Vietnam’s Crypto Market Set to Expand with Regulated Exchange
Vietnamese state-controlled Bank Military Bank (MB) has announced plans to launch a regulated crypto exchange in partnership with Dunamu, the parent company of the South Korean crypto exchange Upbit. This move is expected to promote Vietnam’s digital financial market and provide a trustworthy platform for cryptocurrency trading.
According to a statement by Dunamu, the company signed a memorandum of understanding with Military Bank to support the development of a cryptocurrency exchange in Vietnam using its technology. Luu Trung Thai, chairman of the military bank, expressed enthusiasm about the partnership, stating that “MB and Upbit become trustworthy partners and work together to promote Vietnam’s digital financial market.”
Government-Led Initiative
The Military Bank is a financial institution under the Vietnamese Ministry of National Defense, making the crypto exchange an initiative led by the government. This move is part of Vietnam’s efforts to develop its digital financial market and regulate the cryptocurrency industry. In March, Deputy Finance Minister Nguyen Duc Chi announced a pilot program for financial technology companies in Vietnam, including crypto exchanges.
The State Bank of Vietnam (SBV) has also taken steps to establish a legal framework for digital assets, including tokenized assets. Pham Tien Dung, deputy governor of the SBV, announced that Vietnam has officially set up a legal framework for digital assets, providing a foundation for the development of the cryptocurrency industry.
Vietnam’s crypto exchanges are currently being piloted in an international financial center, and several stock exchanges have been permitted by the Ministry of Finance. However, the pilot program is expected to lead to license requirements in the future, making the Military Bank’s crypto exchange potentially the first regulated exchange within the new framework.
Existing Crypto Exchanges in Vietnam
While some reports have suggested that the Military Bank’s crypto exchange will be Vietnam’s first domestic crypto exchange, this is not entirely accurate. The country already has existing crypto exchanges, such as Bitcoinvn and Nami.exchange, which offer spot and futures crypto trading. However, the Military Bank’s exchange may be the first to operate within the new regulatory framework.
As Vietnam continues to develop its cryptocurrency industry, the launch of a regulated crypto exchange is expected to provide a significant boost to the market. With the government’s support and a clear regulatory framework, Vietnam’s crypto market is poised for growth and expansion. For more information, visit https://cointelegraph.com/news/vietnamese-state-controlled-bank-aims-to-launch-the-nation-s-first-regulated-crypto-exchange?utm_source=rss_feed&utm_medium=rss_tag_regulation&utm_campaign=rss_partner_inbound
