How did TCEX obtain the first-round pilot license from the Vietnamese Ministry of Finance?
TCEX—a crypto entity backed by Techcombank, one of Vietnam’s largest private banks, and its subsidiary TCBS (Techcombank Securities)—was able to secure the first-round pilot license from the Vietnamese Ministry of Finance primarily due to several core advantages:
1. Strong Traditional Finance (TradFi) Background and Compliance DNA
- Substantial Capital Strength: Vietnam has set extremely high entry barriers for crypto exchanges (such as massive registered capital and institutional shareholding requirements). Backed by Techcombank and Techcombank Securities (TCBS), TCEX fully meets the Ministry of Finance’s expectations for “large institutions” in terms of capital reserves, risk control, and compliance management.
- Risk Control and Anti-Money Laundering (AML): The core objective of the Vietnamese government’s pilot initiative is to curb capital flight and prevent financial crimes. Hailing from the traditional banking system, TCEX gives regulators greater confidence than native crypto-native firms when it comes to implementing the FATF Travel Rule, KYC (Know Your Customer), and AML (Anti-Money Laundering) measures.
2. Alignment with Vietnam’s Policy Direction of “Blocking Foreign, Opening Domestic”
- Implementation of the National Digital Economy Strategy: Vietnam is advancing a five-year pilot program for the crypto-asset market through Resolution No. 05/2025/NQ-CP while gradually tightening access to unauthorized overseas platforms like Binance.
- Acting as a Policy Conduit: As Vietnam prepares to guide its massive retail investor base toward compliant domestic platforms, native enterprises with impeccable credentials like TCEX have become the government’s preferred partners for establishing a “controllable, tax-generating” crypto ecosystem.
3. Ecosystem Integration and Localized Innovation Capabilities (e.g., RWA)
- Comprehensive Digital Asset Ecosystem: Vietnam crypto exchange TCEX’s roadmap goes beyond simple crypto-to-crypto trading to encompass digital asset custody and Real-World Asset (RWA) tokenization. This strongly aligns with the Vietnamese government’s policy goal of channeling funds into the real economy and driving fintech innovation.
- Fully Localized Operations: In terms of equity structure and operational entities, TCEX meets the dominance requirements for domestic Vietnamese enterprises, helping safeguard national financial sovereignty and data security. Consequently, it stood out successfully in the first round of reviews, becoming one of the initial pilot companies to receive preliminary approval.