tl;dr
Vietnam's financial sector is undergoing a major transformation as the government allows pilot cryptocurrency exchanges, prompting banks and brokers to prepare for the digital asset market. Resolution 05/2025 sets strict capital and ownership requirements for licensed exchanges, leading to signifi...
**Vietnam's Crypto Revolution: How Banks and Brokers Are Preparing for a Digital Future**
Vietnam’s financial sector is undergoing a seismic shift as the government greenlights pilot cryptocurrency exchanges, sparking a race among banks and securities firms to carve out a place in the digital asset market. With the release of Resolution 05/2025, which imposes stringent capital and ownership rules, the stage is set for a new era of regulated crypto trading—and the players are already moving.
**Strict Rules, Big Moves**
Resolution 05/2025 demands that licensed exchanges hold at least $68 million (VND 10 trillion) in charter capital, with 65% of shares owned by organizations and at least 35% contributed by two or more financial or tech entities. These hurdles are no small ask, but they’ve galvanized Vietnam’s financial institutions to act.
Securities firms are leading the charge. **SSI Securities Corporation**, for instance, has been laying groundwork since 2022 by spinning off **SSI Digital Corporation** with $1.36 million (VND 200 billion) in capital. Now, SSI is partnering with Tether, U2U Network, and Amazon Web Services to build blockchain and cloud infrastructure—a strategic move to future-proof its digital finance ecosystem.
Meanwhile, **Techcom Securities (TCBS)** has launched **Techcom Encrypted Asset Exchange (TCEX)**, ramping up its initial $20 million (VND 3 billion) capital to $690 million (VND 101 billion). **VIX Securities** isn’t far behind, scaling its **VIXEX** exchange from $1.02 million (VND 150 billion) to $6.8 million (VND 1 trillion) in a matter of months. These moves signal a growing appetite among brokers to dominate the tokenized asset space.
**Banks Partner Up for a Digital Leap**
Banks aren’t sitting on the sidelines. Licensed exchanges must include major financial or tech shareholders, prompting partnerships that blend local ambition with global expertise. **Military Commercial Joint Stock Bank (MB)** has teamed up with **Dunamu Group**, the South Korean firm behind Upbit—a crypto exchange with a 2024 trading volume exceeding $1.1 trillion. Dunamu is providing MB with technology transfer, legal compliance guidance, and investor protection frameworks, a critical step in navigating Vietnam’s complex regulatory landscape.
**Vietnam Prosperity Joint Stock Commercial Bank (VPBank)** is also making waves. Its securities arm, **VPBankS**, is spearheading the development of a tokenized asset exchange while preparing for an IPO to raise capital from both domestic and foreign investors. This dual strategy positions VPBank to not only participate in the pilot program but also to scale its digital ambitions.
**A Competitive Landscape, but Challenges Remain**
Vietnam’s push to become a Southeast Asian crypto hub is ambitious. The combination of strict licensing requirements and the proactive efforts of financial institutions could foster a competitive, well-regulated market. However, success hinges on effective oversight, robust investor protection, and the ability of institutions to balance innovation with risk management.
As the pilot program unfolds, one question looms: Will Vietnam’s digital asset market become a beacon for global investors—or will the regulatory hurdles and market volatility prove too daunting? For now, the banks and brokers are betting on the former, building infrastructure, forging partnerships, and preparing for a future where crypto is as integral to Vietnam’s economy as traditional finance.
What do you think? Can Vietnam’s cautious but determined approach position it as a leader in the region’s digital asset race?