Bithumb enters Vietnam crypto license race with SSI Digital deal
South Korean exchange Bithumb partnered with Vietnam's SSI Digital to pursue a domestic crypto license, tapping into Southeast Asia's fastest-growing market. Vietnam's pilot program requires Vietnamese entities with $380 million minimum capital and caps foreign ownership at 49%. The move helps Bithumb expand overseas amid regulatory scrutiny at home following a $40 billion payout error in February.
Key takeaways
- 1Bithumb partnered with Vietnam's SSI Digital to pursue a crypto exchange license in a pilot requiring $380 million minimum capital with 49% foreign ownership cap.
- 2Vietnam's crypto pilot has five competitors already advanced, including VPBank-linked CAEX backed by OKX Ventures and HashKey Capital.
- 3Bithumb delayed its IPO beyond 2028 after a February error mistakenly credited customers with $40 billion in Bitcoin during a promotional event.
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Why it matters
This signals major South Korean exchanges pivoting toward Southeast Asia amid domestic regulatory pressure, while Vietnam's pilot represents a significant licensing opportunity in the region's fastest-growing crypto market—potentially opening new trading avenues for Indian retail investors interested in regional exchange exposure and regulatory-compliant platforms.
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