Bithumb, South Korea's second-largest cryptocurrency exchange, has signed a memorandum of understanding with SSID, a subsidiary of Vietnam's largest securities firm SSI Securities, the company said on Thursday.

The agreement to jointly develop a local virtual asset exchange, signed March 2 at SSI's Hanoi branch, was attended by Bithumb CEO Lee Jae-won, SSID CEO Nguyen Khac Hai and SSI Securities Chairman Nguyen Duy Hung.

The two sides will collaborate on technology architecture, wallet and custody systems, security and risk management, regulatory compliance and knowledge transfer, business and product development, and institutional services, with Bithumb also weighing a strategic equity stake in SSID's designated entity pending Vietnamese regulatory approval.

Bithumb will contribute its exchange operation expertise and cybersecurity capabilities to help build a stable trading infrastructure aligned with Vietnam's regulatory environment, while SSI and SSID will leverage their local market knowledge and established financial network to drive the venture forward.

The deal marks Bithumb's latest push into Southeast Asia, where several governments are moving to formalize cryptocurrency regulations. Vietnam has been developing a legal framework for digital assets, with authorities expected to introduce licensing rules for virtual asset service providers in the coming years.

"This partnership reflects international recognition of Bithumb's operational capabilities and transparency," a Bithumb spokesperson said. "We will prioritize full compliance with Vietnamese regulations as we work to build a safe virtual asset trading infrastructure."

SSI Securities, founded in December 1999, operates branches across Hanoi, Ho Chi Minh City and Haiphong, offering comprehensive financial services backed by strong capital, corporate governance and professional expertise.

By Choi Yeon-jae (ch0221@heraldcorp.com)