Vietnamese companies emerge as cryptocurrency exchange operators

On the morning of September 22, the cryptocurrency market remained in a negative state, with many major coins experiencing deeper price declines. Bitcoin continues to lead the market but is stuck in a narrow trading range, while altcoins are seeing stronger volatility, heightening investor caution.

Alongside global developments, Vietnam's cryptocurrency market has been heating up since Resolution 05/2025/NQ-CP took effect on September 9, launching a five-year pilot program. A wave of new digital asset exchanges has since emerged.

Most recently, Vietnam Prosperity Digital Asset Exchange JSC (CAEX) was established on September 19, with its core business focused on providing services related to digital assets.

CAEX has a charter capital of VND 25 billion, in which VPBank Securities JSC (VPBankS) contributed VND 2.75 billion, equivalent to 11%. The largest shareholder is LynkiD JSC, holding 50%, while the remaining 39% belongs to Future Land Investment Co., Ltd.

Earlier, on August 26, VIX Digital Asset Exchange JSC (VIXEX) was launched with a charter capital of VND 1 trillion. Within its shareholder structure, VIX Securities JSC contributed VND 150 billion, accounting for 15%.

Another enterprise, Techcom Cryptocurrency Exchange JSC (TCEX), was founded in May 2025, with Nguyen Xuan Minh, Chairman of Techcombank Securities JSC (TCBS), serving as its legal representative.

According to Vo Trung Tin, Vice Chairman of the Ho Chi Minh City Blockchain Association, this is a major opportunity but also carries significant risks. Investors, particularly those committing large amounts of capital, need to equip themselves with knowledge, understand the legal framework, and comply with regulations. 

Sharing the same view, Pham Duy Dong of the Saigontradecoin community stressed the importance of patiently awaiting detailed guidance to avoid risks from unauthorized fundraising projects.