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Vietnam will fine domestic investors who trade crypto through unlicensed service providers from September 1, adding enforcement rules to its five-year pilot market.
Decree No. 284/2026/ND-CP, issued on July 16, sets administrative penalties for investors, exchanges and token issuers. It applies to the pilot established under Resolution No. 05/2025/NQ-CP.
Investors Face Fines of Up to 50M Dong
Vietnamese investors who buy or sell crypto without using a provider licensed by the Ministry of Finance face fines of 30 million to 50 million dong, or about $1,140 to $1,900.
A higher penalty of 70 million to 100 million dong applies when domestic investors trade assets that may be offered or issued only to foreign investors. The decree creates administrative penalties for individuals trading outside the approved market.
The measure will affect use of overseas platforms that lack Vietnamese approval. Most Vietnamese crypto traders have relied on foreign exchanges because the country has not operated licensed domestic venues. Crypto ownership is not prohibited, but digital assets are not recognized as legal tender.
Unlicensed Providers Face Up to 200M Dong
Companies providing crypto services without a market operation license face fines of 180 million to 200 million dong. The same range applies to unauthorized advertising or marketing of crypto services.
Authorities may confiscate equipment, order operators to remove websites or trading software and require the surrender of profits earned from unlicensed activity. Licensed providers can face temporary suspensions for failures involving customer asset segregation, transaction monitoring or reporting.
Token Issuers Face 200M Dong Penalties
Crypto issuers may be fined 150 million to 200 million dong for unauthorized offerings, failure to meet issuance conditions or missing prospectus disclosures. Illegal collection, sale, or publication of crypto account data carries the same penalty range.
The issuer rules add another enforcement layer to Vietnam’s pilot market by applying penalties to fundraising, disclosure and user-data violations.
Five-Exchange Pilot Requires 10T Dong Capital
Vietnam’s pilot requires crypto offerings, trading, and settlement to be conducted in Vietnamese dong. The government plans to license no more than five exchanges during the initial stage.
Applicants must hold at least 10 trillion dong in charter capital, while foreign ownership is capped at 49%.
The limited rollout gives authorities a controlled market for assessing custody, surveillance, and investor protection before any expansion.
Penalties Apply While Pilot Remains Active
The decree remains effective while the five-year pilot is in force. September 1 is the next confirmed deadline, when investors and service providers become subject to the new penalties.
The next step is licensing the approved domestic platforms that investors must use to avoid the new sanctions.
