Bithumb, SSI Digital to pursue Vietnam crypto license

Bithumb signed a memorandum of understanding with SSI Digital, a unit of Vietnam’s largest broker SSI Securities, to cooperate on establishing and operating a licensed virtual-asset exchange in Vietnam. The agreement, signed in Hanoi in March and announced Thursday, leaves open the option for Bithumb to take a strategic equity stake in an SSID-designated entity if Vietnamese regulators approve.

The partners plan to work on exchange technology, wallet and custody systems, security and risk management, regulatory support and institutional business development. They gave no timeline for a formal license application or for any final investment decision. Vietnam has not yet approved any fully licensed exchanges under its pilot program.

Vietnam launched a five-year pilot for crypto trading platforms in September 2025. The rules require operators to be Vietnamese entities with at least 10 trillion dong (about $380 million) in charter capital and cap foreign ownership at 49%. Regulators are also drafting rules that could restrict trading on unlicensed overseas platforms, which would encourage foreign exchanges to partner with local firms to participate in the pilot.

A Finance Ministry document in March cleared an initial qualification round for five applicants, including groups tied to private banks Techcombank, VPBank and LPBank, broker VIX Securities and conglomerate Sun Group. CAEX, an applicant linked to VPBank, secured backing from OKX Ventures and HashKey Capital in April to help meet the charter capital threshold.

SSI Securities created SSI Digital Technology JSC in 2022 to lead its digital-asset business. Bithumb referenced a blockchain forensics firm ranking Vietnam fourth in global crypto adoption in 2025 and said the partnership would allow access to a fast-growing market if regulators grant approval.

Bithumb’s overseas plans come as it faces scrutiny and operational issues at home. The exchange pushed back its initial public offering to sometime after 2028, citing a need to strengthen accounting policies and internal controls following earlier regulatory sanctions. In February, the platform mistakenly credited customers with 620,000 Bitcoin instead of 620,000 won during a promotional event, briefly creating more than $40 billion in notional balances. The company reported it recovered about 99.7% of the erroneous funds and is pursuing legal remedies for the remaining amount.

The MoU allows technical and institutional cooperation while keeping open the option of a strategic investment, subject to Vietnamese rules on foreign ownership and capital requirements. Both Bithumb and SSI Digital declined to provide a timetable for submitting a license application, and any equity transaction would require approval from Vietnamese authorities.