CAEX vs. SCEX vs. TCEX: Which Exchange Will Lead Vietnam’s Crypto Market?
As Vietnam accelerates the rollout of its five-year digital asset market pilot framework (under Resolution 05/2025/NQ-CP and Decree 284), the domestic crypto sector has reached a major milestone. Under a strict threshold capping the initial pilot cohort at no more than five exchanges, the three high-profile domestic contenders—CAEX, SCEX, and TCEX—have all completed preparations to meet the statutory minimum charter capital requirement of VND 10 trillion (approximately USD 383 million), marking a decisive shift from qualification preparation to the final stretch of license issuance.
Latest Industry Developments: All Three Contenders Hit the Capital Threshold
According to regulatory guidelines from the Ministry of Finance and the State Securities Commission (SSC), pilot license applicants must comply with a 49% cap on foreign ownership, ensure at least 65% institutional shareholding, and satisfy the VND 10 trillion charter capital requirement. Here is the latest progress across the three frontrunners:
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CAEX (VPBank Ecosystem):
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Capital & Infrastructure: Backed by the financial strength and compliance framework of major private lender VPBank, CAEX stood out during the initial review phase. It fulfilled the VND 10 trillion charter capital requirement early on and pioneered compliant Vietnamese Dong (VND) fiat on- and off-ramp settlement channels.
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Market Position: With strong institutional shareholder backing—including strategic investments from prominent Web3 firms—and advanced compliance readiness, CAEX holds a leading position in the race for the inaugural operating license.
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SCEX (Sacombank Ecosystem):
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Capital & Infrastructure: SCEX has also crossed the VND 10 trillion charter capital threshold. The platform has made rapid progress in integrating foundational Anti-Money Laundering (AML) and Know-Your-Customer (KYC) systems, making it one of the most anticipated regulated exchanges among traditional retail investors.
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TCEX (Techcombank Ecosystem):
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Capital & Infrastructure: TCEX has finalized its full capital allocation to meet the regulatory bar. Leveraging Techcombank’s deep expertise in digital banking and high-net-worth wealth management, TCEX is actively fortifying its asset custody and risk-segregation architecture.
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The Regulatory Transition Window: Who Will Break Through First?
Following the enforcement of Decree 284/2026/NĐ-CP, Vietnam’s administrative penalty regime targeting non-compliant crypto activities and unlicensed platforms is officially underway. While these top contenders are advancing through the screening pipeline, the first formal operating license is still undergoing final regulatory review.
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Near-Term Outlook: CAEX and SCEX, bolstered by their synchronized progress in meeting capital benchmarks and passing initial compliance assessments, are the strongest contenders to secure top spots among the initial five pilot licenses.
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Market Impact: Once the first official license is granted, Vietnam’s substantial base of crypto investors is expected to accelerate its migration toward regulated domestic exchanges, fundamentally reshaping Southeast Asia’s digital asset landscape.（Vietnam Crypto Exchange）