Vietnam is taking a decisive step into the digital asset sector by approving pilot cryptocurrency exchanges under its new Resolution 05/2025. The move has sparked a wave of activity among banks and securities firms, which are investing in technology and forming partnerships to comply with the stringent licensing framework.
With foreign players like Upbit entering the market through strategic collaborations, Vietnam is signaling its ambition to become a leading digital asset hub in Southeast Asia.
Vietnam’s Strict Rules for Crypto Market Participation
Resolution 05/2025 lays out detailed requirements for firms seeking approval to operate in the pilot crypto exchange program. Eligible firms must hold at least $68 million (VND 10 trillion) in charter capital, with 65% ownership by institutions. Additionally, at least 35% must be contributed by two or more financial or technology organizations such as banks, securities brokers, fund managers, insurers, or tech firms.
These rules have prompted quick action from local firms. SSI Securities Corporation established SSI Digital Corporation to build a blockchain-driven ecosystem and has signed partnerships with Tether, U2U Network, and Amazon Web Services to develop tokenized asset capabilities.
Techcom Securities (TCBS) launched Techcom Encrypted Asset Exchange (TCEX) and boosted its charter capital, while VIX Securities set up VIXEX — moves that indicate accelerating broker involvement in the digital asset sector.
Banks Strengthen Partnerships, Upbit Enters Vietnam
Banks are moving fast because licensed exchanges must include major financial or tech shareholders. Military Commercial Joint Stock Bank (MB) has teamed up with South Korea’s Dunamu Group, operator of Upbit, to receive technology transfer, compliance guidance, and investor protection expertise.
Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is also preparing, through VPBank Securities (VPBankS), to build a tokenized asset exchange and pursue an IPO to raise capital from domestic and foreign investors.
Outlook for Vietnam’s Digital Asset Market
Vietnam’s combination of strict licensing requirements and proactive financial institutions sets the stage for a competitive crypto exchange landscape. Success will depend on effective oversight, investor protection, and the ability of institutions to balance innovation with risk management.
While the pilot program creates an opportunity for Vietnam to emerge as a Southeast Asian crypto hub, its long-term impact will hinge on regulatory clarity, operational security, and market confidence.
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