Vietnam starts penalizing local investors trading crypto on unlicensed platforms from 1 September, a significant move in the country’s efforts to regulate its burgeoning digital asset market under Decree No. 284/2026/ND-CP.
The decree, signed on July 16 by Deputy Prime Minister Nguyen Van Thang, establishes Vietnam’s first administrative penalty framework for crypto asset violations. It supports the government’s five-year pilot crypto market launched under Resolution No. 05/2025/NQ-CP, which aims to bring digital asset trading under a regulated structure.
New penalties for investors
Under the new rules, domestic investors who use crypto exchanges or service providers that are not licensed by the Ministry of Finance can be fined between VND30 million and VND50 million (around $1,140–$1,900).
Those trading crypto assets reserved exclusively for foreign investors face even steeper penalties of VND70 million to VND100 million (approximately $2,700–$3,800).
The decree replaces an earlier draft that proposed a maximum fine of VND30 million for individuals using unlicensed digital asset platforms.
Crackdown on unlicensed firms
The rules don’t stop with investors. Crypto exchanges, service providers, and token issuers operating outside Vietnam’s legal framework also face hefty penalties.
The decree also sets out the highest administrative penalty of VND180 million to VND200 million for companies providing, advertising, or marketing crypto-related services without a Ministry of Finance license.
Meanwhile, crypto service providers that fail to verify the identities of customers when opening accounts will be fined VND50 million to VND70 million, toughening Vietnam’s anti-money laundering (AML) and Know Your Customer (KYC) rules.
Token issuers can also be fined up to VND200 million for selling crypto assets to ineligible investors, issuing tokens without meeting regulatory requirements, failing to publish mandatory prospectus information, or providing disclosures that differ from approved documents.
In addition, the unauthorized collection, storage, sale, transfer, exchange, or public disclosure of crypto account data can result in fines ranging from VND150 million to VND200 million.
Pilot market gets stricter
Decree 284 remains in effect while Vietnam’s five-year crypto pilot program continues.
Under the pilot framework, crypto assets are defined as digital assets created, issued, stored, and transferred using cryptographic or similar digital technologies. The definition excludes securities, digital fiat currencies, and other financial assets already covered under existing financial laws.
The framework also requires crypto assets to be offered, traded, and settled in Vietnamese đồng. To limit market risks during the pilot phase, the government plans to ensure ownership will be capped at 49%.
Why it matters
Vietnam consistently ranks among the world’s fastest-growing crypto markets. According to Chainalysis’ 2025 Global Crypto Adoption Index, the country ranked fourth globally for crypto adoption.
By introducing penalties for investors, exchanges, issuers, and service providers simultaneously, Vietnam is shifting from an unregulated crypto environment toward a supervised market designed to improve compliance, investor protection, and regulatory oversight ahead of broader market development.
Also Read: Digital Chamber Official Lists What Crypto Misses Without CLARITY Act
