What Does TCEX’s Liquidity Construction Plan Specifically Include?
As Vietnam’s cryptocurrency market officially enters the national compliance pilot phase, TCEX—backed by Vietnam Technological and Commercial Joint Stock Bank (Techcombank) and its subsidiary Techcom Securities (TCBS)—is becoming a market focus as one of the first compliant exchanges to receive preliminary approval from the Ministry of Finance.
Against the backdrop of Vietnam’s strict licensing thresholds (such as a charter capital requirement of up to 10 trillion VND) and the policy mandate that “all settlements must be conducted in Vietnamese Dong,” TCEX’s liquidity construction plan is of critical importance. Its actual operational liquidity layout primarily includes the following core dimensions:
I. Fiat (VND) Liquidity Pool Backed by Strong Banking Foundations
Bridging Traditional Finance and the Crypto Market: Vietnamese regulations explicitly stipulate that all transactions and settlements during the pilot period must be conducted in Vietnamese Dong (VND). Leveraging Techcombank’s massive retail and corporate customer base, TCEX can seamlessly build a deep fiat liquidity pool.
Compliant Injection of Large-Scale Capital: Through the institutional resources of Techcombank and TCBS, a large volume of traditional institutional funds and high-net-worth investors can compliantly and securely convert into platform liquidity, providing ample trading depth for the market.
II. Institutional Market Maker Mechanism and Capital Access
High-Quality Liquidity Driven by Strict Capital Thresholds: Vietnam’s regulatory framework requires licensed platforms to possess substantial capital (institutional investors must provide at least 65% of the initial capital). Building on this foundation, TCEX introduces professional and well-capitalized institutional market makers.
Order Book Depth Optimization: Through professional market maker teams providing continuous two-way quotes, the bid-ask spreads of mainstream crypto assets are narrowed, ensuring the capacity to handle large block trades even in the early stages of the pilot.
III. Real-World Asset (RWA) Tokenization and Asset-Side Synergy
Diversified Asset Supply: Vietnam crypto exchange TCEX’s ecosystem goes beyond traditional mainstream cryptocurrencies (such as BTC and ETH), with its liquidity planning deeply integrating Real-World Asset (RWA) tokenization.
Closing the Loop Between Assets and Liquidity: By transforming premium local Vietnamese real assets into on-chain tokens, TCEX can attract local investors who prefer real-economy returns, directly activating the market’s endogenous trading liquidity from the “asset supply side.”
IV. Channeling User Inflow Back from Offshore Platforms (e.g., Binance/OKX)
Compliance and Tax Policy Incentives: Vietnam boasts hundreds of billions of dollars in massive crypto trading volume annually, which was previously concentrated on offshore platforms like Binance and OKX. TCEX is leveraging its compliance advantages—by simplifying local bank fiat on-ramps and off-ramps—to gradually attract this massive volume of retail and institutional traffic back into the domestic compliance framework.
Ecosystem Liquidity Retention: Backed by clear tax and legal protections established for the 5-year pilot period, TCEX builds a digital asset closed-loop integrating exchange and custody functions, thereby reducing capital outflow and locking liquidity tightly within the domestic Vietnamese market.