According to its business registration certificate, Vietnam Digital Asset Joint Stock Company was established in late January. Ngo Thi Thanh Huyen, born in 1983, serves as the general director and legal representative. The company has registered various business activities, including buying and selling, brokerage, providing market organization services, and executing transactions for crypto assets.
The company has an initial charter capital of 1,000 ty dong. The largest shareholder is Sun Group, contributing 640 ty dong, equivalent to a 64% stake. Innovation Information Technology Services Co., Ltd. (ITS) holds 35% of the capital, with PetroVietnam Securities Incorporated (PSI) owning the remaining 1%.
The initial charter capital of Vietnam Digital Asset Company is below the minimum requirement of 10,000 ty dong, a condition for establishing a digital asset exchange under Resolution 5/2025 on piloting the crypto asset market in Vietnam. Currently, companies aiming to set up digital currency exchanges have capital below this threshold. The 10,000 ty dong figure is three times the minimum charter capital of a commercial bank and approximately 33 times that of an airline company.
A representative from the State Securities Commission (SSC) previously explained that the 10,000 ty dong minimum capital is required for companies operating digital asset exchanges to cover various activities, including market opening, payment, and asset custody. Additionally, given the inherent risks of such assets, businesses need sufficient resources to compensate for losses and reimburse investors when necessary.
Vietnam is piloting the crypto asset market for 5 years. The Ministry of Finance has begun accepting applications for exchange licenses. The ministry stated that approximately 10 securities companies and banks plan to participate. According to Deputy Minister Nguyen Duc Chi, Vietnam will have "more than one exchange" to ensure competition, but the number of licenses will be limited to control risks.
Sun Group, established in 2007, is a leading private conglomerate in Vietnam, active in real estate, resort tourism, and entertainment. It owns the Sun World chain and several luxury resorts, including InterContinental Danang and JW Marriott Phu Quoc. Last year, the company launched the airline Sun PhuQuoc Airways.
Tat Dat
