Vietnam sets crypto fines of up to $7,700 before market launch

Vietnam has introduced a fuller enforcement regime for crypto ahead of the launch of its regulated market, detailing penalties for investors, exchanges, issuers and service providers across a broad range of market activity. Decree No. 284/2026/NĐ-CP, signed on July 16 and effective Sept. 1, sets fines of 30 million to 50 million Vietnamese dong ($1,140 to $1,900) for domestic investors trading through platforms without Ministry of Finance approval, while investors who buy assets restricted to foreign investors can face fines of 70 million to 100 million dong ($2,660 to $3,800). Crypto service providers that fail to verify customer identities when opening accounts can be fined 50 million to 70 million dong, and firms offering or marketing crypto services without authorization can face penalties of 180 million to 200 million dong. Issuer violations, including offerings to ineligible investors, issuing assets without meeting conditions, failing to publish a prospectus or acting against approved offering documents, can also draw fines of up to 200 million dong. The decree also covers trading venue operations, cross-border transfers, unauthorized collection, storage, exchange, sale, transfer or disclosure of crypto account data, and AML/CFT breaches. The maximum administrative fine is 200 million dong for organizations and 100 million dong for individuals, with individuals generally facing half the organizational penalty for the same violation. Authorities can also suspend crypto-related activities, revoke licenses and confiscate assets in some cases. The rules add an enforcement layer as Vietnam shifts local users from offshore venues toward approved domestic platforms under a five-year pilot program. Deputy Finance Minister Nguyen Duc Chi said in May that regulated crypto trading could begin as early as the third quarter of 2026. Five firms, including affiliates of Techcombank, VPBank and LPBank, along with VIX Securities and Sun Group, had passed an initial screening stage. Chainalysis ranked Vietnam fourth in its 2025 Global Crypto Adoption Index and estimated more than $220 billion in crypto activity between July 2024 and June 2025.