OKX Ventures and HashKey Capital Invest in Vietnam Crypto Exchange CAEX

TLDR

• OKX Ventures and HashKey Capital are investing in CAEX, a Vietnam-based crypto exchange linked to VPBank
• The investment helps CAEX meet Vietnam’s $380 million minimum capital requirement for its crypto pilot program
• Vietnam’s pilot will license no more than five crypto exchanges, with foreign ownership capped at 49%
• Vietnamese users moved an estimated $200 billion in digital assets in the year through mid-2025
• Vietnam was added to the FATF grey list in 2023, partly driving the push for tighter crypto regulation

OKX Ventures and HashKey Capital are investing in a Vietnam-based crypto exchange called CAEX, which is linked to one of the country’s largest private banks, VPBank.

The deal was announced Friday. VPBank Securities and digital identity firm LynkiD are also shareholders in CAEX.

The goal of the investment is to bring CAEX’s total capital to 10 trillion Vietnamese dong, which equals roughly $380 million. That amount is the minimum required to enter Vietnam’s government-run crypto pilot program under Resolution 05/2025.

Vietnam’s pilot program will only license a limited number of crypto exchanges. Authorities have said no more than five businesses will be allowed to operate under it.

The pilot licensing window opened on January 20, 2026. Foreign ownership under the framework is capped at 49%, and at least 65% of capital must come from institutional shareholders.

Vietnamese regulators have also said they may block access to unlicensed offshore platforms once the first licensed exchanges go live. That puts pressure on foreign crypto firms to find compliant local partners quickly.

OKX said the investment would give CAEX the financial strength and technical know-how to meet regulatory requirements. Potential areas of collaboration include infrastructure, security, compliance, and risk management.

Neither OKX nor HashKey disclosed the size of their individual stakes or the exact investment amounts.

Vietnam’s Crypto Market Is Large but Has Faced Fraud Problems

Vietnam ranks fourth globally in crypto adoption, according to Chainalysis data from 2025. Users in the country moved an estimated $200 billion in digital assets in the year through mid-2025.

But the market has also seen serious fraud. In March 2026, Vietnamese authorities detained multiple people linked to crypto platform ONUS, alleging they used false promotions and manipulated token trading to take billions of dollars from investors.

Vietnam was added to the Financial Action Task Force grey list in 2023 for weak anti-money laundering controls, particularly around virtual assets. That listing has been a key driver behind the current regulatory push.

Legal Framework Now in Place

Vietnam’s Digital Technology Industry Law took effect in January 2026. It formally recognized crypto assets and created legal ground for licensing, oversight, and industry incentives.

The new rules require crypto firms to obtain licenses, verify user identities, monitor transactions, and file reports with authorities.

CAEX had previously said it was already in the final stages of raising its capital to the 10 trillion dong threshold before this latest investment round.

The OKX spokesperson said Vietnam is an important market for digital asset innovation and that a regulated framework is a constructive step for the industry.

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