Wave of establishing cryptocurrency exchanges: 5 stock giants officially join

With more than 17 million crypto asset users, ranking 5th in the world in terms of popularity according to Chainalysis data, Vietnam has long been considered a potential market. However, the majority of investors still have to trade through international platforms.

Now, with the official participation of a series of large domestic financial institutions, the race to establish digital asset trading infrastructure is hotter than ever, promising to bring a new look to the market.

Potentially Explosive Market for Crypto Assets

The vibrancy of the Vietnamese crypto-asset market is not only due to the huge number of users but also reinforced by important legal moves from the Government. This creates a favorable environment for the development of domestic cryptocurrency exchanges.

As mentioned, with 17 million users, Vietnam is one of the countries with the highest rate of crypto asset adoption globally. This number not only shows the deep interest of the community but also proves the great demand for reliable and transparent trading platforms. In that context, the development of domestic crypto asset exchanges becomes an urgent requirement to meet this demand.

A key factor driving the market boom is the Government's Resolution 5/2025, which officially allows the pilot implementation of the digital asset market for 5 years. This decision has opened an important legal door, creating a corridor for domestic enterprises to boldly invest and develop trading platforms. This is a clear signal showing the state's recognition and management orientation for this new field.

Wave of cryptocurrency exchange establishment

Immediately after the legal framework was opened, a wave of cryptocurrency exchanges was established, with the participation of many leading securities companies in Vietnam. This shows the strategic vision and readiness of traditional financial institutions to seize opportunities from the digital era.

VPBankS and CAEX: Strategic moves in new markets

Vietnam Prosperity Cryptocurrency Exchange Joint Stock Company (CAEX) was established on September 19, 2025, marking a strategic step by VPBank Securities Joint Stock Company (VPBankS) into this potential field. CAEX has a charter capital of VND 25 billion, of which VPBankS contributes 11%. Notably, right before CAEX was established, VPBank announced its plan to participate in the pilot crypto-asset market, with its subsidiary VPBankS taking on the role of implementing the trading platform. This demonstrates the careful preparation and determination of one of the largest banks in Vietnam.

VIXEX of VIX Securities: Ambition with huge charter capital

Following the trend, VIX Cryptocurrency Exchange JSC (VIXEX) was also established on August 26, 2025 with a charter capital of up to VND 1,000 billion. In the shareholder structure, VIX Securities JSC (VIX) contributed VND 150 billion, accounting for 15% of the capital. The large charter capital of VIXEX shows VIX's great ambition in shaping a cryptocurrency exchange of stature in the market.

TCEX and Techcom Crypto Assets (TCEX)

Techcom Cryptocurrency Exchange JSC (TCEX), established in May 2025, is also a notable name. Initially with a charter capital of 3 billion VND, TCEX quickly increased its capital to 101 billion VND after only a few months, or 34 times. Mr. Nguyen Xuan Minh, Chairman of the Board of Directors of TCBS, is the legal representative, showing the strong commitment from the senior management of Techcombank Securities in developing this platform.

SSI Digital: Pioneer in building digital financial infrastructure

Not staying out of the game, SSI Securities Corporation (SSI) has prepared early with the establishment of SSI Digital since 2022. Up to now, SSI Digital has signed cooperation agreements with major partners such as Tether, U2U Network and Amazon Web Services (AWS) to develop digital financial infrastructure. SSI is also the unit behind many major blockchain events in Vietnam, affirming its pioneering role in shaping and developing the digital asset market.

HBS and VIMEXCHANGE: Expanding the field of investment consulting

In addition to the big names, Hoa Binh Securities JSC (HBS) also contributed capital to VIMEXCHANGE Cryptocurrency and Crypto Asset Trading JSC last May. Although the word "floor" is not in its name, VIMEXCHANGE operates in the field of investment consulting and has a charter capital of up to VND 10,000 billion, of which HBS contributed VND 500 billion (5%). The participation of other major shareholders such as VIMEDITMEX Pharmaceutical Group JSC and Bao Tin Manh Hai Jewelry JSC shows that a multi-industry alliance is forming to exploit the potential of the crypto asset market.

DNEX

Another case is DNEX Digital Asset Exchange JSC, established on September 9, 2025 with a charter capital of VND 2 billion. The special feature of DNEX is that it is not accompanied by a securities company, but is the capital contribution of three enterprises: Fundgo Fund Management JSC, Trustpay JSC and Digital Asset Management Technology JSC. This shows the diversity in the development model of cryptocurrency exchanges in Vietnam.

Regulating the legal framework of cryptocurrency exchanges

The massive emergence of cryptocurrency exchanges is not only a spontaneous phenomenon but also complies with strict regulations from the Government, to ensure transparency and sustainability of the market.

According to regulations, a company operating a crypto-asset exchange must have a minimum capital of VND10,000 billion. Of which, 35% of the capital must be owned by at least two financial institutions such as banks, securities companies, fund management, insurance or technology enterprises. The remaining 65% is held by other organizations, and importantly, individuals are not allowed to participate. In addition, foreign investors are allowed to own a maximum of 49% of the capital. These regulations not only create a barrier to market entry but also ensure that trading platforms are operated by organizations with high financial capacity and expertise.

The importance of domestic cryptocurrency exchanges

The joining hands of major financial institutions to build domestic cryptocurrency exchanges brings many huge benefits, not only to investors but also to the national economy.

Currently, the majority of Vietnamese crypto-asset transactions still take place on international platforms, causing revenue from these activities to flow abroad. The development of domestic digital asset exchanges is expected to retain this revenue, while creating a basis for tax collection and contributing to the state budget, promoting economic growth.

More importantly, domestic trading platforms, operating under the supervision of regulatory agencies, will create a more transparent environment. This helps to minimize the risk of fraud, market manipulation and illegal activities, thereby protecting the legitimate interests of investors. As a result, confidence in the crypto asset market will be strengthened, encouraging the participation of more subjects.

The race to develop a cryptocurrency exchange in Vietnam is really heating up, with the strong participation of big names in the securities and finance industry. Driven by the vast market potential and increasingly clear legal corridor, domestic trading platforms promise to bring a new era to the Vietnamese crypto asset market. This development not only meets the needs of the investor community but also contributes significantly to building a transparent, safe and sustainable digital financial ecosystem for the country.