Vietnam's Digital Asset Hub Vision Gains Institutional Infrastructure via BDACS-IDGX JV

BDACS, a regulated institutional digital asset custodian in South Korea, has signed a memorandum of understanding (MOU) with IDGX, a Vietnam-based digital asset investment firm under IDG Capital Vietnam, to establish a joint venture (JV) in Vietnam. The collaboration aims to develop global-standard trading and custody infrastructure for digital assets, leveraging Vietnam’s evolving regulatory framework and strategic initiatives to position the country as a digital asset hub in Southeast Asia. The JV is expected to launch within the year under Vietnam’s regulatory sandbox program, with operations initially confined to this controlled environment before scaling regionally .

The partnership will focus on three core areas: digital asset exchange and custody services, compliance and verification frameworks, and integration with Vietnam’s nascent Digital Asset Treasury (DAT) system. IDGX will contribute local regulatory expertise, market networks, and capital, while BDACS will deploy its experience in blockchain technology and compliance from the Korean market. This alignment with Vietnam’s national priorities—such as establishing international financial centers in Ho Chi Minh City and Da Nang and piloting a digital asset exchange program—highlights the strategic significance of the collaboration. Vietnam has recently introduced a licensing roadmap for digital asset managers and exchanges, reinforcing its emergence as a leading market in the region .

Vietnam’s regulatory environment has undergone significant transformation, with Resolution No. 5/2025/NQ-CP, issued on September 9, 2025, marking the official launch of a five-year pilot for regulated digital asset trading. This framework mandates strict compliance standards, including a minimum charter capital of VND10 trillion (~US$380 million) for licensed exchanges and restrictions on foreign ownership (capped at 49%). All transactions must occur in Vietnamese dong (VND), and digital assets must be backed by real-world assets. These measures aim to repatriate offshore trading activity, enhance investor protection, and integrate digital assets into the broader financial system .

The JV’s entry aligns with broader industry trends in Vietnam, where collaboration between local and international players is accelerating. For instance, Vietnam’s Military Commercial Joint Stock Bank (MB) has partnered with South Korea’s Dunamu to develop a regulated digital asset platform, while other institutions are exploring blockchain-based solutions for financial services. The Vietnamese government has also prioritized anti-money laundering (AML) and counter-terrorist financing (CFT) protocols, requiring licensed entities to adhere to stringent operational standards. These efforts reflect a cautious yet ambitious approach to balancing innovation with systemic stability .

Harry Ryoo, CEO of BDACS, emphasized the partnership’s potential to position the firm as a global infrastructure provider. The collaboration aims to create a transparent, scalable framework for digital asset services, supporting both domestic and cross-border activities. With Vietnam’s digital asset market projected to attract significant foreign capital and generate tax revenues—estimated at over US$800 million annually from a 0.1% transaction tax—the JV is well-positioned to capitalize on the country’s regulatory momentum. The government’s push to formalize digital asset trading, including the development of NDAChain, a national blockchain platform, further underscores its commitment to fostering a structured ecosystem .

Vietnam’s digital asset adoption has surged, with over 17 million citizens owning or trading cryptocurrencies in 2024, and annual transaction volumes exceeding US$100 billion. However, much of this activity has occurred on offshore platforms, prompting regulators to prioritize onshore integration. The JV’s focus on institutional-grade services and compliance frameworks addresses critical gaps in trust and liquidity management. By aligning with local financial institutions and leveraging South Korea’s regulatory expertise, BDACS and IDGX aim to bridge the divide between informal markets and formal financial systems, enhancing Vietnam’s credibility as a digital asset hub .

[1] BDACS Signs MOU with IDGX to Enter Vietnam through Digital … (https://www.businesskorea.co.kr/news/articleView.html?idxno=252810)

[2] IDGX hợp tác chiến lược với BDACS, mở ra hạ tầng tài sản số tại … (https://thuonghieucongluan.com.vn/idgx-hop-tac-chien-luoc-voi-bdacs-mo-ra-ha-tang-tai-san-so-tai-viet-nam-a281833.html)

[3] Crypto in Vietnam after Launching Digital Asset Market (https://bbcincorp.com/vn/articles/crypto-in-vietnam)

[4] Vietnam moves to standardize its domestic digital asset market (https://en.sggp.org.vn/vietnam-moves-to-standardize-its-domestic-digital-asset-market-post120351.html)

[5] Vietnam : reform and collaboration for a safer digital asset … (https://vietnam-aujourdhui.info/2025/08/01/vietnam-reform-and-collaboration-for-a-safer-digital-asset-ecosystem/)

[6] Formalizing Vietnam’s digital assets markets - theinvestor.vn (https://theinvestor.vn/formalizing-vietnams-digital-assets-markets-d17109.html)