Vietnam has formalized fines for crypto rule-breakers as it moves to steer trading onto licensed, domestic platforms.
On July 16 the government signed Decree No. 284/2026/NĐ-CP, which will take effect Sept. 1 and apply during a five-year pilot crypto market program. The rules set administrative penalties for investors, crypto service providers and token issuers and add an enforcement layer ahead of the pilot’s official launch.
Key penalties (VND and approximate USD equivalents)
- Domestic retail trading on platforms not approved by the Ministry of Finance: 30–50 million VND (~$1,140–$1,900).
- Buying assets that are legally restricted to foreign investors: 70–100 million VND (~$2,660–$3,800).
- Failure by providers to verify customer identities at account opening: 50–70 million VND (~$1,900–$2,660).
- Offering crypto services without a license or marketing them without authorization: 180–200 million VND (~$6,800–$7,600).
- Issuer violations (e.g., selling to ineligible investors, issuing without required conditions, failing to publish a prospectus, or contradicting approved disclosures): up to 200 million VND (~$7,600).
- Unauthorized collection, storage, exchange, sale, transfer or disclosure of crypto account data: 150–200 million VND (~$5,700–$7,600).
- Maximum administrative fines: 200 million VND for organizations and 100 million VND for individuals (individuals generally face half the penalty of organizations for the same breach).
Enforcement powers include suspension of crypto activities, license revocation and — in some cases — confiscation of assets. The decree replaces an earlier draft that had proposed lower maximum fines for certain retail trading violations.
Why this matters
- Vietnam is one of the world’s most active crypto markets. Chainalysis ranked it fourth in its 2025 Global Crypto Adoption Index and estimated more than $220 billion in crypto activity between July 2024 and June 2025. The wider Asia-Pacific region saw 69% year-over-year growth in on-chain value received during the 12 months ending June 2025.
- The new fines are part of a broader push to move domestic users away from offshore exchanges and onto licensed local platforms. The State Securities Commission is overseeing a licensing process opened in January, and the Ministry of Finance has been coordinating with the Ministry of Public Security and the State Bank of Vietnam.
- Officials have indicated the pilot could see regulated trading begin as early as Q3 2026. Early-stage applicants reportedly include affiliates of Techcombank, VPBank and LPBank, plus VIX Securities and Sun Group, though authorities plan to approve only a small number of exchanges at launch. Licensed platforms will be required to operate within Vietnam’s domestic framework, including direct trading in Vietnamese dong, and to comply with KYC, reporting and anti-money laundering requirements.
Bottom line
Decree 284 establishes clear penalties that give Vietnamese authorities immediate tools to deter unlicensed trading and noncompliance ahead of the pilot market’s full rollout. For investors and firms operating in or serving Vietnamese users, the message is clear: move onto licensed platforms and meet KYC/AML and disclosure obligations or face steep administrative fines and other sanctions.
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