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- Bithumb signed an MoU with SSI Digital to pursue Vietnam’s upcoming crypto exchange market.
- Vietnam’s strict crypto licensing rules are intensifying competition among local and global firms.
- The expansion comes as Bithumb faces IPO delays and regulatory pressure in South Korea.
South Korean crypto exchange Bithumb is accelerating its international expansion with a new partnership in Vietnam, a market rapidly emerging as one of Southeast Asia’s key digital asset hubs. The move comes as Vietnam prepares to roll out a pilot framework for licensed crypto trading platforms, creating fresh opportunities for global exchanges seeking regulated entry into the region.
Bithumb confirmed it signed a memorandum of understanding with SSI Digital (SSID), a subsidiary of SSI Securities, Vietnam’s largest securities firm by market presence. The agreement focuses on building and operating a virtual asset exchange tailored to Vietnam’s upcoming regulatory framework.
Vietnam Emerges as a Strategic Crypto Market
Vietnam has become one of the world’s fastest-growing crypto economies in recent years. The country ranked fourth globally for crypto adoption in 2025, according to blockchain analytics firm Chainalysis, reflecting strong retail interest and rising institutional participation.
Under Vietnam’s proposed five-year crypto pilot program, exchange operators must be locally incorporated entities with a minimum charter capital of 10 trillion dong, roughly $380 million. Foreign ownership will also be capped at 49%, making local partnerships essential for international firms hoping to secure licenses.
Bithumb’s alliance with SSID appears designed to meet those requirements while positioning the exchange early in Vietnam’s regulated market transition.
The agreement also allows Bithumb to potentially make a strategic equity investment in an SSID-linked entity, pending regulatory approval.
Competition for Vietnam Crypto Licenses Intensifies
The race for Vietnam’s first crypto exchange licenses is already heating up. Several major financial institutions and corporate groups have reportedly passed initial qualification stages, including affiliates tied to VPBank, Techcombank and LPBank.
One notable competitor, CAEX, backed by VPBank interests, secured support from OKX Ventures and HashKey Capital earlier this year as it seeks to meet Vietnam’s strict capital requirements.
Bithumb and SSID said their cooperation will extend beyond exchange infrastructure to include wallet technology, custody solutions, cybersecurity systems, compliance support and institutional crypto services.
However, Vietnamese authorities have yet to formally approve any fully licensed exchange under the pilot program.
Bithumb Faces Pressure at Home
The overseas expansion comes during a challenging period for Bithumb in South Korea. The exchange recently delayed its IPO plans until after 2028 as it works to strengthen internal controls and accounting practices following regulatory scrutiny.
Earlier this year, Bithumb mistakenly credited users with 620,000 Bitcoin instead of 620,000 Korean won during a promotional campaign. The incident temporarily created massive artificial balances and triggered market volatility on the platform before most funds were recovered.
Despite those setbacks, the Vietnam partnership signals Bithumb’s intention to remain competitive in Asia’s evolving crypto market while diversifying beyond South Korea.
Bithumb’s partnership with SSI Digital highlights how major crypto exchanges are positioning themselves ahead of Vietnam’s regulated crypto rollout. With competition intensifying and strict licensing rules taking shape, early alliances with local financial players could prove critical in securing long-term market access. As Vietnam moves closer to approving its first licensed exchanges, the country may soon become one of Asia’s most important battlegrounds for crypto adoption and institutional growth.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
