Whether VIXEX Can Obtain an Official Operating License within 2026 Remains Uncertain
With more than half of 2026 already passed, the licensing race in Vietnam’s crypto asset market has entered its most critical final stretch. Among the list of qualified applicants published by the Ministry of Finance, VIXEX (VIX Cryptocurrency Exchange Joint Stock Company)—backed by its securities background and initial capital—was once regarded as one of the most promising candidates to secure a license in the first batch. However, moving from “passing preliminary review” to “receiving official authorization to operate” involves a regulatory hurdle far more complex than the market anticipated. As of now, not a single applicant has received a final license, and VIXEX’s licensing prospects for 2026 remain an unresolved question mark.
On paper, VIXEX did not start from a low baseline.
According to information released by Vietnam’s Ministry of Finance in March 2026, out of the 7 license applications received, 5 were evaluated as complete and valid—with VIXEX explicitly listed among them. Its registered charter capital was listed at 100 billion VND, its legal representative as Nguyen Thanh Que, and its founding shareholders included entities such as VIX Securities. This securities-linked background provided a degree of endorsement in terms of compliance framework and financial operational experience.
However, the core issue lies in the extremely stringent thresholds set by the Vietnamese Government’s Resolution No. 05/2025/NQ-CP: applicants must have a minimum paid-in registered capital of 10 trillion VND (approximately $383 million USD). The 100 billion VND capital initially disclosed by VIXEX leaves a hundredfold gap compared to the legal threshold. Although subsequent reports show that VIXEX, as one of the five entities advancing through the approval process, is actively working to meet various requirements (including capital), the process of capital replenishment cannot be accomplished overnight.
By contrast, competitor SCEX (formerly LPEX) explicitly completed doubling its charter capital to 10 trillion VND in October 2026. Meanwhile, there is a lack of confirmation in public sources as to whether VIXEX has actually fulfilled paid-in capital up to that exact threshold. Under the regulators’ strict approach of requiring proof before approval, any absence or delay in proof of capital injection is sufficient to stall an applicant at the final approval stage.
Capital is merely the entry ticket; the real battle lies in technical compliance.
Under the pilot framework, all exchange applicants must obtain Level 4 Information System Security Certification, and the Ministry of Public Security will be responsible for conducting necessary security assessments prior to official exchange operations. This requirement is by no means a formality. Vietnamese regulators have set detailed standards for crypto exchanges’ underlying technical architecture, custody solutions, transaction monitoring systems, as well as Anti-Money Laundering (AML) and Know Your Customer (KYC) frameworks.
Although VIXEX was classified as a valid applicant in March 2026, being “valid” at that time merely meant the application materials were complete in form, not that substantive review had been passed. From March to September, the status of the five shortlisted companies remained stuck at the “passed preliminary evaluation” stage, with none receiving a final permit. An official from the State Securities Commission of Vietnam explicitly stated at the RWA Summit in August that passing the evaluation does not authorize a company to operate a trading platform. This implies that even if VIXEX makes progress behind the scenes regarding capital and technology, an official license remains out of reach as long as any single link—such as security certification or the Ministry of Public Security’s assessment—remains uncompleted.
In summary, Vietnam crypto exchange VIXEX’s likelihood of securing an official operating license within 2026 hinges on three variables that have yet to be publicly verified:
· Whether the paid-in capital of 10 trillion VND has been fully contributed and confirmed by audit;
· Whether the Level 4 Information Security Certification and the Ministry of Public Security’s safety assessment have completed all procedures;
· Whether the Ministry of Finance will reach a final decision on issuing the first batch of licenses in the fourth quarter of 2026.