Latest Developments in Vietnam Crypto Exchange
5 names that have passed the Ministry of Finance’s review round
VIXEX、CAEX、SCEX、TCEX、CTCP TSS VN
Expected to pilot in Q3/2026, but it sounds tough, now it’s almost September already
Among them, only CAEX and SCEX have strong media coverage.
I’m still waiting for the next move from the International Exchange
Following the government’s Resolution 05 sandbox initiative and the enforcement of Decree 284/2026/ND-CP, Vietnam’s cryptocurrency exchange market is undergoing a historic shift toward formal regulation. Combining stringent qualification standards with strict penalties for non-compliant platforms, the country is executing a dual-track strategy—strict oversight coupled with controlled sandboxing—to bring its massive digital asset volume into official channels.
Sandbox Milestones: Five Candidate Platforms Enter Physical Audits
Under the Ministry of Finance (MoF) and the State Securities Commission’s (SSC) five-year digital asset pilot scheme, market admission checks have entered a critical phase:
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High Entry Barriers: Licensing conditions require applicant exchanges to maintain a minimum paid-in capital of VND 10 trillion (approx. $383 million USD). At least 65% of equity must be held by institutional shareholders (e.g., banks, securities firms, or tech enterprises), with foreign equity capped at 49%.
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Review Progress: Among applicants, five companies—including TCEX, VIX Crypto Asset Exchange, and CAEX—have passed preliminary qualification checks. The Ministry of Public Security, alongside the State Bank of Vietnam, is currently conducting on-site audits to verify capital integrity and ensure compliance with Level 4 Information System Safety Standards.
Regulatory Enforcement: Decree 284 Sets Administrative Boundaries
To reinforce the sandbox framework, Decree 284/2026/ND-CP has officially taken effect, establishing penalties for unauthorized crypto asset services and marketing:
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Penalties for Unlicensed Entities: Service providers that offer crypto trading services, advertise, or fail to meet AML/KYC requirements without MoF authorization face administrative fines up to VND 200 million.
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Individual Investor Fines: The decree establishes fines ranging from VND 30 million to 50 million for domestic investors trading on unauthorized local or offshore “shadow platforms”.
Regional Innovation: Da Nang Explores Localized Sandbox Models
Alongside the central ministry’s regulatory framework, municipal areas are testing localized innovations. Da Nang, designated as part of Vietnam’s International Financial Center (IFC) roadmap, has received approval to pilot non-custodial fiat-to-crypto exchange models (e.g., compliant USDT-to-VND conversion channels) to build operational experience connecting digital assets with traditional finance.
Industry Outlook: Recent updates indicate that Vietnam’s digital asset market is rapidly exiting its historic “gray zone.” As licensed sandbox operations roll out, trading volumes and institutional capital are expected to consolidate within compliant domestic platforms that meet government security standards.