Vietnam Insider – Vietnam’s digital asset market is entering a pivotal phase as the government develops a legal framework for cryptocurrency exchanges. Industry experts predict that, in the near future, a select group of exchanges backed by leading banks and securities firms will likely receive official licenses to operate.
Here are the five strongest contenders, recognized for their financial capacity, technological readiness, and regulatory compliance.
1. MB Bank – Dunamu (Upbit)
On August 12, 2025, MB Bank announced a strategic partnership with Dunamu, the parent company of Upbit — South Korea’s largest crypto exchange. The event gained national-level attention when Prime Minister Phạm Minh Chính officially welcomed Dunamu’s leadership on July 29, 2025.
With MB Bank’s 30 million retail customers and robust payment network combined with Dunamu’s world-class security and compliance infrastructure, this alliance is widely seen as the most powerful competitor in the licensing race.
2. VIXEX (VIX Securities)
Launched on August 27, 2025, VIXEX is among Vietnam’s first locally incorporated crypto exchanges. Its shareholders include VIX Securities (15%), FTG Vietnam (64.5%), and 3C Company.
As one of Vietnam’s top five most profitable securities firms, VIX provides strong financial backing and investor trust. VIXEX is expected to leverage this ecosystem to attract domestic capital flows while meeting strict transparency requirements.
3. SSI Digital (SSI Securities)
Established in 2022, SSI Digital acts as the technology arm of SSI — Vietnam’s leading brokerage. On June 19, 2025, SSI Digital signed a strategic partnership with Tether, U2U Network, and Amazon Web Services (AWS) to build a large-scale digital asset infrastructure.
With advanced IT capabilities, a vast client base, and readiness to comply with level-4 IT security standards and stringent KYC/AML processes, SSI Digital has a strong foundation to become one of the first licensed platforms.
4. TCEX (Techcombank & TCBS)
Founded in May 2025, TCEX quickly scaled its charter capital from VND 3 billion to VND 101 billion within just three months. Techcombank has identified digital assets as a strategic business line, with TCBS holding 9.9% and Techcombank’s investment fund holding 1.1%.
Leveraging Techcombank’s leadership in retail and investment banking, TCEX is well-positioned to serve as a bridge between traditional finance and digital assets, aligning with the government’s supervisory direction.
5. VPBank (VPBank Securities)
VPBank and its subsidiary VPBank Securities (VPBankS) are finalizing procedures to launch their own crypto exchange. Backed by Japan’s SMBC, VPBank is Vietnam’s largest private bank, while VPBankS ranks among the top three securities firms by total assets.
The combination of strong international partnerships and a solid domestic financial base significantly boosts VPBank’s chances of securing regulatory approval.
Regulatory Outlook
According to the draft regulation, crypto exchanges in Vietnam will be required to maintain a minimum charter capital of VND 10 trillion, with at least 65% institutional ownership (including 35% held by two financial institutions). Foreign ownership will be capped at 49%. In addition, exchanges must establish risk insurance mechanisms and adopt best-in-class technology systems.
Currently, Vietnamese users are still active on international exchanges like Binance, OKX, and Bybit. However, under the new legal framework, they will gradually migrate to licensed domestic platforms to meet compliance and tax obligations.
Investor Insight – Dung Duong, Global Investor: “Vietnam is at a turning point in shaping the future of digital finance. The government’s move to license crypto exchanges is not only about regulation but also about building a trusted, transparent, and scalable market for both domestic and foreign investors. The entry of major banks and securities firms into this space underscores the seriousness of Vietnam’s ambition to become a regional digital asset hub. For global investors like myself, this signals an exciting opportunity: Vietnam is positioning itself as one of the most promising frontiers for regulated crypto adoption in Asia.”
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Source: Vietnam Insider