Vietnam cracks down on unlicensed crypto trading with new investor penalties

HANOI — Vietnam has moved to penalize investors who use unlicensed crypto platforms, introducing a new enforcement framework that targets both retail traders and service providers as it prepares to formalize its digital asset market. The rules, set out in Decree 284/2026, impose fines of up to VND 50 million, or about $1,900, on individuals trading through platforms not licensed by the Ministry of Finance, with tougher penalties for other violations.

The decree takes effect on September 1, 2026 and is part of Vietnam’s broader pilot program for a regulated crypto market. It also sets higher fines for unlicensed service providers, unauthorized crypto offerings, and compliance failures such as weak customer verification or improper handling of crypto account data.

Key details:

• Individual traders: Fines of VND 30 million to VND 50 million for using unlicensed platforms.
• Foreign-only assets: Fines of VND 70 million to VND 100 million if investors trade crypto meant only for foreign users.
• Unlicensed providers: Fines of VND 180 million to VND 200 million for operating or advertising without authorization.
• Effective date: September 1, 2026.

The move reflects Hanoi’s push to bring crypto activity onto locally licensed exchanges and tighten oversight of a market where offshore trading has been common.

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