A new 'player' wants to set up a digital asset exchange, a market that gathers many stock and banking giants

The market has continuously recorded more businesses established towards providing digital asset trading services. The latest is the appearance of HD Crypto Asset Trading Company.

Cryptocurrency market, digital assets have a lot of potential but also many challenges and risks - Illustration photo using AI technology

More "big guys" in securities and banking revealed

HD Securities (HDS) - an affiliate of HDBank - has just announced a plan to offer shares to existing shareholders to increase charter capital from VND1,461 billion to more than VND5,114 billion.

According to the plan presented to shareholders, HDBS will issue more than 365 million shares at a ratio of 2:5 (shareholders owning 2 shares have the right to buy 5 more shares).

The expected offering price is 20,000 VND/share. If successful, HDS could earn more than 7,300 billion VND.

Of which, HDS plans to allocate 1,470 billion VND to contribute capital to a crypto-asset trading floor business, expected to be named HD Crypto-asset Trading Floor Joint Stock Company, when this unit raises its capital to 10,000 billion VND.

The move from HDBank's associate member was made right after the Government issued a resolution to pilot the crypto asset market in Vietnam.

Before the securities company in HDBank's ecosystem "jumped in", many businesses were also born with the same purpose.

Vietnam Prosperity Crypto Asset Exchange Joint Stock Company (CAEX) was established on September 19, with an initial charter capital of 25 billion VND.

Contributing money to open CAEX is VPBank Securities (VPBankS) with 11% of charter capital, the remaining 39% is Future Land Investment Company Limited, while the "strange" sounding name is Lynkid Joint Stock Company owns the remaining 50%.

In mid-September, VPBank also said it was completing the final procedures to participate in the pilot implementation of a crypto-asset trading floor.

Big "handshakes"

Although no digital asset trading floor has been licensed to operate yet, many businesses have urgently prepared to "set foot" in the new playing field, with support from banks and securities companies.

At the end of August this year, VIX Crypto Asset Exchange Joint Stock Company (VIXEX) was also established with a charter capital of 1,000 billion VND. The founding shareholder structure includes VIX Securities with 15% of capital, FTG Vietnam 64.5% and 3C Communications - Computer - Control Joint Stock Company contributing 20.5%.

Previously, Techcom Crypto Asset Exchange Joint Stock Company (TCEX) - a business in the Techcombank ecosystem - was also established with an initial capital of 3 billion VND, then increased to 101 billion VND.

The founding shareholder structure includes Techcom Securities (TCBS) with 9.9% of capital, Techcom Fund Management Joint Stock Company with 1.1% of capital, and the rest is held by Mr. Nguyen Xuan Minh.

Some businesses even prepared many years ago, such as SSI Digital Technology Joint Stock Company (SSI Digital - SSID).

In addition, there are "handshakes" with foreign partners to participate in this market.

For example, IDGX, a leading digital asset investment company in Vietnam under IDG Capital Vietnam, announced the signing of a strategic memorandum of understanding with BDACS, one of the regulated digital asset custody companies in Korea.

This joint venture will focus on providing core services such as exchanges, digital asset custody…

Great opportunity but also great risk

The common point among many businesses participating in the digital asset sector is that they all have support from banks or securities companies, demonstrating the ambition of traditional financial giants to "encroach" into this new field.

According to the legal framework, businesses wishing to set up a digital asset trading floor must have a minimum charter capital of VND10,000 billion - 3 times higher than the minimum capital of a commercial bank and about 33 times higher than that of an air transport business. The requirement to increase capital to meet the requirements set out in the pilot resolution was set.

With very high capital requirements, according to a general director of a digital asset company, this is to ensure financial safety requirements, limit risks for investors. At the same time, it helps eliminate small, inexperienced companies, avoiding the situation of "blooming" poor quality floors and then quickly collapsing.

Furthermore, when an incident occurs, large capital helps provide resources for compensation or remediation.

"This market opens up great opportunities but also many challenges, especially in terms of security and asset safety for investors," he emphasized.

BINH KHANH - NGOC AN

Source: https://tuoitre.vn/them-tay-choi-moi-muon-lap-san-tai-san-so-thi-truong-quy-tu-nhieu-dai-gia-chung-khoan-ngan-hang-20250924163305529.htm