Headline: OKX Ventures and HashKey back Vietnam’s new exchange as Hanoi races to formalize crypto licensing
OKX Ventures and HashKey Capital are backing a newly formed Vietnam-based exchange as the government steps up efforts to bring one of the world’s most active retail crypto markets under formal regulation.
Vietnam Prosperity Crypto Asset Exchange (CAEX) announced Friday that OKX and HashKey have agreed to invest and become strategic partners alongside founding shareholders VPBank Securities and digital-identity provider LynkiD. The fresh capital pushes CAEX’s balance sheet to VND 10 trillion (about $380 million) — the threshold the exchange needs to join a government pilot program for regulated crypto trading under Resolution 05/2025.
Why it matters
- Legal groundwork: Vietnam’s Digital Technology Industry Law, effective since January, formally recognizes crypto assets and creates the legal framework for licensing, oversight and industry incentives. Regulators now want to shift onshore trading through a pilot expected to license a small number of domestic exchanges.
- Compliance push: The move follows Vietnam’s 2023 addition to the Financial Action Task Force grey list over weak anti-money-laundering controls for virtual assets. The new rules require licenses, customer identity verification, transaction monitoring and reporting to align with global compliance standards.
- Market scale: Vietnamese users moved an estimated $200 billion in digital assets in the year through mid-2025, making the country one of the highest crypto-adoption markets globally — and a major target for firms vying for early positioning.
What the partnership will do
OKX Ventures and HashKey will collaborate with CAEX on infrastructure, security, compliance and liquidity provision. CAEX is built inside the VPBank ecosystem, drawing financial and governance backing from VPBank Securities and core technology and digital identity capabilities from LynkiD.
The strategic rationale
For Hanoi, the pilot and licensing regime are intended to curb offshore trading, tighten capital flow controls and help restore Vietnam’s international financial reputation. For OKX and HashKey, the opportunity is straightforward: secure early relationships with a licensed domestic platform, meet compliance requirements as they emerge, and grow alongside a large, fast-moving market while regulatory standards are still being set.
What’s next
CAEX’s capital now meets the minimum for the government pilot under Resolution 05/2025; regulators are expected to select a limited number of domestic exchanges for licensing as the country shifts trading onshore and tightens oversight.
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