Vietnam’s crypto asset market is entering a critical experimental phase as the Ministry of Finance begins screening applications for operating digital asset exchanges. The fact that five out of seven applicants have passed the initial review highlights both strong private-sector interest and a deliberately cautious regulatory approach aimed at building a stable foundation for this emerging financial sector.
Overview of the Evaluation Process
Under Resolution 05/2025/NQ-CP, the Ministry of Finance received seven applications for licenses to operate crypto asset trading platforms. After assessment, five were deemed complete and valid.
These shortlisted applications have been forwarded for consultation to the Ministry of Public Security and the State Bank of Vietnam before any final approval is granted. This multi-layered review reflects a strong emphasis on risk control, ensuring that the future crypto market develops within a secure legal and operational framework.
Notable Firms Advancing to the Next Stage
Among the approved applicants, several stand out due to their capital scale and strategic backing.
VIXEX leads with a charter capital of VND 1 trillion, supported in part by VIX Securities and technology-oriented partners. Its financial strength suggests a readiness to build large-scale infrastructure capable of handling significant trading volumes.
At the other end of the spectrum, LPEX operates with modest capital but may benefit from agility in decision-making and product experimentation. Meanwhile, CAEX represents a hybrid model, combining traditional financial institutions such as VPBank Securities with technology firms, reflecting a broader global trend of convergence between finance and blockchain innovation.
TCEX shows a more concentrated ownership structure with strong influence from its leadership, pointing toward a focused strategy in developing a proprietary digital asset ecosystem. In contrast, Vietnam Digital Asset JSC, also capitalized at VND 1 trillion, is backed by large corporate players including Sun Group, signaling that major conglomerates are beginning to position themselves in the digital asset space.
Why Two Applications Were Rejected
Not all applicants met the regulatory requirements. Dolphinex and SSID were rejected due to incomplete and non-compliant documentation.
Dolphinex failed to provide sufficient corporate charter details and key personnel documentation, particularly within its technology division. SSID, despite its large capital base, submitted an application that did not meet formal requirements, with gaps in both corporate governance and personnel records. These rejections underscore how strictly the authorities are applying eligibility standards.
Emerging Tax and Regulatory Framework
Alongside the licensing process, regulators are also shaping a taxation framework for crypto assets. A draft policy proposes a personal income tax of 0.1 percent per transaction for individual investors.
This move indicates a gradual transition toward formal recognition and regulation of digital assets, aiming to improve transparency while maintaining oversight of market activities.
A Deliberate and Strategic Approach
Limiting the pilot program to a maximum of five licensed operators, as stipulated in Resolution 05/2025/NQ-CP, reflects a “controlled experimentation” strategy. Rather than opening the market widely from the outset, Vietnam is choosing to proceed step by step.
This approach allows regulators to accumulate practical experience, reduce systemic risks, and lay the groundwork for a more comprehensive domestic crypto exchange model in the future.
Outlook for Vietnam’s Crypto Market
In the next phase, the Ministry of Finance will continue working with the Ministry of Public Security and the State Bank of Vietnam to conduct on-site inspections of infrastructure and technical systems before issuing final licenses.
If the pilot program proves successful, it could pave the way for a fully regulated crypto asset market in Vietnam, aligned with international practices while still tailored to domestic conditions.
Steps towards realizing the goal.
The advancement of five firms through the initial screening is more than an administrative milestone. It represents a meaningful step toward establishing a modern digital financial ecosystem in Vietnam.
At a time when global perspectives on crypto assets remain mixed, Vietnam’s cautious yet forward-looking strategy may ultimately provide a strong competitive advantage, enabling sustainable and secure market development in the years ahead.
