Military Bank is preparing to launch an exchange for encryption with the cooperation of Upbit.

The Vietnamese government has approved pilot cryptocurrency exchanges, which has boosted the activities of major banks and securities companies.

After the Resolution 05/2025 was issued, with strict requirements on capital and shareholders, financial organizations are investing in technology and collaborating to comply with the new legal framework. Additionally, brokerage firms and commercial banks are preparing infrastructure to participate in the newly regulated digital asset market.

Securities companies take proactive actions

Resolution 05/2025 of Vietnam allows the pilot program for the issuance, trading, and provision of cryptocurrency services under government supervision. Companies must have at least 68 million USD (10 thousand billion VND) in charter capital to qualify.

Moreover, 65% must be owned by institutions, and at least 35% must be contributed by two or more commercial banks, securities companies, fund management firms, insurance companies, or technology companies. These regulations have spurred rapid action from domestic financial institutions.

SSI Securities Corporation has early positioned itself. In 2022, the company established SSI Digital Corporation with 1.36 million USD (200 billion VND) in capital to develop a digital financial ecosystem. Additionally, SSI recently signed agreements with Tether, U2U Network, and Amazon Web Services to build blockchain and cloud infrastructure. These steps lay the foundation for tokenized asset services.

Techcom Securities (TCBS) has also acted quickly. In May 2025, the company established the Techcom Cryptocurrency Exchange (TCEX) with an initial charter capital of 20 million USD (3 trillion VND), which later increased to 690 million USD (101 trillion VND). Similarly, VIX Securities contributed 1.02 million USD (150 trillion VND) to establish VIXEX. As a result, VIXEX quickly expanded to 6.8 million USD (1 thousand trillion VND). These developments indicate the increasing involvement of brokers in the digital asset sector.

Banks strengthen digital infrastructure

Banks are pursuing partnerships because licensed exchanges must include major financial or technology stakeholders. For example, Military Commercial Joint Stock Bank (MB) has partnered with South Korea's Dunamu Group, the operator of Upbit. Upbit is one of the largest cryptocurrency exchanges in the world, with a trading volume in 2024 exceeding 1.1 trillion USD. Under the agreement, Dunamu will provide technology transfer, legal compliance guidance, and investor protection expertise.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is also finalizing its entry strategy. VPBank Securities (VPBankS) is leading the efforts to build a tokenized asset exchange. In addition, VPBankS is preparing for an IPO to raise capital from both domestic and foreign investors. This move is part of the bank's preparation to participate in the pilot cryptocurrency exchange program.

Prospects for Vietnam's digital asset market

The combination of strict licensing requirements and proactive financial institutions in Vietnam creates a foundation for a competitive cryptocurrency exchange landscape. Securities companies and banks are also investing in technology, partnerships, and regulatory compliance.

Although there is hope to emerge as an important digital asset center in Southeast Asia, the success of the pilot program will depend on effective oversight, investor protection, and the ability of organizations to balance innovation with risk management.

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