Bithumb Enters Vietnam's Crypto Market: Golden Opportunity Or Major Challenge?

Vietnam's cryptocurrency market is at a historic turning point, attracting significant interest from international "giants," notably Bithumb – South Korea's second-largest crypto exchange. This move not only signals Vietnam's strong appeal but also comes as the legal framework for digital assets is gradually being completed, opening up a promising official playing field.

Bithumb's Strategic Vision for Vietnam

Founded in 2013, Bithumb is one of South Korea's leading cryptocurrency exchanges, renowned for its abundant liquidity, secure transactions, and transparent operations. Bithumb's interest in Vietnam is not coincidental.

Vietnam is currently ranked 5th globally in cryptocurrency adoption, with approximately 17 million digital asset owners and a total market value exceeding $100 billion (according to VinaCapital).

A report from Triple-A also confirms that Vietnam's crypto asset ownership rate last year reached 17.4%, significantly higher than the global average of 6.8%. These impressive figures have attracted South Korean companies looking to gain an early advantage in a potential emerging market.

Vietnam's Legal Framework Nears Completion: Paving the Way for Pilot Crypto Exchanges

To build a solid foundation for the development of the digital asset market, Vietnam has made significant legal advancements:

• In June 2024, the Vietnamese National Assembly passed the Law on Digital Technology Industry (effective from January 1, 2026), officially recognizing digital assets as property under civil law.
• Subsequently, on September 9, 2025, the Government issued Resolution No. 05/2025/NQ-CP, implementing a pilot program for the crypto asset market over five years. This resolution establishes clear regulations for the offering, issuance, trading, and provision of services related to crypto assets.

Key Regulations for Pilot Crypto Exchanges

Resolution 05/2025/NQ-CP sets out strict standards for pilot exchanges:

• Ownership and Capital: Exchanges must be established by Vietnamese enterprises, approved by the Ministry of Finance, with a minimum charter capital of 10,000 billion VND (approximately 400 million USD). At least 35% of the capital must be held by a minimum of two domestic institutions (banks, securities companies, insurance companies, technology firms).
• Foreign Ownership Ratio: Foreign investors are allowed to own a maximum of 49%. This explains why Bithumb will participate as a minority shareholder, co-investing with domestic financial institutions.
• Operational Standards: Virtual Asset Service Providers (VASPs) must ensure transparency, segregation of client assets, and have dispute resolution and compensation mechanisms.
• Security: Licensing applications require an appraisal by the Ministry of Public Security regarding information system security level 4, the highest security level to protect critical infrastructure.
• Number of Licenses: The Ministry of Finance expects to grant pilot licenses to a maximum of 5 enterprises in 2025.

Domestic Reactions and International Cooperation

Immediately after the legal framework was announced, many large Vietnamese financial institutions such as SSI, TCBS, VPBankS, VIX, HDS, and MB Bank have been actively preparing. Notably, MB Bank signed a strategic cooperation agreement with Dunamu – the company operating Upbit (South Korea's largest crypto exchange) – to transfer technology and exchange operating infrastructure. Prime Minister Pham Minh Chinh also held a working session with Dunamu's Vice Chairman in July 2025.

The government's goal is to transition crypto activities from a vast informal market to a formal playing field, making it easier to manage taxes and integrate it into the national financial system.

Potential and Challenges of Vietnam's Crypto Market

Vietnam's cryptocurrency market is one of the most dynamic in Southeast Asia, with daily on-chain transaction values exceeding $600 million, ranking third in the APAC region.

Breakthrough Potential

• Attracting Investment Capital: Strongly encouraging domestic and foreign capital flows.
• New Fundraising Channels: Opening opportunities for tokenization of real-world assets (RWA) such as real estate and carbon credits.
• Transparency and Investor Protection: Minimizing risks when trading on official platforms.
• Budget Revenue: Enhancing tax management efficiency, combating money laundering and terrorist financing.

Challenges to Overcome

• Completing the Legal Framework: Detailed regulations are needed on definitions, ownership rights, taxation, consumer protection, and cybersecurity.
• Supervision and Risk Management: Ensuring a balance between control and fostering innovation.
• Capital Flow Shift: Persuading investors to move from international exchanges to domestic ones, while ensuring asset diversity.
• Enforcement Capacity: Requires significant resources and effort from regulatory bodies.

Conclusion

The anticipated entry of Bithumb and other South Korean "giants" into Vietnam's crypto market marks a significant milestone, affirming Vietnam's immense potential in the digital economy era. With efforts to refine the legal framework and strong investor interest, Vietnam stands poised for a breakthrough to become a leading digital financial hub in the region, while also needing to address challenges to build a sustainable, transparent, and secure market.