The race for licensed cryptocurrency exchanges in Vietnam: Where do the contenders stand?
Businesses entering Vietnam’s cryptocurrency market are accelerating the process of completing their technology infrastructure, charter capital, and licensing applications. With May 2027, as mentioned by representatives of the State Securities Commission, being the deadline for completing the remaining conditions, meeting Level 4 information security standards is becoming a key priority for applicants.
CAEX completes assessment, moving closer to operational goals.
On October 22, 2026, Vietnam Prosperity Cryptocurrency Exchange Joint Stock Company (CAEX) announced the completion of its Level 4 information system security assessment. According to the company, the proposed security level was assessed and approved by the Cyber Security Department (A05) of the Ministry of Public Security.
CAEX is a unit within the VPBank ecosystem, with the participation of international strategic partners such as OKX Ventures and HashKey Capital. The company is developing infrastructure to support trading and order matching, crypto asset custody, hot and cold wallet management, and cryptographic key protection mechanisms.
The system is built with a multi-layered security approach, combining operational monitoring, incident detection and response, and establishing a backup infrastructure to maintain service continuity. These are crucial components for the platform that processes transactions and manages customer assets.
Besides meeting information security requirements, CAEX also announced that it has completed increasing its charter capital to VND 10,000 billion, meeting the minimum capital requirement under the pilot program for the cryptocurrency market. Completing these two milestones regarding capital and information security assessment shows that the company has taken another step in preparing to meet the licensing requirements.
However, the Level 4 assessment result does not mean that CAEX has been officially licensed to operate the exchange. The business still needs to fully meet all relevant regulatory requirements before providing services.
SCEX has also completed Level 4 accreditation.
On the same day, October 22nd, Sacom Cryptocurrency Exchange Joint Stock Company (SCEX) announced the completion of its Level 4 information system security assessment. SCEX stated that it has increased its charter capital to VND 10,000 billion and is developing its technology infrastructure and multi-layered asset custody model.
The company also launched the SCEX Simulator, a trading simulation platform serving the Digital Asset Inclusion Program 2026. According to SCEX data, the platform has attracted more than 60,000 participants after more than three months of deployment.
Testing helps businesses gather data on user behavior, evaluate performance, and fine-tune the platform experience. However, the activities on the SCEX Simulator are only simulations and not actual cryptocurrency trading.
Completing the information security assessment and capital requirements has helped SCEX take another step in preparing to enter the market. However, similar to CAEX, the company still needs to fulfill the remaining licensing conditions before it can officially begin operations.
What is the current status of VIXEX, TCEX, and Vietnam Digital Assets Joint Stock Company?
While CAEX and SCEX have announced the results of their Level 4 assessments, public information regarding the progress of the remaining candidates is still incomplete. For VIXEX, the company involved is VIX Securities Joint Stock Company. However, there is insufficient public information to confirm that the company has completed its Level 4 information security assessment.
TCEX, a company linked to the Techcombank ecosystem, is also among the organizations applying to participate in the market. Although the company’s profile was previously mentioned among the candidates under consideration by the regulatory authority, the progress of TCEX’s Level 4 assessment has not been publicly confirmed.
Similarly, the full assessment status of Vietnam Digital Asset Joint Stock Company has not yet been disclosed. Therefore, it is not possible to accurately determine which stage these entities are currently at in the system completion process.
The race ahead to May 2027
The pressure to meet the requirements for candidates became even clearer after Mr. To Tran Hoa, Deputy Head of the Standing Committee of the Cryptocurrency Trading Market Management Board under the State Securities Commission, shared his views on the Finance and Business program on VTV in October 2026.
Organizations that have passed the initial phase have one year to finalize the remaining content. Starting from May 2026, May 2027 is a key deadline for this group of businesses.
In that roadmap, building a technology system that meets information security standard level 4 is one of the important requirements. After completing the infrastructure, the enterprise must also meet the conditions regarding charter capital, personnel, facilities, business processes, and documentation as stipulated in Resolution 05/2025/NQ-CP.
According to the resolution, the information technology system of an organization providing crypto asset services must meet information system security standard level 4 before being put into operation and exploitation. The enterprise must also have a minimum contributed charter capital of VND 10,000 billion and meet other requirements to be licensed.
Therefore, the announcement by CAEX and SCEX that they have completed Level 4 assessment is a significant milestone in the candidates’ preparation process. However, this is only a part of the overall operating conditions and does not mean that the two businesses have been granted licenses.
The May 2027 deadline is not a fixed opening date for the entire market. According to a representative from the State Securities Commission, the timing of the official launch of a cryptocurrency exchange still depends on the progress of implementation and the ability of each enterprise to meet the necessary conditions.
In the coming months, progress in completing technology systems, financial capacity, and legal documentation will be key factors to monitor in assessing each candidate’s position in the race to enter Vietnam’s licensed cryptocurrency market.（Vietnam Crypto Exchange）