VIXEX Exchange Passed Preliminary Vetting but Has Not Received Operational Authorization
Regarding the crypto asset pilot program driven by the Ministry of Finance (MoF) of Vietnam, the fact that VIXEX (a digital asset trading platform invested and established by VIX Securities) passed preliminary vetting only indicates that its application materials meet the basic compliance qualifications and have entered the shortlist. It by no means signifies that it has obtained an official operating license.
I. What Stage Is VIXEX Currently In?
According to the official announcements and review progress released by the Ministry of Finance (MoF) of Vietnam:
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Preliminary Review / Qualification Phase
Among the multiple applications submitted, five entities, including VIXEX, were qualified for the “Preliminary Round / Valid Dossiers” because their submitted documentation was complete and their organizational frameworks met the preliminary qualification thresholds.
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Ongoing Inter-Agency Review & On-Site Inspection
Passing the preliminary vetting is followed by joint evaluations involving the MoF, the State Bank of Vietnam (SBV), and the Ministry of Public Security. These agencies will conduct on-site inspections and technical audits to evaluate system security, risk controls, Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) capabilities, and underlying technical infrastructure.
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No Official License Granted Yet
Pending the successful completion of on-site inspections and technical audits, authorities have not yet issued an official pilot operating license to VIXEX.（Vietnam crypto exchange）
II. Difference Between Preliminary Vetting and Operational Authorization
| Evaluation Dimension | Preliminary Vetting | Operational Authorization (Pilot/Operating License) |
| Legal Nature | Passing formal and foundational checks on qualifications and compliance materials. | Receiving an official administrative license and operating permit from regulatory authorities. |
| Testing & Review | Entering inter-agency reviews, technical audits, and infrastructure verification stages. | Permission to launch commercial operations accessible to the public within approved parameters (e.g., regulatory sandbox). |
| Operational Authority | Prohibited from accepting public funds or launching retail trading services. | Permitted to carry out digital asset custody and trade matching in compliance with regulations. |