Establishment and Capital Logic of VIXEX Crypto Exchange
VIXEX (VIX Digital Asset Exchange JSC) is one of the official pilot digital asset exchanges established in Vietnam amid the rollout of its regulatory sandbox for crypto assets and Real-World Asset (RWA) tokenization.
The background, ownership structure, and financial logic behind its establishment are outlined below:
1. Background & Regulatory Framework
-
Policy-Driven Development: In September 2025, the Vietnamese government issued Resolution 05/2025/NQ-CP, officially launching a 5-year pilot regulatory framework for tokenized assets and cryptocurrencies.
-
Pilot Qualification: Founded in August 2025, VIXEX was selected by the Ministry of Finance of Vietnam as one of five initial institutions eligible to pilot a tokenized asset trading platform. The exchange was granted a one-year preparation period to meet technical, legal, and capital requirements.
-
Core Business Focus: Diverging from speculative tokens, VIXEX prioritizes Real-World Asset (RWA) tokenization, covering project financing and secondary trading across real estate, renewable energy, and infrastructure.
2. Ownership Structure & Initial Capital
Vietnam crypto exchange VIXEX was established with an initial charter capital of VND 1 trillion (approx. USD 38 million). The initial shareholder structure is as follows:
| Shareholder Name | Equity Share | Entity Type |
| FTG Vietnam JSC | 64.5% | Controlling Majority Shareholder |
| 3C Computer-Communication-Control JSC | 20.5% | Technology & Infrastructure Partner |
| VIX Securities | 15.0% | Major Licensed Vietnamese Brokerage |
3. Capital Requirements & Expansion Strategy
To secure an official operating license, VIXEX must satisfy stringent financial thresholds. Its capital allocation model centers around three key mechanics:
Regulatory Minimum Capital Requirements
Under Resolution 05/2025/NQ-CP, operators of tokenized asset exchanges must maintain a minimum charter capital of VND 10 trillion (approx. USD 380 million). VIXEX must raise an additional VND 9 trillion during its preparation phase.
Follow-on Investment & Financing by VIX Securities
To maintain its 15% stake after the capital increase to VND 10 trillion, VIX Securities needs to inject an additional VND 1.35 trillion (approx. USD 51.33 million):
-
VND 1 trillion: Sourced from proceeds raised via a rights offering.
-
VND 350 billion: Covered via debt financing or internal capital reserves.
Parent Brokerage Capital Expansion
VIX Securities issued nearly 919 million rights shares to raise approximately VND 11.03 trillion from public markets, expanding its charter capital past VND 24.5 trillion. Beyond the VND 1 trillion allocated to VIXEX, over VND 10 trillion was deployed into proprietary trading and margin lending, achieving a dual alignment across traditional securities and digital asset markets.
4. Strategic & Commercial Objectives
-
Capturing Regulatory Arbitrage: As Vietnamese authorities restrict unauthorized offshore exchanges and mandate local investors to trade via licensed domestic entities, VIXEX’s early pilot status positions it to capture a dominant share of Vietnam’s crypto trading volume.
-
Unlocking New Revenue Streams: By holding equity in a digital asset exchange, traditional brokerages like VIX Securities expand beyond equities and bond underwriting into digital asset custody, RWA tokenization underwriting, and transaction fee revenue models.