Military Bank (MB), a state-controlled lender in Vietnam, has partnered with Dunamu, the parent company of South Korea's Upbit exchange, to establish a regulated cryptocurrency exchange. The partnership was confirmed through a memorandum of understanding, with Dunamu providing technological support. MB, operating under the Vietnamese Ministry of National Defense, aims to promote Vietnam’s digital financial market through this initiative. Recently, Vietnam has begun to develop a legal framework for digital assets, including cryptocurrencies, which is crucial for the growth of the sector. A pilot program initiated by the Deputy Minister of Finance aims to set up regulations for financial technology including crypto exchanges. While some reports suggest this will be Vietnam's first regulated crypto exchange, it is important to note that existing platforms such as BitcoinVN and Nami.Exchange already operate in the country. However, MB's exchange may become the first to be licensed under the new regulatory framework expected to follow the pilot program.

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