Vietnam’s Ministry of Finance Moves Forward with Digital Asset Licensing

In a significant step toward the establishment of a digital asset framework, Vietnam’s Ministry of Finance (MoF) has shortlisted five applicants for pilot licensing of digital asset exchanges. This move comes after the evaluation of seven submitted applications, with five meeting the necessary regulatory requirements while two were found to be incomplete. This initiative aligns with the government’s broader efforts to create a regulated cryptocurrency asset market within the country.

Shortlisted Exchanges

The five exchanges that have emerged as eligible candidates include:

• VIX Digital Asset Exchange JSC (VIXEX) – With a robust charter capital of VND 1 trillion (approximately $38 million), VIXEX is led by CEO Nguyen Thanh Que.
• Loc Phat Vietnam Crypto Asset Exchange JSC (LPEX) – LPEX has a smaller charter capital of VND 6.8 billion ($258,393) and is represented by CEO Nguyen Duy Phong, with founding shareholders including Duong Van Quyet, Nguyen Thi Bich Ngoc, and Vu Phat Dat.
• Vietnam Prosperity Crypto Asset Exchange JSC (CAEX) – With a charter capital of VND 25 billion ($949,973), CAEX’s legal head is CEO Nguyen Hong Trung, and its founding stakeholders also include VPBank Securities JSC, LynkID JSC, and Future Land Investment Co., Ltd.
• Techcom Digital Asset Exchange JSC (TCEX) – TCEX’s charter capital stands at VND 101 billion ($3.84 million), led by chairman Nguyen Xuan Minh and CEO Doan Mai Hanh. Major shareholders are Techcom Securities JSC and Techcom Capital Management JSC.
• Vietnam Digital Assets JSC – This exchange has a charter capital of VND 1 trillion ($38 million) and is represented by CEO Ngo Thi Thanh Huyen, with major stakeholders being Sun Group JSC and Innovation IT Services Co., Ltd.

Incomplete Applications

However, not all submissions were successful. The applications from Dolphinex Encrypted Asset Services JSC (DOLPHINEX) and SSI Digital Technology JSC (SSID) fell short of the required standards. DOLPHINEX’s application lacked comprehensive documentation, especially concerning its organizational charter and the qualifications of its technical staff. The company, with a charter capital of VND 50 billion ($1.9 million), is represented by CEO Nguyen Duc Hai and includes major shareholders such as MB Capital Management JSC and MB Securities JSC.

DOLPHINEX was previously known as Tita Technology JSC, and it faced issues due to a smaller capital base and previously incomplete charter documentation, complicating its application further.

Similarly, SSID’s application was deemed incomplete due to invalid documentation and insufficient detail regarding its company charter and staff qualifications. SSID, which has a charter capital of VND 1 trillion ($38 million), is led by chairman Nguyen Duy Hung and backed by SSI Investment Fund and Kompa Group JSC, among others.

Government Initiatives and Collaboration

The pilot licensing initiative is part of the Vietnamese government’s Resolution 05/2025, aimed at exploring the cryptocurrency asset market. The MoF will work closely with the Ministry of Public Security and the State Bank of Vietnam to assess and finalize the approval of up to five organizations that will provide digital asset services. This collaboration is crucial for ensuring the security and regulatory compliance of digital asset operations in the country.

Following this evaluation process, the MoF has requested feedback from both the Ministry of Public Security and the central bank on the shortlisted applicants. Once all necessary documentation is submitted by the eligible exchanges, a further review will assess their infrastructure capabilities before the licensing is officially granted.