Vietnam considers pilot licenses for 5 digital asset exchanges

Vietnam’s Ministry of Finance (MoF) has shortlisted five digital asset exchange applicants for pilot licensing, after determining that five out of seven submissions meet regulatory requirements while two remain incomplete.

The five eligible include VIX Digital Asset Exchange JSC (VIXEX), Loc Phat Vietnam Crypto Asset Exchange JSC (LPEX), Vietnam Prosperity Crypto Asset Exchange JSC (CAEX), Techcom Digital Asset Exchange JSC (TCEX), and Vietnam Digital Assets JSC, the ministry said in its official document.

VIXEX has a charter capital of VND1 trillion ($38 million). Its legal representative is CEO Nguyen Thanh Que.

LPEX has a charter capital of VND6.8 billion ($258,393), with CEO Nguyen Duy Phong as its legal representative. Founding shareholders include Duong Van Quyet (40%), Nguyen Thi Bich Ngoc (30%), and Vu Phat Dat (30%).

CAEX has a charter capital of VND25 billion ($949,973). Its legal representative is CEO Nguyen Hong Trung. Founding shareholders include VPBank Securities JSC (11%), LynkID JSC (50%), and Future Land Investment Co., Ltd. (39%).

TCEX has a charter capital of VND101 billion ($3.84 million), with chairman Nguyen Xuan Minh and CEO Doan Mai Hanh as its legal representatives. Founding shareholders include Techcom Securities JSC (9.9%), Techcom Capital Management JSC (1.1%), and Nguyen Xuan Minh (89%).

Vietnam Digital Assets JSC has a charter capital of VND1 trillion ($38 million). Its legal representative is CEO Ngo Thi Thanh Huyen. Founding shareholders include Sun Group JSC (64%), Innovation IT Services Co., Ltd. (35%), and Petrovietnam Securities JSC (1%).

The MoF document also notes that applications from Dolphinex Encrypted Asset Services JSC (DOLPHINEX) and SSI Digital Technology JSC (SSID) are incomplete and do not meet regulatory requirements.

DOLPHINEX’s application lacks complete and valid documentation regarding its company charter and personnel qualifications (particularly some technology staff diplomas).

The company has a charter capital of VND50 billion ($1.9 million), with CEO Nguyen Duc Hai as its legal representative. Major shareholders include MB Capital Management JSC (95%), MB Securities JSC (4.9%), and Nguyen Duc Hai (0.1%).

DOLPHINEX was formerly known as Tita Technology JSC, with a smaller capital base and incomplete charter documentation.

Meanwhile, SSID’s application does not meet requirements for the application form, and its company charter and personnel-related documents are incomplete and invalid.

SSID has a charter capital of VND1 trillion ($38 million), with chairman Nguyen Duy Hung as its legal representative. Founding shareholders include SSI Investment Fund (90%), Kompa Group JSC (5%), and Filum JSC (5%).

Under the Government's Resolution 05/2025 on piloting the cryptocurrency asset market in Vietnam, the MoF will coordinate with the Ministry of Public Security and the State Bank of Vietnam to select up to five organizations to provide digital asset services.

Based on the evaluation results, the ministry has requested the Ministry of Public Security and the central bank to review and provide opinions on the five valid applications mentioned above.

Once all required documents are submitted, it will coordinate with relevant authorities to further review the applications and inspect infrastructure conditions before granting licenses to qualified organizations.