Vietnam to Launch Virtual Asset Exchange Pilot in Q2 2026... Korean Companies like Dunamu Accelerate Entry

As of April 27, 2026, Vietnam is reaching an institutional turning point in the digital asset market. The Vietnamese government is launching a national-level virtual asset exchange pilot program starting in the second quarter of this year, which is interpreted as a strong will to formalize a market that has been in a regulatory blind spot. The Prime Minister of Vietnam has ordered the start of the pilot operation of virtual asset exchanges within Q2 2026, and the Ministry of Finance has been reviewing applications for Crypto Asset Service Provider (CASP) licenses since last March.

Vietnam's virtual asset pilot operation reflects a balanced approach that encourages financial innovation while establishing regulatory discipline and ensuring investor safety.

Vietnam is a massive market, ranking 4th globally in virtual asset adoption with approximately $230 billion in annual transactions. Based on this potential, the Vietnamese government aims to repatriate funds that were leaking to offshore exchanges and create a transparent trading environment through a five-year pilot project. This move is evaluated as a strategic step for Vietnam to leap forward as a Southeast Asian blockchain hub.

Legal Status of Digital Assets and Institutional Safeguards

The Digital Technology Industry Law (DTI Law), enacted in 2025, officially defined virtual assets as 'property' under civil law, providing a basis for legal protection. This provides clear criteria for judgment in legal disputes over virtual asset ownership and, combined with the CASP licensing system, serves to raise market credibility. As the legal status has become clear, investors are now able to receive legal protection for their assets.

• All virtual asset issuance, trading, and payment activities must be conducted only in Vietnamese Dong (VND).
• Foreign investors must open a dedicated VND account at an authorized bank for virtual asset transactions.
• Foreign investors' shareholding limits are strictly restricted, making cooperation with local companies essential.
• According to data sovereignty regulations, all transaction data and user information must be stored securely within Vietnam.

Dunamu is targeting the Vietnamese market with a unique strategy called 'exchange platform export.' This is a model that moves away from the past method of establishing local subsidiaries and instead productizes and exports Upbit's entire advanced trading system. Through this technology platform export, Dunamu is managing regulatory risks associated with direct entry while expanding its technical influence within the Vietnamese market.

The capital threshold for market entry is set quite high. CAEX, supported by OKX and HashKey, aims to gain a competitive edge by securing approximately $380 million in funding to meet pilot operation requirements. Vietnam's five-year sandbox program will serve as the foundation for future formal legislation, and if successful, Vietnam is expected to position itself as a leader in digital finance in the region, surpassing Thailand or Indonesia.