How Far is TCEX’s Registered Capital from the 10 Trillion VND Threshold?
As the Vietnamese government’s regulatory framework for digital assets—such as the pilot program under Resolution No. 05/2025/NQ-CP—gradually takes shape, Vietnam’s crypto compliance process has entered a substantive phase. Regulatory authorities have established exceptionally high mandatory entry thresholds, the most challenging of which is the minimum paid-in registered capital requirement of 10 trillion VND (approximately $380 million).
As a key player backed by Techcombank, one of Vietnam’s top private commercial banks, and its prominent securities arm TCBS, Techcom Digital Asset Exchange Joint Stock Company (TCEX) has been included in the first batch of pilot applicants reviewed by the Ministry of Finance. However, looking at TCEX’s actual capital status, it still faces a glaring funding gap to meet this threshold.
I. The Regulatory “Mountain”: Strict Constraints of the 10 Trillion VND Threshold
To mitigate financial risks, ensure compliant operations, and safeguard investor assets, the Ministry of Finance of Vietnam has set rigorous standards for companies applying for crypto asset exchange (or crypto service provider) licenses:
Capital Floor: Minimum registered capital must reach 10 trillion VND.
Ownership Structure Restrictions: Institutional investor shareholding must comply with strict regulations, and foreign ownership cannot exceed 49%.
This sky-high threshold has effectively cleared out small crypto startups, turning the race for exchange licenses into a “capital contest” backed by traditional financial giants or industrial conglomerates.
II. TCEX’s Current Status and Capital Gap
Based on corporate registry data, TCEX’s capital increase trajectory is clear, though it still has a long way to go before reaching the finish line:
Initial Status and Capital Expansion Trajectory
TCEX was initially incorporated with a registered capital of only 3 billion VND. As the compliance process progressed, the company completed a major round of capital expansion, bringing its registered capital up to 101 billion VND (approximately $4 million).
The Absolute Gap
Regulatory Target: 10,000,000,000,000 VND (10 trillion VND)
Current Registered Capital: 101,000,000,000 VND (101 billion VND)
Actual Funding Gap: Approximately 9,899 billion VND (nearly 9.9 trillion VND, or roughly $375 million)
This means that TCEX’s current registered capital covers only about 1% of the regulatory requirement, leaving a 99% funding shortfall that must be filled before obtaining a formal license.
III. Industry Landscape and TCEX’s Path Forward
Among competitors, several applicants have taken the lead in increasing their capital. For example, Vimexchange and CAEX (associated with VPBank) have successively raised or supplemented their registered capital to 10 trillion VND during the review process. This exerts more direct compliance pressure on TCEX regarding capital scale.
However, TCEX’s core advantage lies in its backing resources and shareholder commitment:
Parent Support: TCEX is directly spearheaded by top executives, including the Chairman of Techcom Securities (TCBS), and shareholders have explicitly expressed their willingness and capability to inject capital in phases to close the 10 trillion VND gap.
Diverse Funding Channels: Beyond internal capital injections from within the Techcombank ecosystem, TCEX can also raise funds by issuing new equity to strategic institutional investors or introducing compliant foreign capital (subject to the 49% foreign ownership cap).
Summary
In summary, Vietnam crypto exchange TCEX still faces a massive gap of nearly 9.9 trillion VND to reach Vietnam’s 10 trillion VND registered capital threshold for crypto exchanges. Meeting this requirement represents the primary hurdle TCEX must overcome to transition from passing initial review to acquiring an official license. Backed by the strong financial strength and infrastructure capabilities of Techcombank Group, whether TCEX can smoothly complete its capital injection plan prior to final license issuance will be the deciding factor in securing a first-mover advantage in Vietnam’s compliant crypto landscape.