Vietnam to Fine Crypto Traders Using Unlicensed Platforms Under New Pilot Market Rules

Vietnam will begin imposing fines on investors who trade cryptocurrencies through unlicensed platforms, introducing a new enforcement measure as the country tightens oversight of its pilot digital asset market.

Under Decree 284/2026, which takes effect on September 1, individuals using crypto service providers that have not been licensed by the Ministry of Finance will face fines ranging from VND 30 million to VND 50 million. The decree marks the first time Vietnam has penalized domestic investors for trading digital assets outside the country's regulated framework.

The regulation forms part of Vietnam's five-year pilot crypto market established under Resolution 05/2025, which came into force in September 2025. During the pilot period, authorities aim to channel crypto trading through a limited number of licensed operators while strengthening investor protection and market supervision.

The decree also introduces penalties for crypto service providers. Firms that fail to complete customer identity verification when opening accounts may face fines of VND 50 million to VND 70 million, while operating or promoting crypto-related services without regulatory approval carries the highest administrative penalties of VND 180 million to VND 200 million.

Crypto issuers are also subject to enforcement measures. Companies may be fined up to VND 200 million for offering digital assets to ineligible investors, failing to meet issuance requirements, or providing inaccurate or incomplete disclosure documents. Similar penalties apply to the unauthorized collection, storage, transfer, or disclosure of customer account information.

The government has capped administrative fines at VND 200 million for organizations and VND 100 million for individuals, with individuals generally facing half the penalties imposed on corporate entities for equivalent violations.

Under the pilot framework, the government plans to license no more than five cryptocurrency exchanges during the initial phase. Licensed operators must have at least VND 10 trillion in charter capital, while foreign ownership is capped at 49%.

The latest rules signal Vietnam's shift toward a regulated crypto market, with enforcement targeting both unlicensed platforms and investors operating outside the approved ecosystem.