Vietnam has introduced substantial fines targeting crypto trading conducted outside government-approved platforms, signaling a tightening of regulatory control over its digital asset market. The new rules aim to curb unlicensed activities and enhance oversight as the country moves toward establishing a formal crypto industry.
New Penalties and Market Preparation
Under Decree No. 284/2026/NĐ-CP, companies engaging in crypto trading without approval from the Ministry of Finance face fines ranging from VND 30 million to VND 50 million. Individuals caught violating these regulations typically receive penalties at half that amount. Traders using crypto assets reserved for foreign investors may be fined up to VND 100 million.
Entities providing unlicensed crypto services could incur fines between VND 180 million and VND 200 million. Meanwhile, licensed providers are subject to penalties up to VND 70 million if found lacking solid customer verification systems.
Despite these regulatory steps, Vietnam currently has no licensed crypto exchanges. The Ministry of Finance has identified five potential applicants, including VIXEX and TCEX, which is linked to Techcombank. Enforcement of the new rules begins on September 1.
The government requires applicants for exchange licenses to have a minimum charter capital of VND 10 trillion, with foreign ownership capped at 49%. This framework is intended to attract regulated entities and ensure market stability.
Vietnam’s crypto market remains highly active, processing over $200 billion in transactions during the first half of 2025. Regulators aim to strike a balance between mitigating risks and fostering the growth of the digital asset sector.
