Crypto▼ Bearish
Vietnam to Fine Unlicensed Crypto Traders Up to $3,800
Vietnam's new decree fines unlicensed crypto traders up to $3,800 and unapproved exchanges up to $200,000, effective Sept 1. The pilot allows only five licensed exchanges.
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Vietnam will penalize investors and businesses that trade digital assets outside its regulated framework, under a decree signed July 16 and effective September 1. The rules, part of a five-year pilot program, mark the government's first explicit penalty regime for the crypto sector.
Individuals who use unlicensed crypto exchanges face fines of VND 30 million to VND 50 million, roughly $1,140 to $1,900. The penalty rises to VND 70 million to VND 100 million (about $2,700 to $3,800) for trading assets designated exclusively for foreign participants. The Ministry of Finance will maintain a list of approved exchanges, and the pilot caps the number of licensed platforms at five.
Service providers and token issuers face steeper penalties. Companies that skip customer identity verification (KYC) can be fined VND 50 million to VND 70 million. Those that operate, advertise, or promote crypto services without government approval risk fines of VND 180 million to VND 200 million, or roughly $6,800 to $7,600. Authorities can also suspend or revoke licenses, confiscate assets, and order firms to reimburse investors.