Vietnam Approves Pilot Cryptocurrency Exchanges, Banks and Securities Firms Join In

Vietnam has officially launched its pilot program for cryptocurrency exchanges through Resolution 05/2025, creating new opportunities for the country’s financial sector. The regulation sets strict requirements, including a minimum charter capital of $68 million (VND 10 trillion). To qualify, 65% of shares must be held by organizations, with at least 35% contributed by banks, securities firms, insurers, fund managers, or technology companies.

This move has prompted rapid action from leading financial institutions. SSI Securities Corporation established SSI Digital Corporation in 2022 to build a digital finance ecosystem, partnering with Tether, U2U Network, and Amazon Web Services to strengthen blockchain and cloud infrastructure. Techcom Securities (TCBS) launched Techcom Encrypted Asset Exchange (TCEX) in May 2025, initially funded with $20 million and later expanded to $690 million. Similarly, VIX Securities founded VIXEX with $1.02 million, growing quickly to $6.8 million. These initiatives highlight strong interest among securities firms in Vietnam’s emerging crypto market.

Commercial banks are also accelerating digital strategies to meet shareholder requirements. Military Bank (MB) partnered with South Korea’s Dunamu Group, operator of Upbit, one of the largest global crypto exchanges with a 2024 trading volume of $1.1 trillion. The partnership will bring technology transfer, compliance expertise, and investor protection. Meanwhile, VPBank and its securities arm, VPBankS, are preparing to launch a tokenized asset exchange while planning an IPO to attract domestic and international investors.

Vietnam’s pilot crypto exchange program could transform the country into a regional digital asset hub. With strict licensing, institutional participation, and advanced partnerships, the framework encourages innovation while prioritizing investor protection and regulatory compliance. Success will depend on effective oversight and risk management, but momentum from securities firms and banks shows strong potential for Vietnam’s crypto future.