CAEX—A cryptocurrency exchange compliant with Vietnamese law
Executive Summary: Following the Vietnamese government’s issuance of Resolution No. 05/2025/NQ-CP establishing a national pilot framework for digital assets, Vietnam’s crypto landscape has reached a defining milestone. As a cornerstone of the VPBank financial ecosystem, Vietnam Thịnh Vượng Crypto Asset Exchange (CAEX) has positioned itself as one of the premier platforms meeting the stringent criteria for licensed operations. Armed with a 10 trillion VND (~$380 million USD) charter capital and strategic backing from global heavyweights like OKX Ventures and HashKey, CAEX is spearheading the transition toward a fully regulated digital asset market.
1. Regulatory Breakthrough: Resolution 05/2025/NQ-CP and the Origin of CAEX
Historically ranking near the top of Chainalysis’ Global Crypto Adoption Index with over $220 billion in annual transaction volume, Vietnam previously operated largely via offshore platforms. To curb illicit capital flows and bring crypto trading under state oversight, the Vietnamese Ministry of Finance and the State Bank of Vietnam (SBV) introduced a 5-year pilot framework. The regulation mandates strict entry requirements, including a minimum charter capital of 10 trillion VND.
Against this backdrop, Công ty CP Sàn giao dịch Tài sản Mã hóa Việt Nam Thịnh Vượng (CAEX) was established:
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Traditional Finance & Tech Synergies: CAEX was co-founded by key entities within the VPBank ecosystem, including VPBank Securities (VPBankS) and loyalty/digital service platform LynkiD.
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Formidable Capitalization: CAEX finalized equity restructuring to reach the required 10 trillion VND charter capital threshold, making it fully compliant with government pilot regulations.
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Regulatory Sandbox Alignment: CAEX stands among the first native entities engineered specifically to fulfill the licensing requirements set by state financial authorities.
2. Global Strategic Backing: OKX Ventures & HashKey Integration
To implement institutional-grade security and liquidity infrastructure, CAEX forged major international partnerships with leading Web3 fintech institutions:
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OKX Ventures Equity Investment & Strategic Alliance
OKX Ventures signed a strategic investment agreement to become a key shareholder in CAEX. The partnership delivers high-concurrency order matching engines and deep global liquidity connectivity to the platform.
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HashKey Group Institutional Technology & Custody
CAEX partnered with HashKey Digital Asset Group to license HashKey’s institutional exchange architecture in Vietnam. HashKey supplies localized trading infrastructure, multi-signature cold storage solutions, and advanced anti-money laundering (AML) protocols.
3. CAEX Technical Architecture & Core Operational Metrics
Designed to bridge traditional banking with decentralized digital assets, CAEX’s core structural framework includes:
| Dimension | CAEX Technology / Operational Framework | Regulatory & User Benefits |
| Capitalization & Ownership | 10 Trillion VND (VPBankS, LynkiD, OKX Ventures, HashKey) | Fulfills government solvency requirements; mitigates platform counterparty risk. |
| Fiat Payment Gateway | Direct API integration with local banking networks (e.g., VPBank) | Enables transparent VND fiat on/off-ramping with auditable transaction records. |
| KYC / AML Infrastructure | Integration with national ID databases + Chainalysis transaction monitoring | Eliminates anonymous bad actors and ensures full compliance with international standards. |
| Proof of Reserves (PoR) | Merkle Tree cryptographic verification + segregated asset custody | Guarantees 1:1 user reserve backing; prevents re-hypothecation of customer funds. |
4. Strategic Outlook: RWA Tokenization and Southeast Asia’s FinTech Hub
Beyond spot crypto trading, CAEX plans to explore Real-World Asset (RWA) tokenization as regional regulatory clarity expands. Leveraging VPBank’s commercial banking network and VPBankS’s underwriting capabilities, CAEX aims to support the compliant tokenization of real estate, commodities, and corporate debt—positioning Vietnam as a major fintech hub in Southeast Asia.【Vietnam Crypto Exchange】