CAEX, a crypto platform affiliated with the Vietnam Prosperity Joint Stock Commercial Bank (VPBank), has announced that it has secured backing from OKX Ventures and HashKey Capital. This strategic investment aims to help CAEX qualify for Vietnam’s pilot regime for cryptocurrency exchanges. In a recent communication shared with Cointelegraph, the company noted that both offshore investors will join VPBank Securities and technology partner LynkiD as shareholders.
The backing from these investors is particularly significant as CAEX strives to meet Vietnam’s minimum charter capital requirement of 10 trillion dong, equivalent to approximately $380 million. This threshold is a critical criterion for participation in the pilot program initiated by Vietnam’s regulatory bodies.
The pilot program, spearheaded by Vietnam’s Ministry of Finance and the State Securities Commission, is set to span five years and will allow a limited number of licensed digital asset service providers to operate. Officials have indicated that a maximum of five enterprises will be permitted to run exchanges under this pilot initiative, which opened its licensing window on January 20.
The regulatory framework imposes stringent conditions, including a cap on foreign ownership at 49% and a requirement for at least 65% of the capital to be held by institutional shareholders. These regulations create formidable barriers to entry, even for institutions backed by banks. Additionally, authorities have hinted at the possibility of restricting access to unlicensed overseas platforms once the first onshore exchanges commence operations, making it increasingly challenging for foreign firms to enter the market in compliance with local laws.
A spokesperson from OKX stated that they are unable to disclose specific details regarding the size of their investment or the stakes held by the companies in CAEX. They emphasized that it would be inappropriate to comment on the regulatory process but reiterated that the funding aims to enable CAEX to meet the necessary capital requirements to pursue entry into Vietnam’s regulated crypto ecosystem.
With CAEX positioned within VPBank’s extensive financial framework, the firm previously indicated that it is nearing completion of its efforts to raise the requisite charter capital of 10 trillion dong for inclusion in the pilot. VPBank stands as one of Vietnam’s largest private lending institutions.
The OKX representative also mentioned that the company, as a strategic partner, will collaborate with the other shareholders to ensure CAEX possesses the “financial strength and technical know-how” required to meet user expectations and regulatory standards. Areas of potential cooperation include enhancing technical infrastructure, security protocols, compliance measures, and risk management strategies.
Vietnam’s crypto market has experienced significant growth in recent years, with Chainalysis ranking it fourth globally in crypto adoption as of 2025. However, this growth has not come without challenges. The market has been plagued by incidents of fraud and high-profile scams, prompting regulators to intensify their oversight. Just this past March, Vietnamese authorities apprehended multiple individuals linked to ONUS, accusing them of employing deceptive promotions and manipulating token trading to misappropriate billions of dollars in investor funds.
The OKX representative acknowledged the importance of Vietnam as a market for digital asset innovation and commented that the establishment of a regulated framework represents a “constructive step” for the growth of the country’s cryptocurrency industry.
