TCBS (TCX) Approves VND 1,100 Billion TCEX Subscription to Meet Crypto Exchange Capital Rule

Overview

Techcombank Securities (TCBS, HOSE: TCX) has approved the exercise of subscription rights in a TCEX share offering that would raise the crypto asset exchange’s charter capital to VND 10,000 billion, the minimum required under Resolution 05/2025/NQ-CP. The decision, disclosed in a board resolution dated 5 November, commits TCBS to up to roughly VND 1,100 billion and an 11% stake in TCEX, extending the brokerage’s reach into Vietnam’s pilot digital-asset trading market.

Key Facts

• TCBS will exercise rights to buy 1,617,327 TCEX shares at VND 10,000 per share, worth more than VND 16.17 billion, with execution expected in Q4 2026.
• The TCBS board authorised its chairman to subscribe up to an additional 108,352,973 shares, equivalent to about VND 1,083.5 billion at the same VND 10,000 price.
• If the full additional subscription is taken up, TCBS would hold 11% of TCEX’s post-increase charter capital of VND 10,000 billion, valued at VND 1,100 billion at par.
• Resolution 05/2025/NQ-CP requires crypto asset market operators to have paid-in charter capital of at least VND 10,000 billion, with at least 65% held by institutional shareholders and more than 35% by at least two institutions from banking, securities, fund management, insurance or technology.
• TCBS also replaced its authorised representative at TCEX, ending Nguyễn Thị Thu Hiền’s role and appointing Nguyễn Xuân Minh, TCBS board chairman, to manage all of TCBS’s TCEX shares.
• TCEX was established on 5 May 2025 with TCBS as a founding capital contributor and was approved for Level 4 information-system security by the Department of Cybersecurity (Ministry of Public Security) in October 2026.

What Happened

In a board resolution dated 5 November and disclosed on 6 November, Công ty Cổ phần Chứng khoán Kỹ Thương (TCBS) approved participation in a share offering by Công ty Cổ phần Sàn giao dịch Tài sản mã hóa Techcom (TCEX). The offering is intended to lift TCEX’s charter capital to VND 10,000 billion, the threshold set by Resolution 05/2025/NQ-CP for organisations registering to operate a crypto asset trading market. TCBS, as an existing shareholder, will first exercise its rights to buy 1,617,327 shares at VND 10,000 each, a commitment of more than VND 16.17 billion, with settlement expected in the fourth quarter of 2026.

The resolution also authorises TCBS to subscribe for unsold shares if the offering is not fully distributed and TCEX’s board continues to offer the remainder to existing shareholders. TCBS’s board delegated the additional subscription decision to its chairman, capped at 108,352,973 shares or about VND 1,083.5 billion. Taken together, the maximum outlay approaches VND 1,100 billion and would give TCBS an 11% stake in TCEX after the capital increase. Separately, TCBS appointed its chairman, Nguyễn Xuân Minh, as the authorised representative for all of its TCEX shares, replacing Nguyễn Thị Thu Hiền.

Market Context

TCX closed at VND 29,000 on 6 November 2026, while parent Techcombank (HOSE: TCB) closed at VND 21,650. The subscription is small relative to TCBS’s balance sheet but strategically notable because it links a listed securities firm to a licensed digital-asset venue. Vietnam’s crypto market remains in a pilot phase under Resolution 05/2025/NQ-CP, and the VND 10,000 billion capital floor is expected to limit the field to a small number of well-capitalised, institution-backed operators. TCBS’s move comes as securities stocks on HOSE have drawn interest from the market’s improving liquidity and as financial institutions position for a regulated digital-asset framework.

Strategic Significance

For long-term investors, the TCEX subscription is a low-cost option on Vietnam’s regulated digital-asset infrastructure. The VND 1,100 billion maximum commitment is modest against TCBS’s capital base, but an 11% stake plus board-level representation gives the brokerage influence over a venue that could become one of a handful of licensed crypto exchanges. The capital structure rules in Resolution 05/2025/NQ-CP favour institutions with banking, securities or technology backing, and TCBS’s early founding role in TCEX positions it ahead of competitors that would need to build or buy into a compliant platform from scratch. The main risk is regulatory timing: the pilot framework is still being implemented, and revenue from crypto trading may take time to materialise.

What to Watch

• TCEX’s shareholder register and charter capital update after the offering closes, expected in Q4 2026.
• Confirmation of the final TCBS stake, which depends on whether the additional subscription is exercised in full.
• Further guidance from the State Securities Commission or Ministry of Finance on licensing and operating rules for crypto asset exchanges under Resolution 05/2025/NQ-CP.
• TCBS’s Q4 2026 and FY2026 financial statements for disclosure of the investment and any related-party transactions with TCB.
• Any additional capital contributions from other institutional shareholders needed to meet the 65% institutional and 35% bank/securities/technology ownership thresholds.