As Hanoi intensifies efforts to regulate one of the world’s most vibrant retail crypto markets, OKX Ventures and HashKey Capital have committed investments to a new Vietnam-based crypto exchange. Vietnam Prosperity Crypto Asset Exchange (CAEX) announced Friday that these firms are joining as strategic partners along with founding shareholders VPBank Securities and digital-identity firm LynkiD.
This investment elevates CAEX’s capital base to VND 10 trillion, approximately $380 million, meeting the minimum requirement for entering a government pilot program for regulated crypto trading under Resolution 05/2025. This move coincides with Vietnam’s Digital Technology Industry Law, which came into effect in January and established legal recognition for crypto assets, setting the stage for licensing and regulatory oversight.
Regulators are now encouraging onshore activity through a pilot program expected to license several domestic exchanges, as part of broader measures aimed at curbing offshore trading and enhancing control over capital flows. This combination of legal recognition with controlled market access has sparked competition among local financial entities and global crypto firms for early market positioning. Vietnamese users reportedly transferred about $200 billion in digital assets up until mid-2025, placing Vietnam among the leading markets globally in terms of crypto adoption.
As part of this partnership, OKX Ventures and HashKey will collaborate with CAEX on infrastructure development, security enhancements, compliance measures, and liquidity improvements. The exchange operates within the VPBank ecosystem, leveraging financial support from VPBankS and governance expertise, while LynkiD provides technological solutions and digital identity services.
Vietnam was placed on the Financial Action Task Force grey list in 2023 due to inadequate anti-money laundering controls concerning virtual assets. This has driven regulatory efforts aimed at strengthening compliance standards. The new regulatory framework mandates crypto firms to obtain licenses, verify user identities, monitor transactions, and submit reports to align more closely with international compliance norms.
For Hanoi, a regulated crypto market is seen as a potential way to enhance the nation’s financial reputation. For OKX and HashKey, the strategy is straightforward: secure an early position, comply with regulatory standards, and capitalize on market growth while regulations are still being established.