🇻🇳 Vietnam Bets Big on Crypto: Banks and Brokers Rush Into Licensed Exchange Race

Vietnam just flipped the switch. With Resolution 05/2025, the government has greenlit pilot crypto exchanges — but only for those who can play by strict rules: 68M minimum capital, majority institutional ownership, and at least two financial heavyweights on board.

The result? Banks and securities firms are going all-in to lock down their spot in Vietnam’s digital asset future.

⚡ Quick Hits

• 💰 Charter capital floor: 68M (VND 10T)
• 📊 Ownership: ≥65% by organizations, ≥35% split across ≥2 financial/tech firms
• 🏦 Leading players: SSI, Techcom Securities (TCBS), VIX, MB, VPBank
• 🌐 Upbit reference point: 1.1T 2024 trading volume
• 📈 IPO angle: VPBank Securities prepping international listing

📊 Securities Firms Take the First Leap

Resolution 05/2025 opened the floodgates — and securities firms dove in first.

• SSI Digital Corp (founded 2022, 1.36M seed) has already partnered with Tether, U2U Network, and AWS to build blockchain + cloud infra.
• Techcom Securities (TCBS) launched Techcom Encrypted Asset Exchange (TCEX) — scaling from 20M to 690M capital.
• VIXEX grew from 1.02M to 6.8M, proving even smaller firms want a slice of the action.

This isn’t side-hustle territory. Brokers are building serious rails to grab first-mover advantage.

🏦 Banks Bring Heavy Artillery

The law forces licensed exchanges to be majority-backed by institutions — so banks are flexing.

• Military Bank (MB) teamed up with South Korea’s Dunamu (Upbit operator) for tech transfer, legal playbooks, and investor-protection standards.
• VPBank is building its own tokenized asset exchange via VPBank Securities and prepping an IPO to lure both local and international backers.

Translation: banks aren’t just participating, they’re anchoring Vietnam’s crypto experiment.

🌏 Why It Matters

Vietnam is already #4 in global crypto adoption (Chainalysis 2025). Now, with institutional-grade exchanges, it’s moving from grassroots adoption → regulated ecosystem.

• Winners: Institutions with capital + compliance muscle (banks, top brokers).
• Losers: Small unlicensed players locked out by the 68M barrier.
• Investors: Gain access to regulated, locally cleared platforms with stronger protections.

If this pilot succeeds, Vietnam could emerge as Southeast Asia’s next crypto hub, standing alongside Hong Kong and Singapore — but with a homegrown, sovereignty-first model.

⚡ TL;DR

Vietnam just approved licensed crypto exchanges under Resolution 05/2025 with tough rules: 68M capital, institutional ownership, and strict oversight. SSI, TCBS, VIX, MB, and VPBank are leading the charge, pouring money into infrastructure and IPO prep. If executed well, Vietnam could become a regulated digital asset hub in Asia — but small players are out, and only the big guns will survive.