Vietnam’s race to build a regulated crypto market is beginning to look less like a policy experiment and more like a capital test.
Vietnam Prosperity Crypto Asset Exchange Joint Stock Company (CAEX) said it had signed investment agreements with OKX Ventures and HashKey Capital, with the two partners set to contribute funds to help the company meet the minimum capital requirement of VND10 trillion ($380 million) needed to join the country’s pilot programme for regulated crypto asset trading.
The agreements bring the two crypto-focused investors into CAEX as strategic partners alongside founding shareholders VPBank Securities (VPBankS) and LynkiD, according to a company release. The capital contribution is expected to be completed in April.
CAEX said the funding will support its participation in Vietnam’s pilot framework for regulated crypto trading under Government Resolution 05/2025/NQ-CP.
Under the arrangement, OKX Ventures and HashKey Capital are expected to work with CAEX on technical infrastructure, security, compliance, risk management and liquidity connectivity to align the exchange with regulatory requirements.
VPBankS, part of the VPBank ecosystem, remains a key founding shareholder, contributing financial capacity, governance and investment expertise, while LynkiD is supporting the venture in digital identity, user experience and core platform infrastructure, CAEX said.
Business registration records show CAEX was established in September 2025 with initial charter capital of VND25 billion, far below the VND10 trillion threshold required for the pilot scheme. The latest agreements therefore mark a sharp step-up in capital planning as the company positions itself for entry into the regulated market.
CAEX leadership said the partnership was aimed at helping the exchange operate in line with international standards.
Representatives from OKX Ventures and HashKey Capital cited Vietnam’s expanding digital asset market and evolving regulatory framework as reasons for backing the venture.
The deal also highlights how Vietnam’s planned crypto market is drawing a mix of domestic financial groups and global digital asset players.
While the pilot programme remains early-stage, the size of the capital hurdle suggests authorities want participants with enough balance-sheet strength to absorb compliance costs, build institutional-grade systems and withstand market volatility.
That could narrow the field, but it may also give the eventual winners greater credibility in a market long shaped by informal trading.