OKX Backs VPBank Crypto Bid as Vietnam Sets ₱22.71 billion ($380 million) Entry Bar

OKX Ventures and HashKey invested in CAEX as the VPBank-linked crypto platform chases one of Vietnam's five exchange licenses under a new pilot program that demands ₱22.71 billion ($380 million) in minimum capital.

An OKX spokesperson said the investment would enable CAEX to meet the capital requirements to pursue entry into Vietnam's regulated crypto pilot program. The spokesperson would not disclose the investment size or stakes. OKX would work with shareholders as appropriate to ensure CAEX has the financial strength and technical know-how to meet user expectations and regulatory standards, the spokesperson said.

Vietnam's pilot framework imposes a 49% cap on foreign ownership in regulated crypto exchanges. Institutional shareholders must hold at least 65% of capital. Only five enterprises will receive licenses under the five-year pilot period, which opened for applications on January 20.

CAEX operates within the VPBank ecosystem, with VPBank Securities and technology partner LynkiD as shareholders. OKX indicated potential collaboration areas include technical infrastructure, security, compliance, and risk management.

Vietnam's Ministry of Finance and State Securities Commission are pressing ahead with the pilot despite a March 2026 fraud investigation that saw authorities detain multiple ONUS-linked suspects. Chainalysis ranked Vietnam fourth in global crypto adoption in 2025, underscoring the market's appetite for regulated infrastructure despite enforcement actions. The ₱22.71 billion ($380 million) threshold translates to 10 trillion dong in minimum charter capital.