Which businesses are looking to establish digital asset exchanges?

Numerous banks and securities companies are rushing to establish pilot digital asset exchanges, but most haven't met the charter capital requirements.

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ThegovernmentissuedResolution5onpilotingthedigitalassetmarketinVietnam,clearlystipulatingtheconditionsforlicensingdigitalassetexchangeservices.Currently,threenewlyestablishedcompaniesareaimingtoprovidedigitalassetexchangeservices:TechcomDigitalAssetExchangeJSC(TCEX),asubsidiaryofTechcombank;VIXDigitalAssetExchangeJSC(VIXEX),asubsidiaryofVIXSecurities;andDNEXDigitalAssetExchangeJSC,asubsidiaryofHVAGroup.Inaddition,severalotherorganizations,includingMB,VPBank,andSSI,alsointendtoenterthedigitalassetmarket.Thesecompaniesshareacommontrait:theyareallbackedbybanksorsecuritiescompanies.Thisdemonstratestheambitionofmajorplayersintraditionalassetstoexpandintothenewdigitalassetterritory.However,todate,nocompanyhasbeenlicensedtooperateapilotdigitalassetexchange.Allcompaniesareintheprocessofbuildingresourcestomeetregulatoryrequirements.Onesuchrequirementisaminimumchartercapitalof10,000billionVND.Thisfigureisthreetimestheminimumchartercapitalofacommercialbankandapproximately33timesthatofanaircargocompany.Generally,companiescurrentlyseekingtoestablishdigitalassetexchangeshavesignificantlylesschartercapitalthanthis.ArepresentativeoftheStateSecuritiesCommission(SSC)explainedthe10,000billionVNDminimumcapitalrequirementasnecessaryfordigitalassetexchangeoperatorstofunctionacrossmultipleareas,includingmarketopening,payments,andassetcustody.Moreover,duetothehigh-risknatureofdigitalassets,companiesneedsufficientresourcestocompensateforlossesandreimburseinvestorswhennecessary.Whilethesemajorplayersareactivelypreparingtoenterthemarket,severalexistingdigitalassetserviceprovidershaveannouncedtheirdeparture,mostnotablythetwoblockchainwalletsCoin98WalletandKyberSwap.BothareproductsofVietnamesestartupsthatpreviouslyoperatedina"greyarea,"meaningtheirbusinessactivitieswerenotlegallyrecognized.TatDat

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