OKX Ventures, HashKey backing enables Vietnam crypto platform's pilot scheme bid

Under pilot rules, at least 65 per cent of capital must come from institutional investors and foreign ownership is capped at 49 per cent OKX Ventures and Hong Kong-listed HashKey have agreed to invest in Vietnam's cryptocurrency trading platform CAEX, a move the exchange said would give it enough capital to join the country's regulated pilot scheme for digital asset trading. The combined capital injection from OKX Ventures and HashKey, which would be deployed in April, aimed to help CAEX - officially known as Vietnam Prosperity Cryptocurrency Asset Exchange Joint Stock Company - reach the minimum charter capital threshold of 10 trillion Vietnamese dong (US$380 million) to participate in the official cryptocurrency trading pilot, according to CAEX's announcement on Friday. Under the pilot rules, at least 65 per cent of that capital must come from institutional investors such as banks, securities firms or technology companies, and foreign ownership is capped at 49 per cent. Apart from the capital contribution, HashKey and OKX Ventures - the venture investment arm of global cryptocurrency exchange OKX - will also collaborate with CAEX on technical infrastructure, security systems, compliance and risk management, as well as liquidity connectivity, subject to applicable Vietnamese regulations. The size of each investor's stake was not disclosed. Founded in September last year, CAEX is backed by Vietnam-based founding shareholders VPBank Securities and digital technology firm LynkiD.