Ho Chi Minh City (VNS/VNA) – Vietnam will fine domestic investors up to 50 million VND (1,900 USD) for trading crypto assets through unlicensed platforms under a new decree governing the country’s pilot digital asset market.
The Government has issued Decree 284/2026, introducing administrative penalties for violations involving crypto assets during the five-year pilot programme established under Resolution 05/2025.
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 organisations that have not been licensed by the ministry will face fines of between 30 million VND and 50 million VND.
Investors trading crypto assets that are authorised to be offered only to foreign investors could face higher penalties, ranging from 70 million VND to 100 million VND.
The decree also sets penalties for crypto service providers. Companies that fail to verify customers’ identities when opening accounts may be fined between 50 million VND and 70 million VND.
Service providers that operate without a licence or advertise and market crypto-related services without authorisation face the highest administrative penalties, ranging from 180 million VND to 200 million VND.
Crypto asset issuers could also be fined 150 million VND to 200 million VND 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.
Unauthorised collection, storage, exchange, sale, transfer or disclosure of crypto account data may also result in fines of 150 million VND to 200 million VND.
The maximum administrative fine under the decree is 200 million VND for organisations and 100 million VND for individuals. Individuals committing the same violations as organisations will generally face penalties equal to half those imposed on organisations.
The decree replaces an earlier draft regulation released by the Ministry of Finance for public consultation, which proposed fines of up to 30 million VND 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 programme to limit risks and assess market development before any broader rollout.
Eligible exchange operators must have charter capital of at least 10 trillion VND (382 million USD), while foreign investors may hold up to 49% ownership in such businesses./.
