Vietnam Introduces Administrative Penalties for Crypto Market Violations

On July 17, 2026, the Vietnamese government issued Decree No. 284/2026/ND-CP, establishing administrative penalties for violations involving crypto assets and the crypto asset market.

Together with Resolution No. 05/NQ-CP, which introduced a five-year pilot programme for Vietnam’s crypto asset market, and Circulars No. 15, 32 and 41 covering accounting and taxation principles for crypto assets, the decree forms an important part of the country’s emerging regulatory framework for the digital asset sector.

Decree No. 284 will take effect on September 1, 2026. It sets out penalties for both individuals and organisations participating in Vietnam’s crypto asset market.

Penalties for Individual Investors

  • The maximum fine for individuals is VND 100 million.
  • Additional penalties may include the confiscation of assets connected to the violation and the repayment of illegally obtained profits.
  • When an individual commits a violation equivalent to one committed by an organisation, the fine will equal half the amount imposed on the organisation.
  • Investors may be fined between VND 30 million and VND 50 million for conducting transactions outside platforms licensed by Vietnam’s Ministry of Finance.

The Ministry of Finance has so far received applications from five companies seeking permission to operate domestic crypto asset trading platforms: VIXEX, SCEX, CAEX, TCEX and Vietnam Digital Asset JSC. However, at the time of publication, none of the platforms had received a licence.

Resolution No. 05 also stipulates that six months after the first domestic exchange receives a licence, investors will be required to conduct crypto transactions through approved platforms.

To Tran Hoa, Deputy Head of the Standing Department of the Crypto Asset Trading Market Management Board under Vietnam’s State Securities Commission, explained that investors will not be required to transfer all their assets to domestic exchanges.

Investors may continue storing crypto assets in personal wallets, but any subsequent transactions must be conducted through service providers licensed in Vietnam.

  • Domestic investors may be fined between VND 70 million and VND 100 million for trading crypto assets that were issued or offered exclusively to foreign investors.
  • Foreign investors may be fined between VND 30 million and VND 50 million for violating account opening or closure requirements.
  • A fine of between VND 70 million and VND 100 million may be imposed when a foreign investor fails to provide valid and legally compliant information when opening a trading account.

Penalties for Organisations

  • The maximum fine for organisations is VND 200 million.
  • Additional sanctions may include licence suspension for one to three months, suspension of operations for one to twelve months, confiscation of assets connected to the violation and repayment of illegally obtained profits.

Organisations may face penalties for the following violations:

  • Breaching the rules governing the offering and issuance of crypto assets.
  • Violating regulations on the organisation of crypto trading markets or the advertising and marketing of crypto assets.
  • Failing to comply with the responsibilities imposed on crypto asset service providers.
  • Violating requirements for the protection and confidentiality of crypto trading account information.
  • Breaching anti-money laundering and counter-terrorist financing regulations.

Conclusion: The new penalties are likely to accelerate the transfer of cryptocurrency trading activity towards locally licensed platforms once Vietnam approves its first domestic exchanges. Investors will face stricter transaction and account requirements, while exchanges and service providers will need to invest more heavily in compliance, data protection and anti-money laundering systems. However, because no platform has yet received a licence, the speed and clarity of the approval process will determine whether the new framework supports an orderly market transition or temporarily limits liquidity and investor access.