CAEX fully funded with 10,000 billion · yet to receive pilot license
As recorded on 06/09/2026, the Vietnam Prosperous Cryptocurrency Exchange Joint Stock Company (CAEX, part of the VPBank ecosystem) remains among the applications for licensing under Resolution 05/2025/NQ-CP, after completing the increase of its charter capital to approximately 10,000 billion VND in April — the minimum threshold to participate in the pilot program. Early September press reports noted that the Ministry of Finance had sent out inter-ministerial consultations, but to date, no exchange has been granted a pilot operation license in Vietnam; internal testing or demo interfaces do not equate to opening commercial access for retail investors.
Capital and position in the race of five applications: CAEX is the first among the candidate group publicly stated to have contributed the full 10,000 billion threshold; its structure ties in VPBankS (about 11%), LynkiD, and international strategic partners (OKX Ventures, HashKey Capital per the April press release). Sufficient capital is a necessary condition, not a substitute for the Ministry of Finance’s license — with additional hurdles in information security, AML/KYC, and inter-ministerial vetting.
System testing ≠ a “legitimate” exchange up and running: Since mid-year, CAEX has teased trial interfaces and demo asset lists; some channels hinted at internal testing windows around early–mid September, but the desk hasn’t matched an official announcement locking in exactly 06–16/09. Even with internal UAT for staff/partners registering ahead, that’s just system optimization ahead of licensing — not the commercial version, not a public invite to deposit–withdraw.
Pilot roadmap and early FOMO risks: NQ 05 frames a pilot for a maximum of five licenses over five years; the penalty clock for off-VASP trading ties to a grace period after the first license, so no license means no legal “home turf” exchange for FOMO yet. Investors need to separate three layers: application/capital readiness · technical testing · operation license — only the final layer unlocks a protected playing field under the domestic pilot framework.（Vietnam Crypto Exchange）
Will CAEX be the first to snag a pilot license after the Ministry of Public Security–SBV opinion round, or will the race of five applications drag on when full capital isn’t enough to go live?