CAEX Achieves Two Key Milestones: What Conditions Remain to Secure a Licensed Crypto Exchange Status in Vietnam?
As Vietnam’s digital asset pilot regulatory roadmap enters its critical phase, candidate exchange CAEX has officially announced the completion of two pivotal achievements: passing the initial regulatory dossier review and securing the Level 4 Information System Security (Level 4 Cybersecurity) certification. As the first candidate exchange to clear this rigorous cybersecurity evaluation, CAEX’s technical compliance represents a significant milestone. However, according to the strict framework established by Vietnam’s Ministry of Finance (MoF) and the State Securities Commission (SSC), CAEX must still satisfy several mandatory conditions to obtain its official operating license.
Key Foundation: The Two Completed Milestones
CAEX’s leading position in the licensing race builds upon overcoming two major regulatory hurdles:
-
Initial Dossier Clearance: Securing a position among the five shortlisted candidate platforms approved for setup and evaluation under Resolution No. 05/2025/NQ-CP.
-
Level 4 Cybersecurity Certification: Successfully passing the comprehensive cybersecurity audit and simulated penetration tests conducted by the Ministry of Public Security (A05). This credential verifies institutional-grade security for hot/cold wallet custody, disaster recovery, and high-concurrency trade execution.
Remaining Requirements: Three Critical Conditions for Final Licensing
While CAEX has established a early advantage in technical infrastructure, Decree No. 284/2026/NĐ-CP and pilot regulations require candidate exchanges to fully satisfy three core requirements during their 12-month preparation period prior to receiving an operational license:
1. Full Capital Injection and Qualified Shareholding Structure
-
Paid-in Charter Capital: CAEX must ensure that its required 10 trillion VND (approx. USD 380–400 million) charter capital is fully paid in cash.
-
Institutional Ownership Standards: Institutional shareholders must hold at least 65% of the equity, with a minimum of 35% owned by regulated entities (such as commercial banks, securities firms, fund managers, or major technology enterprises). Foreign ownership is capped at 49%.
2. Key Personnel and Technical Operations Certification
-
Executive Qualifications: The Chief Executive Officer (CEO) must possess at least 2 years of management experience in regulated financial institutions, while the Chief Technology Officer (CTO) must hold 5+ years of experience in enterprise IT or financial engineering.
-
Specialized Workforce: The platform must retain a dedicated team of at least 10 certified IT security engineers and at least 10 licensed securities operations professionals.
3. Internal Compliance Framework and Live Sandbox AML/CFT Audits
-
Asset Segregation & Monitoring: CAEX must submit fully operational frameworks for client asset custody, user fund isolation, and real-time on-chain transaction monitoring.
-
Simulator Integration and Stress Testing: Prior to final license issuance, the exchange must successfully complete sandbox live simulations and extreme market stress testing, ensuring seamless real-time data integration with regulatory surveillance systems.
Industry Outlook: Countdown to First Official License
Industry analysts note that Vietnam’s two-stage licensing mechanism ensures both financial solidity and technical resilience. By passing the Level 4 security evaluation, CAEX has cleared its primary technical bottleneck. As shortlisted candidates finalize their capital injection and regulatory integrations, Vietnam is moving closer to issuing its first official crypto exchange license, marking a new chapter for compliant digital asset infrastructure in Southeast Asia.（Vietnam Crypto Exchange）