Upbit Operator: Vietnam Can Attract Digital Assets from Abroad with a Transparent Legal Framework
Hyoung Nyon Kim, Vice President of Dunamu Group and operator of the Upbit cryptocurrency exchange, believes that Vietnam has great potential to attract digital assets of Vietnamese people currently circulating abroad, provided that a clear, transparent legal framework meeting international standards is established.
On the morning of July 29, Vietnamese Minister of Finance Nguyen Van Thang met with a Korean business delegation led by Mr. Kim and Mr. Lee Eunhung, Vice President of Hana Group. The meeting aimed to share experiences in state management of digital assets and discuss financial and technological cooperation opportunities between the two countries.
Dunamu Group, which operates Upbit – the largest digital asset trading platform in South Korea, currently holds 80% of the domestic market share, with over 6 million users and digital assets exceeding $80 billion under management. In 2024, the platform's total trading volume surpassed $1,100 billion, placing Upbit among the top 3 global digital asset exchanges.
During the meeting, Mr. Kim noted that Dunamu is a strategic partner of Military Commercial Bank (MB) in developing a digital asset trading platform in Vietnam. Drawing from experience in licensed markets like South Korea, Singapore, Thailand, and Indonesia, Dunamu hopes to help Vietnam build a safe, transparent, and user-friendly digital asset ecosystem.
Mr. Kim particularly praised Vietnam's electronic citizen identification system – which shares many similarities with the system in South Korea – facilitating unique identity verification (UIC). However, he also pointed out that both countries face challenges in anti-money laundering, requiring systematic investment in technology and data analysis capabilities.
According to Mr. Kim, establishing a clear legal framework for digital assets would not only protect users but also potentially unlock digital assets of Vietnamese people scattered abroad, creating momentum for the digital economy's development. If the Vietnamese Government officially permits the establishment of a cryptocurrency exchange, Dunamu commits to operating with high transparency, security, and international standards.
From Hana Financial Group – one of South Korea's leading financial institutions – Mr. Lee Eunhung confirmed that Vietnam remains a key market in the group's regional development strategy. Hana has already invested in banking and securities sectors in Vietnam and is accelerating digital transformation and expanding cooperation with local financial institutions. Mr. Lee expressed a desire to become a long-term strategic partner of MB, contributing to the sustainable development of Vietnam's financial market.
On the Vietnamese side, Minister Nguyen Van Thang stated that the National Assembly officially passed the Digital Technology Industry Law on June 14, 2025. This is the first time digital assets have been incorporated into a legal framework, with implementation effective from January 1, 2026, as specified in Law No. 71/2025/QH15.
Currently, the Ministry of Finance is collaborating with relevant agencies to refine management regulations for digital assets. Minister Nguyen Van Thang emphasized his desire to expand cooperation with South Korea and the two large groups in areas such as:
Developing financial products and services based on blockchain and digital assets;
Creating solutions to ensure safety and transparency in the digital asset market;
Contributing to establishing a stable legal environment that protects investors;
Integrating digital assets into the traditional financial ecosystem for a seamless user experience.
Minister Nguyen Van Thang also hopes to have a direct meeting with the South Korean Minister of Finance during a planned work trip in August, aiming to lay the foundation for broader bilateral cooperation in digital finance and blockchain technology.
