CAEX vs. TCEX: Which Vietnamese Crypto Exchange Will Secure the First License?
CAEX and TCEX are emerging as two of the most notable candidates in the race to obtain a digital asset business license in Vietnam. One possesses the advantage of a chartered capital of up to VND 10,000 billion along with international partners, while the other has already passed the first round of application review by the Ministry of Finance.
The race for licenses to provide cryptocurrency trading services in Vietnam is gradually accelerating, as several large financial and banking enterprises have met key requirements regarding capital, technology, and legal compliance. Among them, CAEX and TCEX stand out as two of the most notable candidates, thanks to their backing from major financial ecosystems and well-structured investment strategies for the digital asset market.
TCEX is a company directly linked to Techcombank, as the bank holds a 9.9% stake. The company was established in May 2025 with an initial charter capital of only 3 billion VND, before increasing it to 101 billion VND in August of the same year. Despite not meeting the 10,000 billion VND charter capital requirement, TCEX was one of the first companies, along with SCEX, to be certified by the Ministry of Finance as having passed the first round of licensing under the pilot program for the cryptocurrency market.
According to a document issued by the Ministry of Finance in early May 2026, TCEX’s application met the initial requirements regarding legality and corporate structure. This allowed the company to officially enter the next round of the licensing process, where businesses must further improve their conditions regarding technology infrastructure, information system security, risk management, and investor protection.
Meanwhile, CAEX has attracted attention with its rapid financial expansion. This company, part of the VPBank ecosystem, initially had a registered capital of approximately 25 billion VND but quickly increased it to 10,000 billion VND in April 2026 after a partnership with OKX Ventures and HaskeyCapital. Since then, it has rapidly become one of the companies with the largest capital among those applying for cryptocurrency exchange licenses in Vietnam.
In addition to its financial advantages, CAEX also possesses a notable network of international shareholders and partners such as VPBank Securities, LynkiD, OKG Ventures, and HashKey Capital. The participation of these organizations gives CAEX further advantages in terms of experience in operating digital asset markets, international liquidity, and governance capabilities according to global standards.
Regarding the legal process, CAEX is also among the dossiers assessed by the Ministry of Finance as “complete and valid” and has been forwarded to the Ministry of Public Security and the State Bank of Vietnam for in-depth review. However, to date, there is no public information indicating whether the enterprise has passed the next round of evaluation like TCEX and SCEX.
The two entities demonstrate different advantages in the licensing race. TCEX has an advantage in processing applications, having already passed the first round of the licensing process. Meanwhile, CAEX stands out in terms of scale, resource mobilization capabilities, and the involvement of international partners with experience in the digital asset sector.
In the context of the government promoting a pilot program for the cryptocurrency market, the entities that are likely to succeed first will depend not only on their charter capital, but also on their ability to meet supervision standards, control risks, and coordinate with regulatory authorities. This is also considered a pivotal stage in shaping the first group of businesses allowed to operate legal digital asset exchanges in Vietnam.