OKX Ventures and HashKey back CAEX as Vietnam pushes crypto trading onshore

OKX Ventures and HashKey Capital have agreed to invest in Vietnam Prosperity Crypto Asset Exchange, or CAEX, joining founding shareholders VPBank Securities and LynkiD as strategic partners. CAEX said the funding will be contributed in April to help it reach the VND10 trillion, about $380 million, capital threshold needed to join Vietnam’s pilot market for regulated crypto trading.

The deal gives two offshore crypto investors a stake in a market Hanoi is trying to bring under local supervision. Reuters reported in March that Vietnam is drafting rules to stop citizens from trading on overseas exchanges, even though many local users still trade through offshore platforms such as Binance, OKX, and Bybit.

The capital raise is about meeting Vietnam’s entry bar

Vietnam’s Resolution 05, which took effect on September 9, 2025, created a five-year pilot for the crypto asset market and gave the Ministry of Finance the power to select up to five crypto asset service providers in collaboration with other agencies. The framework covers issuance, trading, custody, and related services under a supervised local regime.

The rules are tight. Trading and settlement must be done in Vietnamese dong, and only firms licensed by the finance ministry can run the market. Six months after the first provider is licensed, domestic investors who trade outside that system could face administrative penalties or criminal prosecution, depending on the case.

CAEX is pairing local finance with offshore crypto expertise

CAEX said OKX Ventures and HashKey will work with the company on infrastructure, security, compliance, risk management, and liquidity connectivity within the limits of Vietnamese law. OKX described the investment as a strategic move alongside VPBankS and LynkiD, not just a passive stake.

That mix matters in Vietnam’s pilot market. VPBankS gives CAEX a link to an established local financial group, while LynkiD brings identity and platform technology. The offshore partners add exchange and market experience at a time when local applicants are being judged on capital, control, and operational readiness.

The deal shows where Vietnam wants the market to go

This is not just another venture round. It shows that crypto firms will need local structures, local capital, and local approvals if they want access to Vietnam’s next phase. Reuters reported that five firms had already passed the finance ministry’s initial qualification round in March, including affiliates of Techcombank, VPBank, and LPBank, along with VIX Securities and Sun Group.

For CAEX, the new backing is about securing one of those spots before the pilot takes shape. For OKX Ventures and HashKey, it is a bet that Vietnam’s crypto market will be built through licensed domestic venues, not left to offshore platforms serving users from outside the country.