Deputy General Director in charge of corporate finance at Techcom Securities JSC. Ngo Hoang Ha (TCBS) stated that Techcom Crypto Asset Exchange JSC. (TCEX), a vital member of the expansive TCBS ecosystem, submitted an application early to securely request a license to thoroughly provide crypto asset trading market organization services. TCEX had prepared approximately six months before construct its technological infrastructure and perfect operational procedures. “Immediately upon being licensed, we’ll be entirely ready to serve our customers,” he stated.
Vietnam Prosperity Crypto Asset Exchange JSC. (CAEX), within the financial ecosystem of Vietnam Prosperity Joint Stock Commercial Bank, also confirmed submitting an application for a license to organize the crypto asset trading market.
CAEX has meticulously prepared all necessary financial and technological resources to fully satisfy the stringent regulatory conditions for actively participating in Vietnam’s crypto exchange pilot program, according to Government Resolution 05/2025/NQ-CP. Currently, CAEX shareholders are completing final steps to augment company capital to VND10 trillion (US$380.2 million), meeting pilot participation conditions.
Regarding technological infrastructure, Chairman and General Director of CAEX Nguyen Hong Trung shared that strategic partners are collaborating with CAEX to build and operate the technical infrastructure, security systems, compliance frameworks, and risk governance protocols adhering to the highest international standards, while guaranteeing seamless liquidity connectivity.
Similarly, SSI Digital Technology JSC. (SSID), despite lacking specific public information regarding its formal dossier submission, swiftly moved to increase its chartered capital from VND200 billion ($7.6 million) to an impressive VND1 trillion ($38 million). Previously, the enterprise also confirmed that it’d meticulously prepared its internal structures and was fundamentally prepared to participate in the market.
The Ministry of Finance initially indicated it has received seven applications proposing licenses to provide crypto asset trading market organization services and continues accepting submissions. The frequent updates from these motivated enterprises showcase a profound determination and eager excitement to participate in this remarkably novel financial market within Vietnam.
Permanent Deputy Head To Tran Hoa of the Crypto Asset Trading Market Management Board under the State Securities Commission stressed that the successful operation of the market primarily depends on the thorough preparation executed by the enterprises, particularly concerning IT infrastructure.
“After receiving a complete dossier, the management agency will issue a formal written notification informing the enterprise whether it’s qualified. If qualified, the enterprise proceeds with subsequent preparatory steps, which require a formal appraisal document from the Ministry of Public Security validating the proposal for Level-4 information system security, alongside satisfying the minimum capital requirement of VND10 trillion in a maximum time of 12 months. After completing preparation and submitting the full dossier, the enterprise enters the appraisal and licensing phase by authorities,” Mr. To Tran Hoa emphasized.
Analyzing the accelerating maneuvers of these businesses, Director Tran Quy of the Vietnam Digital Economy Development Institute and Chairman of the MetaDAP platform suggested that entering the market during the pilot phase bestows the coveted status of a pioneer with outstanding strategic advantages.
The greatest advantage is the ability to establish a standardized brand reputation initially, creating absolute trust among investors. These entities possess the invaluable opportunity to dominate market data, build early user ecosystems, and contribute insightful feedback to perfect operational standards for the domestic industry.
“Operating exclusively within a controlled experimental regulatory corridor assists enterprises in substantially mitigating legal risks compared to platforms operating outside established legal frameworks. But the challenges continuously confronting these pioneering enterprises remain exceptionally formidable, demanding a deeply resilient internal operational capacity,” Director Tran Quy said.
In reality, the broader market is also waiting because once licensed entities emerge, investment capital streams will commence, circulating within a highly transparent regulatory corridor, effectively facilitating the systematic screening of inferior projects, and successfully pushing back against disguised multi-level marketing schemes.
Because of this widespread anticipation, varying opinions have begun appearing within public discourse, specifically questioning whether the relevant regulatory authorities should aggressively accelerate the comprehensive licensing procedures for the participating enterprises.
Director of Research and Development at Yuanta Securities Vietnam Nguyen The Minh argued that regulatory agencies must proceed with remarkably cautious steps, especially for such a new market as crypto assets. Information about readiness to satisfy rigorous standards currently represents merely one-sided data from enterprises; everything must be then authenticated by functional authorities.
According to Director Nguyen The Minh, it’s illogical to characterize this as a pilot program while simultaneously advocating for rapid licensing. During this sensitive phase, if investors, specifically prominent foreign institutional ones, perceive elevated systemic risks due to rushed procedures, they’ll invariably develop persistent psychological hesitation.
Also, the directional flow of foreign investment capital is sensitive when massive cross-border money laundering utilizing crypto assets remains a severe concern. Therefore, Vietnam absolutely requires unequivocally tight regulations within this highly specialized domain.
