TLDR
- Vietnam’s Resolution 05/2025 mandates ₫1 trillion capital for crypto exchanges with bank or firm equity participation.
- Upbit partners with Vietnam to launch the first regulated crypto exchange under State Bank supervision.
- SSI, Techcom, and VIX Securities launch crypto platforms, marking a shift in Vietnam’s digital asset strategy.
- VPBank and Military Bank adopt blockchain tech to support tokenized asset trading and IPO services.
Vietnam is preparing to launch its first regulated cryptocurrency exchange, with South Korea’s Upbit joining as a key partner. This move follows the Vietnamese government’s decision to allow the pilot operation of virtual asset exchanges under new regulations.
New Framework Opens Market to Financial Institutions
The launch is being guided by Resolution 05/2025, which sets strict standards for entities joining the virtual asset sector. The resolution requires a minimum capital of 1 trillion Vietnamese dong (approximately 52.6 billion won) and mandates equity participation from banks, securities firms, and technology companies.
Several major institutions have already declared their entry. SSI Securities has launched a digital finance arm and is collaborating with Tether and Amazon Web Services. Techcom Securities has established the Techcom Virtual Asset Exchange (TCEX), while VIX Securities has introduced VIXEX. These platforms aim to provide secure environments for trading digital assets.
Banks are also entering the space. Military Bank (MB) has adopted Upbit’s technology and compliance systems. VPBank, through its subsidiary VPBank Securities, is building a platform for tokenized assets and IPO-related services.
Upbit Partners with Vietnam on Regulated Exchange
Upbit is working with Vietnamese authorities to set up a regulated cryptocurrency exchange. The platform will operate under the supervision of the State Bank of Vietnam and will follow global anti-money laundering (AML) and know-your-customer (KYC) standards.
This partnership is in its final phase of regulatory approval. Once approved, the exchange will allow users to trade cryptocurrencies under a controlled legal framework. A spokesperson from Upbit said, “Vietnam represents a strategic market for our international expansion.”
Vietnam’s current crypto market operates informally, with no clear legal structure. The new exchange is expected to formalize the market and create better oversight. It will also help protect investors by reducing risks tied to unregulated trading.
Growing Demand for Digital Assets in Vietnam
Vietnam has a growing base of digital users, with strong internet and smartphone adoption. The country has a young population that is open to new financial technologies, including crypto. These conditions make it a target market for fintech growth.
Upbit noted that Vietnam’s youth and digital readiness are key to their decision to enter the market. The exchange plans to offer educational tools to promote safe trading habits among new users.
The introduction of a regulated platform is also expected to attract international companies. Blockchain and fintech firms are watching the market closely as the country moves to create a clearer path for legal digital asset use.
Future Challenges and Market Transition
Bringing a regulated exchange into an unregulated market presents challenges. Informal crypto traders may resist change or face difficulties adjusting to new requirements. Authorities will need to manage this shift carefully to avoid disruption.
The government must also monitor market behavior to prevent speculative trading and other risks. Though the new framework brings more control, it may take time for users to fully adjust to the rules and processes involved.
Vietnam’s new policy could influence other Southeast Asian countries exploring similar crypto regulations. The outcome of this pilot program will likely shape how digital assets are handled in the region.
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