Bithumb said on Wednesday it signed a broad memorandum of understanding with SSID (SSI Digital Technology Joint Stock Company), a unit of SSI Securities, Vietnam's largest securities firm, to pursue a local digital asset exchange business.

The agreement aims to build a strategic cooperation framework for establishing and operating a digital asset exchange in Vietnam.

The companies also left open the possibility of Bithumb making a strategic equity investment in an SSID-designated entity, subject to regulatory approval related to digital assets in Vietnam.

The scope of cooperation covers the overall establishment and operation of an exchange. The companies plan to work together on technology architecture and development, wallet and custody systems, security and risk management, support for regulatory responses, knowledge transfer, business and product development, and institutional business.

Bithumb will support building a stable trading infrastructure suited to Vietnam's regulatory environment. SSI Securities and SSID plan to use their understanding of and networks in the local financial market to speed up the business push.

A Bithumb official said, "Cooperation with SSID is the result of recognition for Bithumb's exchange operating capabilities and transparency," adding, "We will make it our top priority to thoroughly comply with the regulatory environment of Vietnam's financial authorities and cooperate to build a safe digital asset trading infrastructure."