Can CAEX Secure a License in Vietnam’s Crypto Pilot Program? Operational Outlook and Regulatory Analysis
HANOI — As the Vietnamese government advances its five-year regulatory sandbox for virtual assets under Resolution No. 05/2025/NQ-CP, market attention has centered on one question: Can CAEX secure a license in Vietnam’s crypto pilot program? Formally registered as Vietnam Prosperity Crypto Asset Exchange Joint Stock Company, CAEX has rapidly emerged as a frontrunner to obtain one of the government’s strictly limited operational permits.
Capital Threshold Met via Domestic and Global Backing
A core barrier to entry in Vietnam’s pilot regime is the mandatory charter capital requirement of 10 trillion VND (approximately $380 million). CAEX cleared this milestone following capital contributions from domestic institutional shareholders and major international crypto investors.
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VPBank Ecosystem Integration: CAEX operates within the broader ecosystem of VPBank, one of Vietnam’s major commercial banks. Local founding shareholders include VPBank Securities (VPBankS) holding an 11% stake, LynkiD holding 29%, and Future Land holding 25%.
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Global Strategic Investors: International backing includes OKG Ventures Limited (OKX ecosystem), which injected 1 trillion VND for a 10% equity stake, alongside strategic investments from HashKey Capital.
Core Strengths for Licensing Approval
CAEX’s application for a regulatory pilot license rests on three structural factors:
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Banking Infrastructure: Its direct connection to VPBank facilitates strict Know Your Customer (KYC) and Anti-Money Laundering (AML) integrations linked to local fiat channels.
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Technology and Security Partnership: CAEX entered into a technology alliance with HashKey Digital Asset Group to deploy institution-grade exchange architecture, security protocols, and compliance frameworks.
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Institutional Ownership Compliance: The pilot framework requires participating platforms to maintain at least 65% institutional ownership and capped foreign equity at 49%. CAEX’s ownership structure aligns with these legal boundaries.
Remaining Licensing Obstacles
Despite meeting statutory capital and structural benchmarks, CAEX faces specific operational hurdles before formal license issuance:
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Restricted Slot Allocation: Authorities are expected to issue a very limited number of pilot licenses, creating intense competition among domestic consortiums.
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Regulatory Scrutiny: The State Bank of Vietnam and the Ministry of Finance are applying stringent audit criteria regarding asset custody isolation, liquidity management, and system resilience.
Outlook
While final regulatory approvals remain pending from Vietnamese authorities, CAEX’s $380 million capital base, bank-affiliated structure, and strategic technology partnerships position the exchange as a primary candidate for Vietnam’s inaugural crypto pilot licenses.（Vietnam Crypto Exchange）