BDACS and IDGX to Establish JV in Vietnam for Digital Asset Infrastructure

According to BusinessKorea, BDACS, a regulated institutional digital asset custodian in South Korea, has signed a Memorandum of Understanding (MOU) with IDGX, a Vietnamese digital asset investment firm under IDG Capital Vietnam, to establish a joint venture (JV) in Vietnam. The partnership aims to develop globally compliant digital asset trading and custody infrastructure, 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 under Vietnam’s regulatory sandbox program within the year, initially operating in a controlled environment before expanding regionally. The collaboration will focus on three core areas: digital asset trading and custody services, compliance and verification frameworks, and integration with Vietnam’s emerging Digital Asset Trading (DAT) system. IDGX will provide local regulatory expertise, market networks, and funding, while BDACS will contribute blockchain technology and compliance experience from the Korean market. This aligns with Vietnam’s national goals, such as establishing international financial centers in Ho Chi Minh City and Da Nang, and piloting digital asset trading projects. Vietnam recently introduced a licensing roadmap for digital asset management companies and exchanges, reinforcing its emergence as a leading market in the region. The country’s regulatory environment has undergone significant changes, with Resolution No. 5/2025/NQ-CP, issued on September 9, 2025, marking the start of a five-year pilot for regulated digital asset trading. The framework includes strict compliance standards, such as a minimum registered capital of 10 trillion VND (approximately $380 million) for licensed exchanges and a 49% cap on foreign ownership. All transactions must be conducted in Vietnamese Dong (VND), and digital assets must be backed by tangible assets. These measures aim to bring offshore trading activities back onshore, enhance investor protection, and integrate digital assets into the broader financial system. The establishment of the JV aligns with broader industry trends in Vietnam, where local and international players are accelerating collaboration. For example, Vietnam Military Commercial Joint Stock Bank (MB) has partnered with South Korean Dunamu to develop a regulated digital asset platform, while other institutions are exploring blockchain-based financial solutions. The Vietnamese government has also prioritized anti-money laundering (AML) and counter-terrorism financing (CFT) protocols, requiring licensed entities to adhere to strict operational standards. These efforts reflect the government’s cautious yet ambitious approach to balancing innovation with systemic stability. BDACS CEO Harry Ryoo emphasized that the partnership aims to position the company as a global infrastructure provider, creating a transparent and scalable framework for digital asset services to support domestic and cross-border operations. Vietnam’s digital asset market is expected to attract significant foreign investment and generate substantial tax revenue, with an estimated 0.1% transaction tax potentially yielding over $800 million annually. The JV is well-positioned to capitalize on the country’s regulatory momentum. The Vietnamese government is also advancing the formalization of digital asset trading, including the development of the national blockchain platform NDAChain, further highlighting its commitment to building a structured ecosystem. Vietnam has seen a surge in digital asset adoption, with over 17 million citizens holding or trading cryptocurrencies as of 2024, and annual transaction volumes exceeding $100 billion. However, most of these activities occur on offshore platforms, prompting regulators to prioritize onshore integration. The JV’s focus on institutional-grade services and compliance frameworks aims to address critical gaps in trust and liquidity management. By partnering with local financial institutions and leveraging South Korean regulatory expertise, BDACS and IDGX aim to bridge the gap between the informal market and the formal financial system, enhancing Vietnam’s credibility as a digital asset hub.