Vietnam-based cryptocurrency exchange CAEX announced that it received investment from OKX Ventures and HashKey Capital. According to the agreement, these two companies will become strategic partners together with VPBank Securities, which is among the founding partners of the exchange, and digital identity company LynkiD. With the new investment, CAEX’s capital will reach 10 trillion Vietnamese dong. This level represents the minimum amount required to participate in the pilot program that the Vietnamese government will implement for regulated cryptocurrency trading.
Change and new initiatives in the legal framework
The Digital Technology Industry Law, which came into force in Vietnam in January 2024, officially recognized crypto assets and opened the door to creating legislation for the industry. In the new period, the authorities plan to launch a pilot program that will ensure the licensing and inspection of stock exchanges operating in the country. A limited number of local exchanges that will be licensed will be able to offer digital asset services under supervision.
The pilot program aims to break the dominance of foreign exchanges in the Vietnamese market and increase control over fund movements. With these regulations, CAEX wants to be among the first exchanges aiming to become operational.
It is known that the use of digital assets is spreading rapidly in Vietnam. It is estimated that approximately $200 billion of digital assets have been transferred in the country by mid-2024. This data makes Vietnam one of the countries with the highest cryptocurrency adoption rate worldwide.
Strategic partnerships and regulatory objectives
OKX Ventures and HashKey Capital plan to support CAEX’s development in infrastructure, security, compliance and liquidity. CAEX obtains its financial resources and management structure from VPBank Securities, a subsidiary of VPBank, one of Vietnam’s leading banks. LynkiD plays a role in technological infrastructure and digital identity systems.
Vietnam was added to the gray list in 2023 by the Financial Action Task Force due to deficiencies in the fight against money laundering. It is stated that the lack of regulation, especially regarding virtual assets, is one of the main motivations for the authorities’ tightening steps towards the sector.
With the new legal regulation, crypto companies that will operate in the country must comply with standards such as obtaining a license, confirming user information, and monitoring and reporting transactions. It is reported that these steps aim to bring Vietnam closer to international harmonization criteria.
CAEX management emphasized that the new investment will make a significant contribution to both regulatory processes and technological infrastructure.
For the authorities, the regular functioning of the crypto market has the potential to restore the country’s financial reputation, while for investors, complying with the regulations and being able to grow in the market is seen as a new opportunity.
