Headline: OKX and HashKey bankroll new Vietnam exchange as Hanoi moves to license crypto trading
OKX Ventures and HashKey Capital have taken stakes in a newly formed Vietnam-based exchange, positioning themselves ahead of Hanoi’s push to bring the country’s highly active retail crypto market under formal regulation.
Vietnam Prosperity Crypto Asset Exchange (CAEX) announced Friday that OKX Ventures and HashKey Capital will join founding shareholders VPBank Securities (VPBankS) and digital identity firm LynkiD as strategic investors. The injection of capital raises CAEX’s balance sheet to VND 10 trillion (about $380 million) — the threshold required to enter a government pilot program for regulated crypto trading under Resolution 05/2025.
Why this matters
- Legal framework: Vietnam’s Digital Technology Industry Law, which came into force in January, formally recognizes crypto assets and set the legal basis for licensing, oversight and industry incentives. Regulators are now implementing a pilot licensing program to bring trading onshore and curb offshore activity.
- Market size: Vietnamese users moved an estimated $200 billion in digital assets in the 12 months through mid-2025, making Vietnam one of the world’s most crypto-active retail markets and a coveted market for global firms.
- Compliance pressure: Vietnam was added to the Financial Action Task Force (FATF) grey list in 2023 for weak anti-money laundering controls on virtual assets. The new rules require licensed firms to obtain permits, perform strict KYC/identity checks, monitor transactions and file reports — part of a broader effort to tighten capital flow controls and meet global standards.
What the partnership will do
OKX Ventures and HashKey will support CAEX on infrastructure, security, compliance and liquidity. CAEX will operate within the VPBank ecosystem, leveraging VPBankS for financial governance and LynkiD for core technology and digital identity services.
Strategic calculus
For Hanoi, the move is designed to improve the country’s financial reputation and rein in offshore trading. For OKX and HashKey, the play is straightforward: secure early positions in a high-adoption market, align with evolving regulatory requirements, and scale as licensed trading begins to roll out.
The deal highlights the race among local banks and international crypto firms to establish compliant onshore platforms now that Vietnam has recognized digital assets and started to define the rules that will govern them.
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