Vietnam Tightens Crypto Regulations, Fines Up to VND 50 Million for Violations

The Vietnamese government has issued Decree 284/2026, which stipulates administrative penalties for virtual asset transactions, thereby tightening regulations on unauthorized activities. This decree establishes sanctions for the pilot implementation period of the virtual asset market, as outlined in Resolution 05/2025. According to the new decree, the maximum fines for violations will be VND 200 million for organizations and VND 100 million for individuals. If an individual commits an offense equivalent to that of an organization, the fine will be halved. Specifically, domestic investors who trade virtual assets through entities not licensed by the Ministry of Finance will face fines ranging from VND 30 million to VND 50 million (approximately $1,200-$2,000). This is the first time such a penalty has been stipulated for domestic investors regarding trading. Furthermore, domestic investors trading virtual assets that are only permitted to be offered to foreign investors could be fined between VND 70 million and VND 100 million (approximately $2,800-$4,000). Service providers who fail to verify investor identities when opening accounts will be fined VND 50 million to VND 70 million (approximately $2,000-$2,800). Unauthorized collection, storage, exchange, trading, gifting, or disclosure of data and information related to virtual asset accounts may result in fines of VND 150 million to VND 200 million (approximately $6,000-$8,000). Entities providing virtual asset-related services or advertising/marketing these services without a license will be fined VND 180 million to VND 200 million (approximately $7,200-$8,000). They will also be fined VND 150 million to VND 200 million for offering virtual assets to incorrect subjects, issuing without meeting conditions, or failing to disclose a prospectus according to regulations or in the disclosed content. Additionally, issuers providing inaccurate, incomplete, or misleading information to regulatory bodies, service providers, and investors will be fined VND 100 million to VND 150 million (approximately $4,000-$6,000). Decree 284 takes effect from September 1, 2025, and will remain in force throughout the pilot period of the virtual asset market. Virtual assets are defined as digital assets that use encryption or digital technology for authentication during their creation, issuance, storage, and transfer. The pilot program in Vietnam is scheduled for five years, starting from September 2025. Transactions, issuances, trading, and payments of virtual assets will be conducted in VND. Prior to the establishment of a separate tax policy, the transfer and business of virtual assets will be subject to the same tax regulations as securities. The government aims to allow a maximum of five enterprises to pilot trading platforms in the initial phase, focusing on risk management and impact assessment before expansion. These enterprises must have a minimum charter capital of VND 10,000 billion, which is three times the minimum charter capital of a commercial bank and approximately 33 times that of an air transport company. Foreign investors can hold a maximum of 49% of the capital. Source: VnExpress