Bithumb Partners with SSI Digital to Launch Crypto Exchange in Vietnam Amid Regulatory Changes and Market Potential

Bithumb Partners with SSI Digital to Launch Crypto Exchange in Vietnam

Seoul, South Korea – May 7, 2026 – In a significant move to expand its international footprint, South Korean cryptocurrency exchange Bithumb has signed a memorandum of understanding (MOU) with SSI Digital, a subsidiary of Vietnam’s largest securities firm, SSI Securities. The agreement, finalized on March 2 but made public today, aims to establish and operate a digital asset exchange in Vietnam, a rapidly growing market for cryptocurrencies.

The partnership encompasses a comprehensive framework for technology architecture, wallet and custody systems, security and risk management, regulatory support, and business development. Notably, the MOU also opens the door for a potential strategic equity investment by Bithumb in an SSID-designated entity, contingent on future regulatory approvals for virtual assets in Vietnam.

Vietnam has recently taken significant steps toward recognizing digital assets as property under its Law on Digital Technology Industry. Government Resolution No. 05, passed in September 2025, allows for a five-year pilot program for crypto exchanges, paving the way for partnerships like the one between Bithumb and SSI. Several banks and securities firms, including VIX, MBBank, Techcombank, and VPBank, have expressed interest in this pilot program, as the government seeks to shift trading activity from offshore platforms to licensed local venues.

The Vietnamese market presents a lucrative opportunity for Bithumb, with approximately 17 million crypto asset holders and an estimated transaction volume of $220 billion to $230 billion recorded between July 2024 and June 2025. Chainalysis ranked Vietnam fourth in its 2025 Global Crypto Adoption Index, trailing only India, the U.S., and Pakistan. The primary uses of cryptocurrency in Vietnam include remittances, gaming, and savings.

Bithumb is not alone in its pursuit of the Vietnamese market. Upbit’s parent company, Dunamu, signed a similar MOU with Vietnam’s state-run Military Bank last August, highlighting a growing trend among South Korean exchanges to establish early footholds in this rapidly formalizing market.

However, challenges remain. Vietnam’s pilot program for crypto exchanges mandates a minimum capital requirement of VND 10 trillion (approximately $400 million) to obtain a license. SSI Digital’s charter capital stood at just VND 200 billion as of Q2 2025, indicating that any operational exchange entity would likely need to be newly capitalized. Bithumb’s potential equity stake could play a crucial role in bridging this financial gap.

The announcement comes at a critical juncture for Bithumb, which has recently postponed its initial public offering (IPO) plans until after 2028. The exchange is also under scrutiny from South Korea’s Financial Services Commission following a February incident in which a staff error led to the accidental distribution of 620,000 BTC to customers, with 99.7% of the funds successfully recovered.

As Bithumb navigates these domestic challenges, its expansion into Vietnam offers a timely opportunity to reshape its narrative around international growth, positioning itself as a key player in one of Asia-Pacific’s most promising crypto markets.