Digital asset exchange awaits completion of operational requirements

Digital asset exchange awaits completion of operational requirements

Vietnam’s digital asset market is approaching a regulatory turning point, but the launch of licensed exchanges will depend on their ability to meet stringent requirements on capital, technology, and risk management.

Photo: Tinnhanhchungkhoan.vn

Vietnam recorded $122.2 billion in cryptoasset activity over the past year, ranking second in Southeast Asia, according to the Geography of Cryptocurrency Report 2026 released on October 16 by blockchain analytics firm Chainalysis.

“The scale of cryptoasset activity is equivalent to nearly 24 per cent of Vietnam’s 2025 GDP. On average, the market records approximately $335 million in daily trading value, an amount nearly one-third of the average daily stock trading value on the Ho Chi Minh Stock Exchange over the previous year,” Chainalysis noted.

These figures cover multiple asset classes, including Bitcoin, Ethereum, stablecoins, and other tokens, traded via centralised exchanges, decentralised exchanges, and peer-to-peer platforms, as well as cross-border transfers and platforms serving institutional investors.

In terms of the value of digital assets received by user addresses through centralised exchanges, Vietnam recorded approximately $70 billion between July 2025 and June 2026. Within the Central and Southern Asia and Oceania region, Vietnam ranked behind India ($88.4 billion), Singapore ($82.3 billion), and Australia ($79.3 billion), according to Chainalysis.

Despite the market’s substantial scale, prospective exchanges must still overcome significant hurdles involving capital, technology, and risk management before they can begin operations.

To Tran Hoa, standing deputy head of the Digital Asset Trading Market Management Board under the State Securities Commission of Vietnam, stated that to obtain a pilot licence for operating a cryptoasset trading market in Vietnam, enterprises must possess a minimum charter capital of VND10 trillion (approximately $386 million) and meet the requirements set out in Resolution No.05/2025/NQ-CP.

The Ministry of Finance has collaborated with the Ministry of Public Security and the State Bank of Vietnam to evaluate the applications of organisations registering for the pilot programme. The five organisations selected for the initial phase include Sacom Cryptoasset Exchange, VIX Cryptoasset Exchange, Vietnam Thinh Vuong Cryptoasset Exchange, Techcom Cryptoasset Exchange, and Vietnam Digital Assets.

However, initial selection does not mean that the organisations have been granted licences to operate. They must still meet regulatory requirements, including those relating to capital, IT systems, and operational standards.

"The pace at which these exchanges meet capital requirements, build IT systems, and comply with regulatory standards will determine when Vietnam sees a pilot exchange go live," Hoa said.

According to Hoa, Resolution 05 grants organisations one year from the date of receiving their initial-stage certificate to complete the remaining requirements.

International experience shows that launching a cryptoasset exchange can take years, spanning everything from establishing the legal framework to finalising systems and operational conditions. In Indonesia, the process from creating the legal framework to the launch of a national cryptoasset exchange took approximately four years. In Hong Kong, the process took up to five years.

Alongside the progress of establishing the trading platform, there is keen interest in whether investors will be able to continue trading Bitcoin on domestic centralised exchanges. According to Hoa, regulators encourage exchanges to select cryptoassets that possess high liquidity and are widely traded globally.

However, the actual launch timeline remains contingent on the progress individual organisations make in meeting requirements and the regulatory review process, Hoa said.

Tran Huyen Dinh, chair of the Fintech Application Committee under the Vietnam Blockchain and Digital Asset Association, noted that enterprises are currently adjusting their anti-money laundering and counter-terrorism financing tools while developing cryptoasset custody models that align with both Vietnamese regulations and international standards.

“Building the system is not merely about meeting licensing requirements; it must also ensure the capacity to handle high trading volumes, maintain continuous operations, and safeguard client assets. These factors directly influence the exchange's credibility once it becomes operational,” Dinh said.

According to a survey conducted by three entities operating in Vietnam's cryptoasset sector, Kyros Ventures, Coin68, and BingX, over 70 per cent of respondents prioritise safety and security when selecting an exchange. Criteria such as the existence of an insurance fund, incident compensation mechanisms, and high liquidity were also cited by more than 69 per cent of participants.

Assoc. Prof. Dr. Nguyen Huu Huan, vice chairman of the Vietnam's International Financial Centre in Ho Chi Minh City, noted that attracting investors depends on more than just the ability to provide domestic trading services. Exchanges must also demonstrate their capacity to safeguard assets, handle incidents, and maintain trading conditions attractive enough to compete with existing platforms.

Ensuring liquidity is challenging for exchanges operating in isolation. Globally, exchanges often employ mechanisms to interconnect and link with one another to enhance liquidity.

"To achieve this, exchanges require compatible technology systems and must meet specific connectivity standards. Regulators also need to closely monitor market developments and make timely adjustments to policies and mechanisms to resolve obstacles, thereby fostering a safer market," Huan added.

VIR