OKX and HashKey invest in new Vietnam exchange ahead of crypto licensing push

OKX Ventures and HashKey Capital are backing a new Vietnam-based crypto exchange as Hanoi accelerates efforts to bring one of the world’s most active retail crypto markets under formal regulation.

Vietnam Prosperity Crypto Asset Exchange (CAEX) said Friday that the two firms have agreed to invest and become strategic partners alongside founding shareholders VPBank Securities and digital-identity firm LynkiD.

The funding will bring CAEX’s capital base to VND 10 trillion — roughly $380 million — the minimum needed to enter a government pilot program for regulated crypto trading under Resolution 05/2025.

The deal lands as Vietnam’s Digital Technology Industry Law, which took effect in January, formally recognized crypto assets and laid the legal groundwork for licensing, oversight, and industry incentives. Now regulators are pushing to shift activity onshore through a pilot program expected to grant licenses to a handful of domestic exchanges, part of a broader effort to restrict offshore trading and tighten control over capital flows.

That combination — legal recognition paired with controlled market access — has triggered a race among local financial institutions and global crypto firms to lock in early positioning. Vietnamese users moved an estimated $200 billion in digital assets in the year through mid-2025, placing the country among the top crypto-adoption markets globally.

Under the partnership, OKX Ventures and HashKey will work with CAEX on infrastructure, security, compliance, and liquidity. The exchange sits within the VPBank ecosystem, drawing on VPBankS for financial backing and governance and LynkiD for core technology and digital identity.

Vietnam was added to the Financial Action Task Force grey list in 2023 for weak anti-money laundering controls, particularly regarding virtual assets. That designation has been a major motivator behind the regulatory push.

The new framework requires crypto firms to obtain licenses, verify user identities, monitor transactions and file reports — measures designed to bring Vietnam closer to global compliance standards.

For Hanoi, the bet is that a regulated crypto market can help repair the country’s financial reputation. For OKX and HashKey, the calculus is simpler: get in early, meet the compliance bar, and grow with the market while the rules are still being written..