Vietnam’s planned crypto exchange trial in Q3 draws global investors, prompts race for licenses

CAEX said OKX Ventures and HashKey Capital had signed agreements to invest and become strategic partners.

The two global firms agreed to take stakes this month alongside existing shareholders including VPBankS and LynkiD to help meet capital requirements.

CAEX was established in September 2025 with initial capital of VND25 billion (US$949,000), of which VPBankS holds an 11-percent stake and LynkiD controls 50 percent.

Data from Chainalysis showed Vietnam recorded an estimated $220–230 billion in digital asset transactions from July 2024 to June 2025, ranking among the largest markets in the Asia-Pacific region and accounting for nearly 10 percent of the regional volume.

Several other firms linked to VIX, TCBS, Sun Group, and LPBank have submitted applications to operate such exchanges, though many have yet to meet a minimum charter capital requirement of VND10 trillion ($379.6 million).

Their current charter capital ranges from VND6.8 billion ($258,140) to VND1 trillion ($38 million).

Authorities plan to finalize regulatory frameworks ahead of the trial, while some applicants, including Dolphinex and an entity linked to SSI, have been excluded due to non-compliant filings.