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Vietnam’s MB Bank and Upbit’s parent builds a crypto exchange


The Vietnamese state-controlled Bank Military Bank (MB) plans to launch a regulated crypto exchange in collaboration with Dunamu, the parent company of South Korean Crypto Exchange Upbit.

According to a Wednesday announcement From Dunamu, the company has signed a memorandum of understanding the military bank. On a Facebook PostMilitary Bank says Dunamu will support it The construction of an exchange of cryptocurrency in Vietnam with its technology.

“MB and Upbit are trusted partners, working together to advance the Vietnam’s digital market,” said military bank chairman Luu Trung Thai.

The Military Bank is a financial institution under the Vietnamese Ministry of National Defense, making the government -led crypto exchange initiative.

Related: Vietnam dumps national blockchain for identity and notes

Vietnam’s crypto regulation takes shape

In March, Deputy Minister of Finance Nguyen Duc Chi announced A pilot program for Vietnam financial technology companies, including crypto exchanges. According to the official online government newspaper, deputy governor of State Bank of Vietnam (SBV) Pham Tien Dung announced During an event held earlier this month that Vietnam officially established a legal framework for digital possessions, including tokenized assets.

SBV leadership – the central bank of the country – it has been mentioned that the pilot program submitted in March by the Deputy Finance Minister is key to developing. The other two elements required is a resolution submitted by the National Assembly and A law in industry and digital technology.

“We are working by law to facilitate investment and business in this sector,” says SBV shit.

State Bank of Vietnam Headquarters. Source: Wikimedia

Vietnam’s crypto exchanges will be able to vote at an international financial center. However, the pilot’s scheme is that -confinalize, and many exchanges will be allowed, According to in the Ministry of Finance.

Related: How Vietnam uses Crypto to adjust its FATF reputation

The first regulated crypto exchange in Vietnam?

While some of these reports have suggested that Vietnam’s first domestic crypto exchange, this is not right. The country is currently hosting Bitcoinvn, a non-sign-up instant exchange that supports Bitcoin (Btc), Ether (Eth), USDT (USDT) and Ginero, run by Bitcoin Vietnam.

Nami.exchange also offers both places and futures crypto trading as part of Nami Technology JSC, a company registered in Vietnam.

However, in the Vietnam pilot regulation of the Vietnam pilot that is likely to result in future licensing requirements, the Military Bank’s crypto exchange may be the first regulated exchange under the new framework.

Magazine: Finally exploded in space with Justin Sun, Vietnam’s new national blockchain: Asia Express