According to TCEX's own announcement, Techcom Crypto Asset Exchange JSC has completed a charter capital increase to VND 10,000 billion.VnExpress For Techcom Securities (TCBS, ticker TCX on HoSE), the outcome is now clear: its stake after the round is VND 1,100 billion, or 11% of charter capital. The largest shareholder is TokenBay with 88.9%.CafeF
Reaching this capital level does not mean the exchange is cleared to operate. Paid-in capital of at least VND 10,000 billion is just one of the conditions under Resolution 05/2025/NQ-CP, which governs the crypto-asset market pilot.CafeF To see where TCEX stands, it helps to retrace the company's milestones over the past 18 months, then look at the steps still ahead.
From VND 3 billion to VND 10,000 billion
TCEX was incorporated on May 5, 2025 with charter capital of VND 3 billion. According to VnExpress, the founding shareholders were TCBS with 9.9%, Techcom Capital (TechcomCapital) with 1.1%, and Mr. Nguyen Xuan Minh, Chairman of TCBS, with 89%.VnExpress By August 2025, charter capital had risen to VND 101 billion, nearly 34 times the starting level.Mekong Asean
Even VND 101 billion was far short of what the rules require. Resolution 05/2025/NQ-CP opens a five-year pilot for the crypto-asset market. VnExpress reports that an exchange operator must hold at least VND 10,000 billion in capital, of which 35% must be held by at least two institutions from banking, securities, fund management, insurance or technology.VnExpress MarketTimes adds a requirement that at least 65% of capital come from institutions.MarketTimes
A representative of the State Securities Commission explained the high bar this way: an exchange handles trading, settlement and custody at once, and crypto assets carry heavy risk, so the operator needs enough resources to compensate investors for losses when necessary. The Ministry of Finance began accepting license applications on January 20, and Ministry leaders have said the goal is a maximum of 5 pilot companies.VnExpress
Regulatory milestones in 2026
The first milestone came on May 4, 2026. In Official Letter 5547/BTC-UBCK, the Ministry of Finance confirmed that the documents TCEX submitted in the first review round were complete and valid.CafeF That confirms the completeness of the file. It is not a license. Around the same time, TCBS began moving infrastructure to TCEX: in late May 2026, the TCBS board approved transferring assets for building the exchange, worth nearly VND 50 billion in total.Mekong Asean
The second stretch was information security. A crypto-asset exchange holds customer assets on its own systems, so this is a separate hurdle. In October 2026, the Cybersecurity Department (Ministry of Public Security) reviewed and approved TCEX's Level 4 information system security proposal.CafeF Mekong Asean gives more detail: the approval came on October 23, under Official Letter 5490/BCA-A05 dated October 12.Mekong Asean
At an institutional investor event on October 21, Mr. Nguyen Xuan Minh said TCBS had prepared its technology infrastructure and was ready to operate once licensed. He expects the business to widen the company's growth room in 2027.Mekong Asean
Two decisive dates: November 5 and November 11
On November 5, 2026, the TCBS board passed Resolution 010511/26/NQ-HĐQT-TCBS approving the purchase of up to 109,970,300 additional TCEX common shares in the offering to existing shareholders.Người Quan Sát Most of those shares could be bought only if other shareholders did not take up their allotments. According to Vietnam Financial Times, TCBS would reach 11% if it bought the full maximum approved.Thời báo Tài chính The same resolution named Mr. Minh as authorized representative managing the company's entire stake in TCEX.Mekong Asean
Six days later, the result was announced. TCEX's shareholder structure after the raise, per CafeF:CafeF
For anyone holding TCX shares, this is the notable point of the round. The 11% stake matches exactly what TCBS would reach by using the full maximum the board allowed on November 5. That puts it at the top of the approved range, not at the pro-rata rights allotment. The number of shares TCBS actually bought and the cash it actually spent will have to wait for a detailed report; this article does not back them out of the percentage.
On structure, TokenBay and TCBS are both institutions and together hold 99.9% of capital, well above the 65% institutional requirement on paper. Whether TCEX meets every shareholder condition, however, is for the regulator to assess in later steps. An ownership percentage cannot settle that on its own.
Mr. Ngo Duy Bien, CEO of TCEX, said the new capital will go toward trading and custody infrastructure, the technical team and risk management capacity.CafeF The company aims to own its core technology systems, from order matching and custody to trading surveillance, to serve customers in the Techcombank and TCBS ecosystem once licensed. In Mr. Bien's view, to bring trading flows back to Vietnam, a domestic exchange must earn trust in its ability to protect customer assets and keep enough liquidity for investors to trade when they need to.
TCEX is not the first to reach the capital bar
According to VnExpress, three companies had already reached VND 10,000 billion in charter capital before TCEX: SCEX, CAEX and Vimexchange. That makes TCEX the fourth to announce reaching this level, against a pilot target of at most 5 companies.VnExpress
CAEX itself, part of the VPBank ecosystem, said at a forum on November 6-7 that meeting the capital and information security requirements does not mean being allowed to run an exchange, and that it will offer services only after being licensed.Người Quan Sát The same principle applies to TCEX.
Steps remaining before a license
According to TCEX, the next phase covers an audit of paid-in capital, finalizing operating procedures and filing the second-round application.CafeF Each step matters in its own way.
Capital audit. The VND 10,000 billion figure is currently information disclosed by the company. The audit report will be the document confirming that the money has actually reached TCEX, and it will show TCX shareholders how TCBS's VND 1,100 billion is recorded.
Second-round filing. The first round only confirmed that the documents were complete and valid. The second round is where capital, shareholder, system and process conditions go under assessment. According to Doanh Nhân Trẻ, TCEX expects to file it within its 2026 licensing timeline.Doanh Nhân Trẻ
Licensing decision. The licensing authority is the Ministry of Finance. Only when that decision is issued can TCEX operate a crypto-asset exchange.
Bottom line: shareholders have done their part, the rest is on paper from third parties
The shareholders' part is done: TCBS has taken its stake to 11%, and TCEX has reached the minimum capital. What remains depends on documents from third parties. If the audit report confirms the capital and the second-round filing is submitted before year-end, the 2026 licensing timeline TCEX has described stays within reach. If either document is still missing when 2026 closes, TCBS's VND 1,100 billion will keep sitting in a company that is fully capitalized but not yet allowed to operate. Two signals worth watching in the coming weeks are the capital audit report and any news of the second-round filing.