Bithumb, SSI Digital Plan Vietnam Exchange Amid Pilot Scramble
South Korea’s Bithumb has teamed up with SSI Digital, a subsidiary of Vietnam’s largest securities firm, SSI Securities, to establish a licensed crypto exchange in Vietnam. The partnership comes as Vietnam’s tight five-year pilot program for digital asset trading platforms ramps up competition, with only a handful of licenses expected to be granted.
Under a memorandum of understanding (MOU) signed in March and announced on May 7, Bithumb and SSI Digital aim to combine expertise in exchange technology, wallet systems, regulatory compliance, and institutional business development. While no formal license application or investment decision has been made, the move positions Bithumb to compete in one of Southeast Asia’s fastest-growing crypto markets.
Vietnam’s Regulatory Tightrope
Vietnam’s five-year pilot program, launched in September 2025, represents the country’s first serious attempt to regulate its booming crypto sector. Participants must meet stringent criteria: a minimum charter capital of 10 trillion dong (approximately $380 million), at least 65% of which must come from institutional investors. Foreign ownership is capped at 49%, and all transactions must be conducted in Vietnamese Dong (VND).
The program limits licenses to Vietnamese entities, creating a high-stakes race among domestic firms and foreign-backed partnerships like Bithumb’s. Five companies, including affiliates of major banks Techcombank, VPBank, and LPBank, have already cleared initial qualification rounds, according to a March finance ministry document. VPBank-linked CAEX, in particular, has gained traction, securing backing from OKX Ventures and HashKey Capital to meet capital requirements.
Vietnam’s crypto market is no small prize. The country ranked fourth globally in crypto adoption in 2025, according to Chainalysis, and boasts an estimated 17 million users. Annual transaction volumes exceed $100 billion, and the market’s total value hit $220 billion across a 12-month period ending in June 2025.
Bithumb’s Strategic Pivot
The Vietnamese expansion comes as Bithumb faces mounting challenges at home. The exchange has delayed its initial public offering (IPO) to after 2028, citing the need to improve internal controls following regulatory scrutiny. Earlier this year, a high-profile payout error saw the platform mistakenly credit customers with 620,000 Bitcoin instead of 620,000 won, briefly creating over $40 billion in notional balances. Though 99.7% of the funds were recovered, the incident underscored operational vulnerabilities.
This overseas push could help Bithumb diversify its revenue streams and reduce reliance on its domestic market amid tightening South Korean regulations. Partnering with SSI Digital, a major player in Vietnam’s financial sector, offers a competitive edge in navigating the country’s strict licensing requirements.
The Road Ahead
Despite Bithumb’s ambitions, Vietnam has yet to approve any exchange under the pilot program. The Law on Digital Technology Industry, effective January 2026, will provide additional regulatory clarity, but the government has already signaled its intent to restrict unlicensed platforms and enforce compliance strictly.
For now, the race is on. With heavyweight domestic and international players vying for a foothold in Vietnam’s regulated crypto market, securing one of the limited licenses could determine the future trajectory of firms like Bithumb. The stakes couldn’t be higher in this Southeast Asian crypto battleground.