OKX and HashKey Back VPBank-Linked Bid for Vietnam Crypto Pilot
OKX Ventures and HashKey Capital have joined the shareholder group behind CAEX as Vietnam moves toward a tightly controlled crypto pilot that could reshape one of Asia’s most active digital asset markets.
Quick Insights
- OKX Ventures and HashKey Capital have joined the shareholder group behind CAEX as the platform tries to qualify for Vietnam’s crypto exchange pilot.
- Vietnam’s licensing framework sets a high bar, including a minimum charter capital requirement of VND10 trillion, or about $380 million.
- The push matters because Vietnam remains one of the world’s most active crypto markets, even as regulators move to shift trading onto licensed domestic venues.
OKX Ventures and HashKey Capital have backed CAEX, a digital asset platform linked to the VPBank ecosystem, in a move that shows how difficult Vietnam’s new crypto licensing race is becoming. The investment gives CAEX more firepower as it tries to clear the country’s minimum capital threshold and secure a place in a pilot market that is designed to admit only a small number of operators.
The development is notable for two reasons. First, it underlines how global crypto firms are willing to take minority positions in local ventures rather than try to enter Vietnam alone. Second, it shows how strongly banks and securities groups are shaping the first phase of the country’s regulated market.
Vietnam Crypto Pilot Limits the Field to Five Licences
Vietnam formally opened its licensing pathway for crypto trading platforms on January 20 after the Ministry of Finance issued Decision No. 96 to implement the pilot framework. According to reporting from Tilleke & Gibbins, the new process sets out how licences can be granted, amended, and revoked, with the State Securities Commission acting as the main receiving and coordinating body.
That opening did not create a free-for-all. Local reporting and comments from officials have pointed to a tightly controlled first phase, with only a handful of operators expected to make it through. Reuters reported in March that five companies had already passed an initial qualification round, including affiliates of VPBank, Techcombank, LPBank, VIX Securities, and Sun Group.
The wider direction of travel is also becoming clearer. Reuters said Vietnam is drafting rules that would stop local users from trading on overseas crypto exchanges, which would make a domestic licence much more valuable for firms that want long-term access to the market.
CAEX Needs VND10 Trillion to Stay in the Race
The biggest obstacle is not brand recognition. It is capital. Under the pilot rules, applicants need at least VND10 trillion in paid-in or charter capital, which puts the entry bar at roughly $380 million. Reporting from Việt Nam News and Vietnam Investment Review also shows that at least 65% of capital must come from institutional shareholders, with more than 35% contributed by at least two qualifying institutions such as banks, securities firms, fund managers, insurers, or technology companies.
That helps explain why CAEX has brought together a shareholder group that mixes domestic finance with offshore crypto expertise. A local vehicle linked to VPBank may offer the onshore credibility regulators want, while OKX Ventures and HashKey can contribute technology, compliance support, market structure experience, and international reach.
It is also a reminder that Vietnam is not trying to build a lightly regulated sandbox. The framework is being shaped more like a narrow gate, one that favours well-capitalised groups with formal governance, strong systems, and deep local ties.
Vietnam Crypto Demand Makes the Prize Hard to Ignore
Firms are willing to jump through those hoops because Vietnam is already one of the most important crypto markets in Asia. In its 2025 Global Crypto Adoption Index, Chainalysis ranked Vietnam fourth worldwide, behind only India, the United States, and Pakistan. That level of activity has built a real commercial opportunity, even if most trading still happens through offshore platforms today.
For regulators, the case for change is straightforward. A licensed domestic market could keep more fees inside the country, improve oversight, and make it easier to monitor capital flows. For exchange operators, the same shift could create one of the most attractive regulated openings in Southeast Asia, especially if foreign platforms face tighter restrictions later this year.
CAEX is therefore not simply raising money. It is trying to secure a place in what could become Vietnam’s first fully regulated gateway for digital asset trading. If that happens, OKX and HashKey will have bought themselves exposure to a market that already has scale, but is only now beginning to move onshore.
For readers tracking the broader market backdrop, Nakamoto Daily’s Bitcoin market page and Ethereum market page are useful reference points as regulation continues to reshape where liquidity sits and which venues are allowed to serve it.
