Which firms will gain an edge in the race for crypto exchanges?

According to Mr. Tô Trần Hòa, Deputy Head of the Securities Market Development Department (State Securities Commission of Vietnam – SSC), the establishment of a crypto asset exchange requires complex technological infrastructure and cannot be done within one or two weeks, or even months. He emphasized that the SSC expects to see the first enterprise officially operating a licensed crypto asset exchange by Q1 2026.

Speaking at the forum “Digital Asset Market: From Trends to Breakthroughs” co-organized by the Ministry of Finance, the Ministry of Science and Technology, the SSC and the Vietnam Blockchain & Digital Asset Association (VBA) on May 2, Mr. Hòa stressed that Resolution 05 on piloting a crypto asset market forms a key foundation for developing a domestic market. Resolution 05 sets conditions for issuance: enterprises must be legal entities established in Vietnam, assets must be backed by real-world value, and strict standards are applied to Virtual Asset Service Providers (VASPs).

Under the framework, VASPs must have minimum charter capital of VND 10,000 billion, foreign ownership capped at 49%, and IT infrastructure meeting Level 4 safety standards (out of 5 levels). Beyond providing trading and custody services, exchanges must disclose information transparently, segregate client assets, and establish mechanisms for dispute resolution and compensation in case of incidents.

Mr. Hòa noted that the pilot framework not only paves the way for innovation but also acts as a “filter,” eliminating risky models, ensuring transparency, building investor trust, and aligning Vietnam’s crypto asset management with international standards.

New Entrants to the Market

Before and after Resolution 05, several companies have been established with the aim of building crypto asset exchanges.

Most recently, two notable players have emerged: HDEX and LPEX, both linked to banking ecosystems.

- HDEX – HD Crypto Asset Exchange JSC was incorporated on September 25, 2025, headquartered at PV Gas Tower, Ho Chi Minh City, with initial charter capital of VND 200 billion. Shareholders include: HD Securities JSC (HDBS, affiliated with HDBank) holding 15%; Galaxy Pay Co. Ltd. holding 10%; and Galaxy Technology Services JSC holding 75%. Its Chairman is Mr. Huỳnh Kim Tước. Galaxy Pay and Galaxy Technology Services belong to Galaxy Holdings, part of Sovico Group – a major shareholder of HDBank. The 75% controlling stake in HDEX is ultimately linked to Mr. Nguyễn Phước Hùng Anh Victor, son of billionaire Nguyễn Thị Phương Thảo, Chairwoman of HD Financial Group.

- LPEX – Vietnam Lộc Phát Crypto Asset Exchange JSC was established on September 30, 2025, headquartered at LPB Tower, 210 Trần Quang Khải Street, Hanoi, the head office of LPBank. LPEX has charter capital of VND 6.8 billion, funded by three individual shareholders: Mr. Dương Văn Quyết (40%), Ms. Nguyễn Thị Bích Ngọc (30%), and Mr. Vũ Phát Đạt (30%). Its CEO is Mr. Nguyễn Duy Phong (born 1988). Notably, Mr. Quyết was previously a major shareholder at Thaigroup JSC, which had close links to Thaiholdings JSC (THD).

Other banking-backed ventures include: CAEX (linked to VPBank via VPBank Securities), TCEX (linked to Techcombank via Techcom Securities), and MB’s partnership with Upbit (Korea). Additional investors have backed projects such as 1Matrix, VIXEX, SSIDigital, while HVA Investment JSC has launched DNEX in Da Nang with initial charter capital of VND 2 billion.

Competitive Outlook

Overall, investment into crypto asset exchange companies is being led by large financial institutions — particularly those with strong banking and securities ecosystems and capacity for technology investment. This is seen as a strategic, first-mover advantage before the market expands.

However, Mr. Hòa noted that only five companies will ultimately be selected to operate licensed exchanges. At present, most newly registered companies fall far short of the VND 10,000 billion charter capital requirement, suggesting a likely wave of rapid capital increases in the coming months.

Experts believe the advantage will go to enterprises backed by major banks — such as Techcombank, VPBank, HDBank, LPBank — or securities firms with strong fundraising capacity, like SSI. The selection process will serve as both a filter and a competition to determine which firms can meet the stringent regulatory and financial criteria to launch Vietnam’s first licensed crypto asset exchanges.