The Government has issued Resolution 05/2025/NQ-CP on piloting the crypto-asset market in Vietnam for a period of 5 years. The Resolution stipulates that the organization operating the crypto-asset trading floor must have a minimum charter capital of VND 10,000 billion, of which at least 65% is contributed by organizations, and over 35% of capital is from at least two organizations in the banking, securities, fund management, insurance or technology groups. The ownership ratio of foreign investors must not exceed 49%. This is the reason why a number of securities companies are racing to participate in contributing capital to establish crypto-asset companies.
Many securities companies are racing to join the crypto asset market.
PHOTO: NGOC THANG
For example, HD Securities Company (HDBS) has just announced a plan to raise capital through offering shares to existing shareholders. According to the plan submitted to shareholders by way of collecting written opinions, the company will offer more than 365 million shares at a ratio of 2:5 (shareholders owning 2 shares can buy 5 more shares) at a price of 20,000 VND/share. It is expected that the company will raise a maximum of 7,307 billion VND.
The capital use plan shows that about 63% of the proceeds from the share offering, equivalent to more than VND4,600 billion, will be allocated to investment activities, securities trading, deposit certificates and government bonds. In particular, the company also plans to spend VND1,470 billion to contribute capital to the enterprise operating the crypto-asset exchange when this unit increases its capital to VND10,000 billion, expected to be named HD Crypto-Asset Exchange Joint Stock Company. The remaining capital from the issuance will be allocated to margin lending activities, sales advances and investment in fixed assets, software and business operating expenses.
Before HDBS, a number of securities companies also announced plans to enter the crypto-asset market. For example, VIX Securities Company contributed 15% of the capital to establish the Crypto-asset Exchange Joint Stock Company (VIXEX) with a charter capital of VND 1,000 billion. Thus, VIX Securities Company contributed VND 150 billion to VIEX. Similarly, on September 19, Vietnam Prosperity Crypto-asset Exchange Joint Stock Company (CAEX) was established with a charter capital of VND 25 billion, in which VPBank Securities Joint Stock Company (VPBankS) contributed 11% of the capital. In mid-September, VPBankS's Board of Directors issued a Resolution approving the strategy and goals, and orientations for implementing the medium-term development strategy for the period 2026 - 2030, including content related to participating in the crypto-asset exchange, through cooperation with parent bank VPBank and partners.
In addition, SSI Securities Company has subsidiaries including SSI Fund Management Company Limited, SSI Digital Technology Joint Stock Company, which has signed cooperation agreements with two digital asset companies Tether, U2U Network and Amazon Web Services (AWS) to promote the construction of a digital financial infrastructure ecosystem, Blockchain and cloud computing in Vietnam. Another unit, Techcom Securities Company (TCBS), is also not out of the game. Specifically, Techcom Crypto Asset Exchange Joint Stock Company (TCEX) was established in early May with an initial charter capital of VND 3 billion. Mr. Nguyen Xuan Minh, Chairman of the Board of Directors of Techcom Securities Joint Stock Company (TCBS), holds the position of General Director and legal representative of this company when owning up to 89% of shares. The remaining capital is contributed by units in the Techcombank financial ecosystem, including TCBS (9.9%) and Techcom Fund Management Joint Stock Company (1.1%)...
Source: https://thanhnien.vn/cong-ty-chung-khoan-chay-dua-tham-gia-thi-truong-tai-san-ma-hoa-185250928112347439.htm
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