Hanoi (VNA) - The sprint toward piloting Vietnam’s crypto asset market is heating up, driven by the formal entry of international exchanges and the rapid rollout of tax and accounting frameworks, paving the way for the market to begin operations.
A notable catalyst is the strategic partnership between VPBank and OKX, one of the world’s leading digital asset platforms. Under a memorandum of understanding (MoU) signed on April 14, OKX will work closely with VPBank to provide strategic advice, share operational expertise, deliver technology solutions and facilitate compliant liquidity connections for the digital asset trading platform operated by Vietnam Prosperity Crypto Asset Exchange JSC (CAEX), a member of VPBank’s ecosystem. At the same time, OKX, through its investment arm OKX Ventures, will inject capital into CAEX, enabling the company to meet the minimum capital requirement of 10 trillion VND (approximately 380 million USD) to participate in Vietnam’s pilot programme for the crypto asset market.
The partnership between VPBank and OKX is drawing strong interest from foreign investors in the digital asset space.
According to Dr. Tran Quy, President of the Vietnam Institute of Digital Economy Development, Chairman of the MetaDAP digital asset platform, the partnership represents more than a single investment, serving instead as a prototype for the market’s future structure. He described it as a pathway for other major players to invest in Vietnam’s digital asset sector.
Vietnam’s regulatory framework sets relatively strict conditions, including a minimum capital requirement of 10 trillion VND, a foreign ownership cap of 49%, and a mandate that at least 65% of capital must come from domestic financial and technology institutions. These rules effectively limit the ability of foreign exchanges to establish wholly owned entities, making joint ventures the most viable route for market entry, Quy said.
Earlier, the Military Commercial Joint Stock Bank (MBBank) also entered into a technical cooperation agreement with Dunamu, the operator of the Upbit exchange, to research and develop a crypto trading model tailored to Vietnam.
Tran Xuan Tien, Secretary General of the Ho Chi Minh City Blockchain Association, said that with their experience, operational technology, and ability to address liquidity and user-related challenges, the participation of international exchanges will help accelerate the pilot process. This, he noted, will offer users faster, more familiar, and more modern experiences.
Legal framework taken shape
Meanwhile, competition to secure pilot licences is intensifying. The Ministry of Finance has confirmed that five out of seven applications for crypto exchange pilots are valid. These include VIX Digital Asset Exchange JSC (VIXEX), Loc Phat Vietnam Crypto Asset Exchange JSC (LPEX), CAEX, Techcom Crypto Exchange JSC (TCEX), and Vietnam Digital Assets JSC.
At a recent policy dialogue on piloting crypto assets hosted by the State Securities Commission (SSC) of Vietnam and the Vietnam Blockchain Association, TCEX General Director Doan Mai Hanh said its system is capable of processing up to 100,000 transactions per second while meeting stringent information security standards. Preparations in asset custody, staffing, and compliance are also underway across applicants.
To obtain licences, candidates must pass regulatory appraisal, including certification from the Ministry of Public Security for level-4 information system safety and proof of meeting the capital threshold, she said.
On the policy front, the legal framework is quickly taking shape. Over March and April, the Ministry of Finance issued a series of circulars guiding key aspects of the market. Experts say these regulations establish a foundational operating environment, with synchronised guidance on accounting standards, taxation policies, and tax compliance procedures, offering clearer rules for businesses and investors.
In a report presented on April 9 at the first session of the 16th National Assembly, Prime Minister Le Minh Hung outlined plans to advance new economic models, with a review and refinement of related mechanisms, policies, and development plans set for completion by the third quarter of 2026. The government also plans to pilot exchanges for crypto and digital assets starting from the second quarter of 2026, as part of efforts to bring the emerging market into operation./.
VNA
