Vietnam’s government has approved a new pilot program for cryptocurrency exchanges, prompting a swift response from the country’s major banks and securities firms. Under Resolution 05/2025, which sets strict capital and ownership requirements, financial institutions are actively preparing to enter the newly regulated digital asset market.
Securities Firms Lead the Charge
Several prominent securities firms are already taking steps to comply with the new regulations, which require a minimum of $68 million in capital and specific shareholder structures.
- SSI Securities Corporation: Formed SSI Digital Corporation to build a digital finance ecosystem and has signed partnerships with major players like Tether, U2U Network, and Amazon Web Services to prepare for tokenized asset services.
- Techcom Securities (TCBS) & VIX Securities: Both firms have established dedicated crypto asset exchanges, Techcom Encrypted Asset Exchange (TCEX) and VIXEX, respectively. They have been rapidly increasing their capital to meet the new requirements, showing a strong commitment to the sector.
Banks Forge Strategic Partnerships
Banks are also getting involved, often through strategic partnerships.
- Military Commercial Joint Stock Bank (MB): Partnered with South Korea’s Dunamu Group, the operator of the Upbit exchange, to gain expertise in technology, legal compliance, and investor protection.
- Vietnam Prosperity Joint Stock Commercial Bank (VPBank): Its securities arm, VPBank Securities (VPBankS), is preparing a tokenized asset exchange and an IPO to raise the necessary capital to participate in the pilot program.
The combination of strict licensing rules and proactive preparation from financial institutions positions Vietnam to become a competitive digital asset hub in Southeast Asia. However, the success of the pilot program will depend on effective government oversight and the ability of these firms to balance innovation with sound risk management.
September 2025, Cryptoniteuae
