asia-Pacific region. Vietnam only just recognized digital assets as property this year when it introduced its Law on Digital Technology Industry. The government simultaneously passed Resolution No. 05, allowing a five-year pilot for crypto exchanges and clearing the way for the Bithumb-SSID partnership. The MOU also leaves open the possibility of Bithumb taking a strategic equity stake in an SSID-designated entity, depending on Vietnam’s pending crypto regulatory framework. How will the partnership work? SSI Securities Corporation (HOSE: SSI) is widely regarded as the largest securities firm in Vietnam. Cryptopolitan has previously reported that Bithumb is South Korea’s second-largest exchange, making the partnership a pairing of significance for both markets. SSI Securities has deep relationships with local regulators and a branch network covering major cities like Hanoi, Ho Chi Minh City, and Haiphong. The scope of the Bithumb-SSID agreement covers the full technical stack required to run a regulated exchange, which includes technology architecture, wallet and custody systems, security and risk management, regulatory compliance support, and institutional business development. A Bithumb official stated that the cooperation with a traditional local financial institution shows that Bithumb’s capabilities in both exchange operations and transparency are “recognized internationally.” They added that compliance with Vietnamese financial regulations would be the company’s “top priority.” Bithumb’s domestic rival, Dunamu, the operator of Upbit , met with the Vietnamese Prime Minister Pham Minh Chinh back in July 2025. Dunamu’s Executive Vice President Kim Hyoung-nyon encouraged the prime minister to invest in Vietnam’s digital asset ecosystem. Dunamu, which holds roughly 80% of South Korea’s crypto trading market and manages over $80 billion in digital assets, has also been exploring local partnerships in Vietnam. The smartest crypto minds already read our newsletter. Want in? Join them .
