Bithumb Targets Vietnam Crypto License Through SSI Digital Deal

Highlights:

• Bithumb has partnered with SSI Digital to build a regulated crypto exchange in Vietnam.
• Vietnam crypto license rules limit approvals to five exchanges during the pilot program.
• Bithumb is expanding into Vietnam while facing IPO delays in South Korea.

Bithumb signed a memorandum of understanding with SSI Digital to enter Vietnam’s digital asset market. The company disclosed the agreement on May 7, confirming plans to establish and operate a regulated crypto exchange in Vietnam. The partnership aims to build a trading platform that meets Vietnam’s pilot licensing framework approved in September.

Advertisement

JUST IN: Bithumb teams with SSI Digital to pursue Vietnam’s strict exchange pilot amid license scramble and rising regulatory scrutiny at home. Could signal intensified regional expansion and license-driven competition. $BTC $ETH pic.twitter.com/8S1KHNAmsv

— Bpay News (@bpaynews) May 7, 2026

Bithumb and SSI Digital agreed to develop exchange infrastructure, including matching engines and trading systems, for Vietnamese retail and institutional users. The firms will also build wallet and custody systems to manage digital asset storage and transaction settlements in Vietnam. In addition, they will design security frameworks and risk control systems to meet compliance standards set by Vietnam’s Ministry of Finance.

Bithumb will contribute its exchange technology and operational experience from South Korea’s crypto market. Meanwhile, SSI Digital will provide local regulatory access and financial network support through its parent, SSI Securities.

The agreement allows Bithumb to consider a strategic equity investment in a future exchange entity in Vietnam. This potential investment depends on approval from Vietnamese regulators managing the five-year crypto pilot program.

SSID reported charter capital of about VND 200 billion in 2025, which falls below the required threshold. Therefore, both firms may establish a new licensed entity to meet the 10 trillion dong capital requirement set for exchange operators. Vietnam has about 17 million crypto users, according to industry estimates, which reflects strong demand for regulated trading services.

Bithumb Joins Vietnam Crypto License Race

Vietnam introduced a five-year crypto asset pilot program under Government Resolution 05/2025/NQ-CP. The Ministry of Finance began accepting exchange license applications on January 20. The framework requires all exchange operators to register as Vietnamese entities before applying for a license. Each applicant must hold at least 10 trillion dong, or about $380 million, in charter capital. The rules also cap foreign ownership at 49% in any licensed exchange.

Vietnamese authorities are drafting additional rules that may restrict residents from trading on unlicensed offshore crypto platforms. The pilot program limits approvals to five exchanges, which has increased competition among banks, brokers, and conglomerates applying for licenses.

A Finance Ministry document cited by Reuters in March listed early qualified firms. These applicants include affiliates of Techcombank, VPBank, and LPBank, along with brokerage firm VIX Securities and conglomerate Sun Group. VPBank-linked CAEX secured funding from OKX Ventures and HashKey Capital in April to meet capital requirements.

According to Reuters, Vietnam plans to draft new rules banning citizens from trading on overseas crypto platforms like Binance and OKX, while aiming to launch a pilot program for local compliant exchanges as early as this month. A Ministry of Finance document reveals that five… pic.twitter.com/xBc7BBgyR9

— Wu Blockchain (@WuBlockchain) March 17, 2026

Vietnam ranked fourth globally in crypto adoption last year, according to Chainalysis. The ranking reflects strong retail participation and increasing institutional involvement in the country’s digital asset market.

License Push Drives Bithumb’s Overseas Expansion

Bithumb’s partnership with SSI Digital gives it a local structure required under licensing rules. The partnership also helps Bithumb comply with Vietnam’s 49% foreign ownership cap and capital requirements.

Bithumb is expanding overseas while facing regulatory and operational pressure in South Korea. The company has delayed its initial public offering to a later timeline. In addition, South Korean regulators increased scrutiny on Bithumb after past compliance issues and regulatory sanctions tied to its operations. In February, Bithumb made a payout error during a promotional event on its platform. The exchange credited users with 620,000 Bitcoin instead of 620,000 Korean won during that event.

At the same time, competitors have also moved into Vietnam’s regulated crypto market through local partnerships. Dunamu signed an agreement with Vietnam’s Military Bank in August to support exchange development. Dunamu plans to provide trading technology and security infrastructure for that platform.

Advertisement