Vietnam Confirms Crypto Exchange Pilot for Q2 2026... South Korean Firms like Dunamu and Bithumb to Enter Market

As of April 27, 2026, Vietnam is on the verge of transitioning from a global leader in grassroots crypto adoption to a regulated digital asset hub. Under the direction of the Vietnamese Prime Minister, the country's first regulated crypto exchange pilot is scheduled to begin in Q2 2026, with the Ministry of Finance currently processing license applications. This move is attracting strong interest from major South Korean blockchain operators Dunamu and Bithumb.

This pilot operation represents a significant policy shift by the Vietnamese government to formalize the virtual asset sector and move away from the regulatory gray area.

To prepare for this pilot, the Vietnamese Ministry of Finance collected opinions on seven exchange license applications in March 2026. The goal is to bring the virtual asset market into the institutional fold to ensure transparency and protect investors. The government plans to establish a long-term legal framework for digital assets through this pilot.

Competition Between Local Financial Firms and Global Giants

The Vietnamese government is expected to grant pilot licenses to up to five operators. Consequently, major local financial institutions and global crypto exchanges are competing fiercely. In particular, local securities firms and commercial banks are actively moving to take the lead.

• SSI Securities (Vietnam's largest securities firm)
• TCBS Securities and VIX Securities
• MB Bank and VP Bank
• OKX (Global crypto exchange)
• Dunamu (Upbit operator) and Bithumb

South Korean companies are treating Vietnam as a strategic stronghold and are pursuing an 'exchange platform export' model. The reason Dunamu and Bithumb are focusing on the Vietnamese market is closely related to the slowing growth of the South Korean domestic market. As of Q1 2026, South Korea's crypto transaction volume fell 31% year-on-year to $66.6 billion, while Vietnam maintains high growth potential.

The size of the Vietnamese virtual asset market reached $10.9 billion in 2025 and is projected to record an average annual growth rate of 8.66% until 2034. Vietnam consistently ranks high in the Global Crypto Adoption Index, proving a strong user base. This economic background is a major driver for foreign capital and technology to flow into Vietnam.

Strengthening Regulation and Shifting Transactions to Domestic Platforms

The Vietnamese government plans to block unauthorized virtual asset platforms and shift transaction volumes to regulated domestic exchanges. Through this, authorities expect to perform more effective supervision and strengthen consumer protection. Data from the pilot period will be used as basic material for future formal legislation.

However, concerns about technical challenges and security risks are also being raised. Issues regarding the quantum vulnerability of existing exchange architectures are being discussed in the market, and the license application process managed by the Ministry of Finance is known to be very strict. Companies face the challenge of meeting these technical requirements and security standards.

The success or failure of the pilot operation starting in Q2 2026 will be a watershed moment determining the long-term legal status of digital assets in Vietnam. Market participants are paying attention to who the five final licensed operators will be, which is expected to be a key indicator of the direction of digital asset liquidity in the Southeast Asian region.