In a significant development for Vietnam’s digital asset landscape, OKX, a prominent cryptocurrency exchange, and HashKey Capital have invested in the Vietnam Prosperity Crypto Asset Exchange Joint Stock Company (CAEX), a subsidiary of VPBank Securities. This investment comes as CAEX aims to meet the Vietnamese government’s stringent minimum capital requirement of 10 trillion dong (approximately $380 million) for cryptocurrency exchanges aspiring to participate in a pilot crypto trading program.
Star Xu, Founder and CEO of OKX, emphasized the purpose of the investment, which he described as a commitment to enhancing CAEX’s infrastructure, compliance measures, security protocols, risk management, and liquidity provisioning. He underscored the importance of scaling operations responsibly within Vietnam’s dynamically evolving regulatory framework. “We aim to support its development across infrastructure, compliance, security, risk management, and liquidity,” Xu stated, adding that OKX has been securing or pursuing licenses in diverse markets including the United States, Europe, Singapore, and Dubai.
Furthermore, Xu acknowledged the ongoing shift within the industry, noting that as regulatory clarity improves, liquidity is increasingly gravitating towards compliant venues. He praised Vietnam’s proactive approach in establishing a framework for oversight of the crypto market, expressing optimism that the broader Southeast Asian region will follow suit in developing clear regulatory frameworks and licensing pathways for digital asset enterprises. “This region is already one of the most important sources of global crypto liquidity. The next phase is about bringing that activity into trusted, regulated environments,” Xu remarked.
Vietnam’s regulatory stance has tightened in recent years, particularly following notable fraud cases that have underscored the risks associated with unregulated crypto activities. Recently, local authorities arrested the founder of ONUS exchange, who was accused of defrauding investors of substantial sums. Earlier, another prominent figure, Nguyen Hoa Binh, faced charges linked to large-scale fraudulent activities associated with the AntEx digital asset project.
In 2025, Vietnam introduced a resolution permitting a five-year pilot phase during which crypto assets can be legally developed and traded within an established regulatory framework. This initiative aligns with the broader goals of Vietnamese financial institutions, which are beginning to capitalize on the potential of the crypto market. Major banks and brokerages—including Techcombank, HDBank’s securities arm, Military Bank, and SSI Inc.—have already initiated their joint ventures in the crypto exchange sector.
The stringent oversight of crypto trading is part of Vietnam’s strategic vision to establish international financial centers within the country. The capital markets are to be centralized in Ho Chi Minh City, while Danang focuses on promoting green and digital infrastructure. This comprehensive framework aims not only to safeguard investors but also to position Vietnam as a pivotal player in the global digital asset ecosystem.
