SCEX vs. Other Emerging Vietnam Crypto Exchange
As Vietnam advances its pilot framework for a regulated digital asset market under Resolution No. 05/2025/NQ-CP, competition among prospective exchanges is intensifying. Among the five applicants clearing the initial assessment, SACOM Crypto Asset Exchange (SCEX) and peers like CAEX demonstrate distinct structural advantages and technical approaches, signaling a diverse ecosystem for Vietnam’s legal crypto landscape.
Ownership and Capital Backing: Industrial Conglomerates vs. Web3 Alliances
While all provisionally approved applicants meet the regulatory threshold requiring at least 65% institutional ownership, their shareholder composition reveals clear strategic differences:
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SCEX (SACOM): Formerly known as Lộc Phát Việt Nam (LPEX) before rebranding and expanding its capital base, SCEX carries strong ties to major domestic banking and industrial networks (linked to capital groups such as LPBank/Bầu Thụy ecosystem). Its primary advantage lies in integrating local corporate assets and domestic capital structuring.
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CAEX and Market Peers: Competitors like CAEX lean heavily on private banking ecosystems (such as VPBank) paired with strategic investments from international Web3 institutions like OKX Ventures and HashKey Capital, creating a hybrid model of traditional finance and global Web3 infrastructure.
Technical Infrastructure and Compliance Readiness
Under government guidelines, every applicant must maintain a minimum paid-in charter capital of 10 trillion VND (approx. $383 million USD) and achieve Level 4 Information System Security certification.
The technical approaches among top contenders highlight different rollout timelines:
| Strategic Dimension | SCEX (SACOM) | Other Leading Applicants (e.g., CAEX) |
| Technical Deployment | Rolled out Level 4 security architecture alongside the SCEX Simulator public testing environment. | Deployed Hardware Security Modules (HSM) and cold/hot wallet separation in partnership with global tech providers. |
| Asset Security & Custody | Cold/hot wallet segregation, HSM key management, and multi-signature (Multisig) protocols isolating custody from matching engines. | Enterprise-grade HSM encryption paired with automated institutional AML/KYC screening systems. |
| Market Testing & Onboarding | Launched a simulated trading platform that registered over 22,000 test accounts within its first 48 hours. | Focused on testing institutional matching engines, liquidity aggregation, and API connectivity. |
Business Focus: Distinct Pathways for RWA Tokenization
All licensed exchanges are legally restricted from listing standard securities or foreign fiat currencies, directing their focus toward Real-World Asset (RWA) tokenization. However, application verticals vary:
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SCEX’s Real-Economy Focus: Leveraging its ties to local industrial groups, SCEX prioritizes tokenizing domestic commodities (such as coffee, cashews, and pepper), logistics networks, and commercial real estate to help local enterprises access global liquidity.
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Global Capital Alignment elsewhere: Other candidates focus heavily on large-scale infrastructure, renewable energy projects, and cross-border investor access, utilizing foreign shareholder networks to attract international institutional capital.
Regulatory Transition and Market Evolution
Whether driven by domestic industrial integration like SCEX or global Web3 partnerships like CAEX, all shortlisted entities are competing for final operational approval from the Ministry of Finance.
Following the enforcement of Decree No. 284/2026/ND-CP, domestic investors will be granted a six-month transition window once the first exchange license is awarded. This grace period will allow market participants to migrate from unauthorized channels to regulated platforms, anchoring Vietnam’s digital asset economy within a transparent legal framework.