Vietnamese cryptocurrency exchanges remain “stuck” before the deadline
Despite numerous large enterprises joining the race to build cryptocurrency exchanges, the Vietnamese market has yet to see a breakthrough in licensing. With a minimum charter capital requirement of VND 10 trillion and a host of technology and information security standards, the path to legal trading for investors remains fraught with obstacles.
Five enterprises have passed the initial application review but still need to fulfill further conditions before being allowed to operate. This delay presents a challenge in balancing risk control with the needs of developing the digital asset market. The
Vietnamese cryptocurrency market is entering a crucial preparatory phase as the pilot mechanism is implemented according to Resolution 05/2025/NQ-CP.
According to published information, five companies are participating in the licensing review process: VIX Cryptocurrency Exchange Joint Stock Company (VIXEX), Sacom Cryptocurrency Exchange Joint Stock Company (SCEX), Vietnam Prosperity Cryptocurrency Exchange Joint Stock Company (CAEX), Techcom Cryptocurrency Exchange Joint Stock Company (TCEX), and Vietnam Digital Assets Joint Stock Company (Moonbase).
However, passing the initial document review does not automatically mean a company has been granted a license to provide trading services.
Notably, CAEX announced the completion of the Level 4 information system security review, a crucial requirement for trading infrastructure.
Even so, the company must continue to improve its technology system, operational processes, and related legal conditions.
A capital of 10,000 billion VND is only the first hurdle.
Under the pilot program, businesses wishing to organize cryptocurrency trading markets must meet a minimum charter capital requirement of 10,000 billion VND.
This is a large capital threshold, creating a significant barrier for small-scale technology and financial businesses.
However, financial capacity is not the only determining factor.
Participating entities must also meet standards for information security, risk management, anti-money laundering, transaction control, and customer asset protection.
For securities, banking, and technology companies participating in the digital asset ecosystem, infrastructure investment can open up new revenue streams from transaction fees, custody, and related services.
Simultaneously, the costs of investing in technology, specialized personnel, and maintaining security systems also put pressure on capital efficiency.
Investors are still waiting for a legal playing field.
Decree 284/2026/ND-CP stipulates fines of 30-50 million VND for domestic investors trading crypto assets without going through licensed organizations.
This makes the need for the establishment of legal exchanges urgent.
However, until any entity completes all the necessary conditions and receives a license, investors still face a gap in domestic trading infrastructure.
For the financial market, the successful implementation of the pilot mechanism could create momentum for the fintech industry, custody services, and digital infrastructure development.
Conversely, if the licensing process is prolonged, businesses will have to continue maintaining investment resources while unable to generate corresponding revenue.