CAEX is nearing a $380 million capital threshold required to compete for one of Vietnam’s limited crypto exchange licenses. The move places OKX among a small group positioning early for regulated market access in the country.
OKX Ventures and HashKey Capital have joined VPBank Securities and LynkiD as shareholders in CAEX, a platform operating within the VPBank ecosystem. The funding supports CAEX’s effort to meet the 10 trillion dong charter capital requirement mandated by regulators. The exchange said it is in the final stages of completing this capital base ahead of the pilot program.
Bach Quang
Can CAEX Secure One Of Vietnam’s Limited Crypto Licenses?
Vietnam’s Ministry of Finance and State Securities Commission launched a five-year pilot program with strict entry limits. Only five exchanges will be licensed, with applications opening on January 20. Foreign ownership is capped at 49%, while at least 65% of capital must come from institutional investors, creating high barriers to entry.
Yet, the regulatory push reflects a broader shift toward formalizing crypto markets in high-adoption regions. Vietnam ranked fourth globally for crypto adoption in 2025, according to Chainalysis, but has faced persistent fraud issues tied to unregulated platforms. Similar transitions in other markets have led to consolidation around compliant, well-capitalized operators.
OKX Europe
“We believe the future of crypto will be built on regulated, local platforms that users can trust and CAEX represents that future in Vietnam,” said OKX CEO Star Xu.
The partnership with VPBank positions CAEX to integrate traditional financial infrastructure with crypto trading under regulatory oversight.
Authorities have also signaled tighter enforcement against offshore platforms once licensed exchanges go live, potentially restricting access to unapproved services. This dynamic increases the importance of local partnerships for global firms seeking to maintain market presence.
CAEX’s licensing outcome and Vietnam’s enforcement timeline will likely determine how quickly liquidity migrates from offshore venues to regulated domestic platforms, with early approvals emerging as the next catalyst for market structure shifts.
