Foreign investors eye Vpbank–Okx joint venture amid strict capital rules
On April 14, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and OKX, one of the world’s leading digital asset platforms, officially signed a Strategic Memorandum of Understanding. Under the agreement, OKX will partner with VPBank to implement strategies, share operational expertise, provide technological solutions, and connect liquidity for the digital asset trading platform of Vietnam Prosperity Crypto Exchange JSC (CAEX), a subsidiary of VPBank. Through OKX Ventures, OKX will contribute capital to CAEX to meet the minimum capital requirement of VND10 trillion necessary to participate in the crypto asset market pilot.
The partnership between VPBank and OKX is drawing significant interest from foreign investors in the crypto asset sector. Tran Quy, Director of the Institute for Digital Economy Development and Chairman of the MetaDAP Digital Asset Platform, observed that the deal between OKX and CAEX is not just a positive signal but a prototype design for the entire upcoming market structure. This sets a path for other "giants" to invest in Vietnam’s crypto asset industry.
He revealed that the legal framework requiring a charter capital of VND10 trillion, a maximum foreign ownership limit of 49 percent, and a mandatory 65 percent of capital from domestic financial and technology institutions is quite stringent. This restricts international exchanges from establishing independent legal entities. Therefore, the presence of foreign players through joint venture models will certainly attract great interest from Vietnamese investors.
Previously, Military Bank (MB) also signed a technical cooperation agreement with Dunamu, the operator of the Upbit exchange, to research and build a crypto asset exchange model in Vietnam. Tran Xuan Tien, Secretary General of the Ho Chi Minh City Blockchain Association, evaluated that with their experience, operational technology, and expertise in resolving liquidity and user issues, the participation of international exchanges will accelerate the pilot process, providing users with fast, familiar, and modern experiences.
Race to launch crypto platforms intensifies with Ministry’s approvals
The race to pilot crypto asset exchanges has intensified as the Ministry of Finance announced that out of seven licensing applications, five are valid, including VIX Crypto Exchange JSC (VIEX), Loc Phat Vietnam Crypto Asset Exchange JSC (LPEX), Vietnam Prosperity Crypto Asset Exchange JSC (CAEX), Techcom Crypto Asset Exchange JSC (TCEX) and Vietnam Digital Asset JSC.
Recently, at a dialogue on the crypto asset pilot organized by the State Securities Commission and the Vietnam Blockchain and Digital Assets Association, TCEX Director Doan Mai Hanh shared that in terms of technology, TCEX’s system can process up to 100,000 transactions per second and meets all information security standards. Issues regarding asset custody and personnel are also being aggressively prepared by TCEX. Other units are similarly ready. Naturally, to be licensed, these applications must pass the appraisal of functional agencies, where two crucial factors must be met: a security appraisal from the Ministry of Public Security for Level 4 information system safety and meeting the minimum capital requirement of VND10 trillion.
In addition to corporate preparations, throughout March and April, the Ministry of Finance continuously issued circulars regarding the crypto asset market. According to Nghiem Minh Hoang, a Fintech application expert at the Vietnam Blockchain and Digital Assets Association, these legal frameworks aim to establish an operational foundation for the crypto asset market in Vietnam. Core aspects such as accounting, tax policies, and tax obligation procedures have been synchronized, providing a clear basis for businesses and investors to participate.
In a report by Prime Minister Le Minh Hung on the afternoon of April 9 during the first session of the 16th National Assembly, it was clearly stated that, regarding the development of new economic models, the review, adjustment, and supplementation of mechanisms and development plans will be completed in the third quarter of 2026. Efforts will be ramped up to build and exploit key databases—especially land, healthcare, education, social security, and civil service—turning data into a resource. The carbon credit market will be developed, and the pilot operation of data, crypto asset, and digital asset exchanges will be implemented starting from the second quarter of 2026.
