Key Highlights
- CAEX, a Vietnamese cryptocurrency exchange associated with VPBank, receives investment from OKX Ventures and HashKey Capital
- The funding enables CAEX to reach Vietnam’s mandatory $380 million capital threshold for participation in the national crypto pilot initiative
- Vietnam’s regulatory pilot program will authorize a maximum of five cryptocurrency exchanges, with foreign stakes limited to 49%
- Digital asset transactions by Vietnamese residents totaled approximately $200 billion in the year ending mid-2025
- The country’s 2023 addition to the FATF grey list has accelerated efforts to strengthen crypto oversight
A Vietnamese cryptocurrency exchange known as CAEX, which maintains connections to VPBank, one of the nation’s premier private banking institutions, has secured investment backing from OKX Ventures and HashKey Capital.
The partnership was made public on Friday. Additional stakeholders in CAEX include VPBank Securities along with LynkiD, a digital identity verification company.
The primary objective behind this funding round is to elevate CAEX’s total capitalization to 10 trillion Vietnamese dong, approximately equivalent to $380 million. This figure represents the baseline requirement for entry into Vietnam’s officially sanctioned cryptocurrency pilot initiative established under Resolution 05/2025.
The Vietnamese government’s pilot framework will grant licenses to only a select group of cryptocurrency trading platforms. Officials have confirmed that no more than five entities will receive authorization to operate within this program.
Applications for pilot licensing commenced on January 20, 2026. The regulatory framework restricts foreign ownership to a maximum of 49%, while mandating that at least 65% of capital originates from institutional investors.
Vietnamese authorities have also indicated potential restrictions on access to unauthorized international platforms once domestically licensed exchanges become operational. This creates urgency for international cryptocurrency companies to establish compliant partnerships with local entities.
OKX stated that the investment would equip CAEX with both the capital resources and technical expertise necessary to satisfy regulatory standards. Collaborative opportunities may encompass infrastructure development, cybersecurity measures, regulatory compliance, and risk mitigation strategies.
Both OKX and HashKey have not revealed the specific amounts of their respective investments or the percentage of ownership acquired.
Vietnam’s Digital Asset Sector Shows Strong Adoption Despite Fraud Challenges
According to 2025 data from Chainalysis, Vietnam holds the fourth position worldwide in cryptocurrency adoption metrics. Residents conducted digital asset transactions valued at roughly $200 billion during the twelve months ending in mid-2025.
However, the sector has experienced significant fraudulent activity. In March 2026, law enforcement in Vietnam apprehended several individuals connected to cryptocurrency platform ONUS, accusing them of deploying deceptive marketing tactics and manipulating token prices to defraud investors of billions of dollars.
The Financial Action Task Force placed Vietnam on its grey list in 2023 due to insufficient anti-money laundering mechanisms, particularly concerning virtual asset transactions. This designation has served as a primary catalyst for the current regulatory reforms.
Regulatory Structure Established
Vietnam’s Digital Technology Industry Law became enforceable in January 2026. The legislation officially acknowledged crypto assets and established the legal foundation for licensing procedures, regulatory supervision, and industry development incentives.
The updated regulations mandate that cryptocurrency businesses secure proper licenses, implement customer identity verification protocols, conduct transaction surveillance, and submit compliance reports to regulatory bodies.
CAEX had previously announced it was approaching completion of its capital-raising efforts to reach the 10 trillion dong benchmark prior to this latest investment announcement.
A representative from OKX characterized Vietnam as a strategically significant market for digital asset advancement and described the regulated framework as a positive development for the broader industry.
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