Vietnam will begin fining domestic investors who trade crypto through platforms not licensed by the Ministry of Finance, tightening access to offshore exchanges under the country’s five-year digital asset pilot.
Decree 284/2026/ND-CP takes effect Sept. 1 and sets fines of 30 million to 50 million Vietnamese dong ($1,140 to $1,900) for individuals who buy or sell crypto outside authorized service providers.
Domestic investors who trade assets reserved for foreign investors face higher fines of 70 million to 100 million dong ($2,660 to $3,800). The maximum administrative penalty is 100 million dong for individuals and 200 million dong for organizations.
The restrictions move Vietnam’s crypto trading pilot from licensing rules into direct enforcement against users. The pilot requires crypto issuance, trading and settlement to take place in Vietnamese dong through providers approved by the Finance Ministry.
Unlicensed Operators Face Larger Penalties
Companies providing crypto services without a license, or marketing unauthorized trading services, can be fined between 180 million and 200 million dong ($6,800 to $7,600).
Issuers face penalties of up to 200 million dong for offering tokens to ineligible investors, issuing assets without meeting regulatory conditions, failing to publish a required prospectus or deviating from information contained in approved offering documents.
Service providers that open accounts without verifying customer identities can be fined between 50 million and 70 million dong. Unauthorized collection, storage, sale, transfer or publication of crypto account information carries penalties of 150 million to 200 million dong.
The final rules increased the penalty for individuals using unauthorized exchanges from the 30 million-dong maximum included in an earlier draft.
Five Exchanges Allowed Under Pilot
Vietnam launched the five-year market trial in September 2025 under Resolution 05/2025. The framework covers token issuance, trading, custody and other crypto services while limiting market infrastructure to providers licensed by the Finance Ministry.
The government plans to authorize no more than five exchanges during the initial phase, continuing a tightly capped licensing model designed to move domestic activity away from offshore platforms.
Applicants must hold at least 10 trillion dong ($382 million) in charter capital. Foreign ownership is capped at 49%, while institutional investors must provide at least 65% of the capital, including a minimum 35% contribution from banks, securities firms, insurers, fund managers or technology companies.
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