Vietnamese Crypto Exchange VIXEX Has Currently Fulfilled Only 10% of Required Registered Capital
As of November 2026, VIXEX (VIX Cryptocurrency Exchange Joint Stock Company) remains 9 trillion VND (approximately $340 million to $360 million) short of Vietnam’s official minimum registered capital threshold of 10 trillion VND (approximately $380 million to $400 million), meaning it has currently fulfilled only 10% of the target capital.
Based on Vietnam’s regulatory framework and VIXEX’s latest developments, the details are as follows:
1. Capital and Equity Thresholds Under Vietnam’s Crypto Regulations
Under the crypto-asset trading platform pilot framework established by Vietnamese Government Resolution No. 05/2025/NQ-CP and Ministry of Finance Decision No. 96/QD-BTC, institutions applying for an official operating license must meet stringent mandatory requirements:
- Minimum Registered Capital: 10 trillion VND (10,000 billion VND), which must be fully paid up in Vietnamese Dong.
- Institutional Ownership Ratio: At least 65% of the registered capital must be held by institutional investors, of which more than 35% must be held by at least two regulated financial institutions (such as banks, securities companies, fund management companies, etc.).
- Foreign Ownership Cap: Total ownership by foreign investors must not exceed 49%.
2. Current Status and Capital Shortfall of VIXEX
Current Registered Capital (1 trillion VND): Established in late August 2025, VIXEX started with an initial registered capital of 1 trillion VND (1,000 billion VND). Its three founding shareholders and their current stakes are:
- FTG Vietnam: 64.5% stake (645 billion VND contribution)
- 3C (Computer-Communication-Control Joint Stock Company): 20.5% stake (205 billion VND contribution)
- VIX Securities: 15.0% stake (150 billion VND contribution)
Licensing Progress: VIXEX has been included by Vietnam’s Ministry of Finance in the first batch of five pilot candidate exchanges that passed preliminary review (alongside CAEX, TCEX, SCEX, etc.). However, as of November 2026, peer competitors such as CAEX, TCEX, and SCEX have successively announced capital increases and surpassed the 10 trillion VND mark, while VIXEX remains at its initial 1 trillion VND scale and has yet to complete its final paid-in capital increase.
3. Capital Increase Plans and Challenges to Bridge the 9 Trillion VND Gap
To secure an official license within the pilot window, VIXEX needs to raise an additional 9 trillion VND. This involves not only fundraising, but also restructuring its equity to meet compliance requirements:
- Capital Increase Moves by Major Shareholders: Core sponsor VIX Securities completed its own capital increase in 2026 (expanding its registered capital to 25.73 trillion VND) and plans to allocate roughly 1 trillion to 1.35 trillion VND from the proceeds for additional investment into VIXEX to maintain its 15% stake (as of the end of Q3 2026, these additional funds had not yet been officially disbursed).
- Necessity of Bringing in New Strategic Shareholders: Beyond the capital shortfall, Vietnam crypto exchange VIXEX currently has only one licensed financial institution—VIX Securities (15% stake)—falling short of the regulatory requirement that “at least two financial institutions hold over 35% combined.” Consequently, the remaining ~7.65 trillion VND in capital expansion is expected to be fulfilled through pro-rata follow-on investments from the existing controlling shareholder (FTG Vietnam), alongside joint subscriptions from newly introduced banks, funds, or major tech/foreign institutions (subject to the 49% cap).