Backed by major global investors, CAEX Vietnam is racing to meet strict capital rules as the country opens a tightly controlled testing phase for digital asset exchanges.
Summary
OKX and HashKey join VPBank-linked CAEX
According to a press release, OKX Ventures and HashKey Capital have taken stakes in CAEX, joining VPBank Securities and LynkiD as shareholders. The trading platform operates within the ecosystem of VPBank, one of Vietnam’s largest private lenders, positioning it close to established domestic financial infrastructure.
This latest capital injection is structured to help CAEX satisfy Vietnam’s steep 10 trillion dong charter capital threshold, roughly $380 million. However, that amount is not optional. Reaching this level is a formal prerequisite for any company hoping to secure one of a very limited number of government licenses under the upcoming crypto exchange pilot.
CAEX has stated that the new OKX Ventures investment and HashKey Capital backing will be used specifically to comply with the minimum charter capital requirement of 10 trillion dong. Moreover, regulators require all firms in the pilot to maintain substantial reserves on an ongoing basis, not just at launch, if they want to operate legally in Vietnam.
Race to meet the ten trillion dong requirement
The company has confirmed that it is now in the final stages of completing its 10 trillion dong capital base to meet the January pilot criteria. That said, the window for full compliance is narrow, as the licensing process for the pilot program officially started on January 20 and the number of permits is capped.
“We believe the future of crypto will be built on regulated, local platforms that users can trust and CAEX represents that future in Vietnam,” Star Xu, Founder and CEO of OKX, said about the partnership. His comment underscores how a strong domestic structure and banking ties, such as the VPBank Securities partnership, are now central to long-term regional strategies.
Vietnam’s tightly controlled crypto pilot
Vietnam’s Ministry of Finance and the State Securities Commission are rolling out a five-year testing phase for the digital asset industry. However, the pilot is intentionally restrictive. Only five companies will be allowed to operate exchanges during this period, meaning competition for the onshore exchange licenses will be intense among both local and international players.
The regulatory framework also sets strict rules on how these businesses may be structured. Foreign investors are barred from holding more than 49% of any approved exchange, enshrining hard foreign ownership caps. Moreover, at least 65% of total capital must come from institutional shareholders, a design that favors well-capitalized, professionally run entities over retail-focused or thinly funded operators.
By limiting ownership and mandating a high ten trillion dong requirement, regulators aim to keep speculative operators out of the formal system. That said, these barriers simultaneously create strong incentives for global exchanges to work through joint ventures and minority stakes, rather than controlling local platforms outright.
Crackdown on offshore platforms and informal market
Beyond high entry costs, the government is signaling a broader crackdown on the informal crypto market. Once licensed onshore exchanges start operating, authorities may block access to unlicensed international platforms serving Vietnamese users. However, this does not eliminate demand; it redirects it toward officially sanctioned venues and local partnerships.
This shift makes a compliant domestic presence essential for foreign firms like OKX and HashKey. A structure such as CAEX Vietnam, embedded in a local banking ecosystem, offers a way to remain active in the market while respecting ownership and capital rules.
Fraud concerns and the push for regulated venues
Analytics firm Chainalysis ranked Vietnam fourth globally for crypto adoption in 2025. However, the country has faced serious fraud cases, which have sharpened regulators’ focus on consumer protection and market integrity.
In March 2026, police detained several individuals connected to the ONUS platform. Investigators allege the group used deceptive marketing campaigns and price manipulation tactics to steal billions of dollars from investors. Moreover, the scandal reinforced the government’s view that unregulated or offshore platforms pose systemic risks to retail users.
By integrating with VPBank’s network, CAEX aims to position itself as a stable alternative to these offshore venues that dominate Vietnam’s crypto landscape. The company has again confirmed that it is now in the final stages of finalizing its 10 trillion dong capital base so it can meet the January pilot criteria and operate fully within the new regime.
Overall, the combination of stringent capital rules, tight foreign ownership limits and a looming crackdown on unlicensed platforms is reshaping Vietnam’s digital asset market. Well-funded, locally anchored exchanges like CAEX, backed by global players such as OKX and HashKey, appear best placed to capture growth as the five-year pilot unfolds.
