OKX, HashKey back VPBank-linked CAEX for Vietnam crypto pilot bid

CAEX has secured major backing from OKX Ventures and HashKey Capital as it prepares to enter Vietnam’s strictly regulated digital asset market.

According to an April 10 press release, the two firms are joining VPBank Securities and LynkiD as shareholders in the platform, which operates within the ecosystem of VPBank, one of the country’s largest private lenders.

This capital injection is designed to help CAEX meet a steep 10 trillion dong (approximately $380 million) charter capital requirement. Reaching this financial threshold is a prerequisite for any firm hoping to secure one of the few licenses available under the government’s new pilot program.

CAEX will use the new investment from OKX Ventures and HashKey Capital to comply with the minimum charter capital requirement of 10 trillion dong that mandates all firms participating in the pilot program must maintain substantial financial reserves to operate legally in Vietnam.

The exchange has confirmed that it is now in the final stages of finalizing its 10 trillion dong capital base to meet the January pilot criteria.

“We believe the future of crypto will be built on regulated, local platforms that users can trust and CAEX represents that future in Vietnam,” OKX Founder and CEO Star Xu noted in a recent blog post regarding the partnership.

Vietnam’s Ministry of Finance and the State Securities Commission are currently rolling out a five-year testing phase for the industry. However, the window for entry is narrow. Only five companies will be permitted to operate exchanges during this period, with the licensing process having officially started on January 20.

The regulatory framework imposes significant restrictions on how these businesses are structured. Foreign investors cannot own more than 49% of an exchange, and at least 65% of the total capital must come from institutional shareholders. These high barriers are intended to ensure only well-capitalized, professional entities enter the space.

Beyond setting high entry costs, the government is signaling a crackdown on the informal market. Once the official onshore exchanges begin operations, authorities may block access to unlicensed international platforms. This policy shift makes a local partnership essential for foreign firms like OKX and HashKey to maintain a compliant presence in the country.

Growing adoption meets increased oversight

Chainalysis ranked Vietnam fourth globally for crypto adoption in 2025. However, the market has struggled with significant fraud. 

In March 2026, police detained several individuals linked to the ONUS platform. Investigators allege the group used deceptive promotions and price manipulation to steal billions of dollars from investors.

By integrating with VPBank’s network, CAEX looks to position itself as a stable alternative to the offshore platforms that currently dominate the local landscape. The company confirmed it is now in the final stages of finalizing its 10 trillion dong capital base to meet the January pilot criteria.