Vietnam Imposes Fines for Crypto Trading on Unlicensed Platforms

The government has issued Decree 284, introducing administrative penalties for violations involving crypto assets. The decree, effective from September 1, marks the first time Vietnam has imposed penalties on domestic investors who trade crypto assets outside service providers licensed by the Ministry of Finance. Under the new rules, individuals trading crypto assets through organizations that have not been licensed by the ministry will face fines of between VND30-50 million ($1,130-$1,900). Investors trading crypto assets that are authorized to be offered only to foreign investors could face higher penalties, ranging from VND70-100 million ($2,600-$3,800). The decree also sets penalties for crypto service providers. Companies that fail to verify customers’ identities when opening accounts may be fined between VND50-70 million ($1,900-$2,600). Service providers that operate without a license or advertise and market crypto-related services without authorization face the highest administrative penalties, ranging from VND180-200 million ($6,800-$7,600). Crypto asset issuers could also be fined from VND150 million to VND200 million ($5,700-$7,600) for violations including offering assets to ineligible investors, issuing assets without meeting regulatory requirements, or failing to publish a required prospectus or providing information inconsistent with an approved prospectus. Unauthorized collection, storage, exchange, sale, transfer or disclosure of crypto account data may also result in the same fine range. The maximum administrative fine under the decree is VND200 million ($7,600) for organizations and VND100 million ($3,800) for individuals. Individuals committing the same violations as organizations will generally face penalties equal to half those imposed on organizations. The decree replaces an earlier draft regulation released by the Ministry of Finance for public consultation, which proposed fines of up to VND30 million ($1,130) for individuals trading digital assets through unlicensed platforms. The new rules will remain effective while Resolution 05/2025, which established a five-year pilot crypto asset market beginning in September 2025, is in force. Under the pilot framework, crypto assets are defined as digital assets created, issued, stored and transferred using cryptographic or other digital technologies. The offering, issuance, trading and settlement of crypto assets must be conducted in Vietnamese dong. The government has said it plans to license no more than five crypto exchanges during the initial phase of the pilot program to limit risks and assess market development before any broader rollout. Eligible exchange operators must have charter capital of at least VND10 trillion, while foreign investors may hold up to 49% ownership in such businesses. Information source: VnExpress International