Vietnam is taking significant strides toward becoming a leader in the cryptocurrency space with its recent approval of pilot cryptocurrency exchanges. This landmark resolution, officially named Resolution 05/2025, has sparked rapid action from the country’s major banks and securities firms as they prepare to meet stringent capital and shareholder requirements set by the government.
Resolution 05/2025: Key Highlights
The Vietnamese government’s Resolution 05/2025 authorizes a groundbreaking pilot program for crypto issuance, trading, and service provision. Under this regulatory framework, companies must adhere to strict guidelines:
- Firms need a minimum charter capital of $68 million (VND 10 trillion).
- Ownership structure must include 65% institutional shareholders and 35% from at least two major financial entities (banks, securities firms, insurers, fund managers, or tech firms).
These requirements have driven domestic financial institutions and banks to invest heavily in technology and form high-profile partnerships to secure their position in the emerging digital asset market.
Securities Firms Leading the Charge
SSI Securities Corporation has been an early mover in Vietnam’s digital finance sector. The company launched SSI Digital Corporation in 2022 with a capital of $1.36 million (VND 200 billion) to build a robust digital finance ecosystem. Recent collaborations with companies such as Tether, U2U Network, and Amazon Web Services have further strengthened its blockchain and cloud infrastructure capacities.
Other firms like Techcom Securities (TCBS) and VIX Securities have also made notable advancements. TCBS launched the Techcom Encrypted Asset Exchange (TCEX) in May 2025, starting with $20 million before scaling up to $690 million. Similarly, VIX Securities established VIXEX and rapidly increased its investment to $6.8 million. These developments signal the securities sector’s growing role in supporting Vietnam’s digital asset ambitions.
Banks Embracing Crypto Partnerships
In addition to securities firms, banks in Vietnam are proactively forming alliances with global leaders in cryptocurrency. For instance:
- Military Commercial Joint Stock Bank (MB) partnered with South Korea’s Dunamu Group, the operator of Upbit, a top crypto exchange with a 2024 trading volume exceeding $1.1 trillion.
- VPBank is exploring similar ventures through its subsidiary VPBank Securities (VPBankS), which is not only building its own tokenized asset exchange but also planning an IPO to attract domestic and international investors.
These partnerships aim to secure technology transfers, legal compliance strategies, and best practices for investor protection while positioning Vietnam as a competitive hub for crypto activity in Southeast Asia.
The Path Forward: Opportunities and Challenges
Vietnam’s regulatory initiative could pave the way for a thriving crypto economy, but much depends on the program’s implementation. To succeed, the government and financial institutions must maintain a delicate balance between fostering innovation and mitigating risks.
If you’re exploring the world of crypto investments, it’s crucial to stay informed and equipped. For secure and efficient cryptocurrency transactions, consider hardware wallets like the Ledger Nano X, a trusted platform for safeguarding digital assets.
Vietnam’s bold approach to cryptocurrency regulation underscores its potential to be a regional leader in the digital asset space. With strong oversight and innovative partnerships, the nation is demonstrating how to embrace fintech disruption responsibly.
