Five firms shortlisted but only CAEX is actually on track to hit the 10 trillion VND ($380M) capital floor — OKX and HashKey buying in at up to 49% foreign ownership cap is how you front-run a market where regulators are drafting rules to restrict international exchange access. Vietnam's been on the FATF gray list since 2023 partly because of unregulated crypto flows, so the pilot isn't just about licensing — it's the compliance scaffolding needed to get off that list while routing $20B+ in annual Vietnamese crypto volume through domestic, taxable rails. That 0.1% PIT on licensed platform trades looks tiny until you multiply it across a population that ranks top-5 globally in crypto adoption.

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