Guidelines for Legal and Compliant Trading by Vietnamese Investors Released
According to VietTimes, the Government has just issued Decree 284/2026/ND-CP stipulating administrative penalties for violations related to crypto assets and the crypto asset market. The regulation, effective from September 1, 2026, directly sets out penalties for investors trading in unauthorized locations.
Specifically, domestic investors trading cryptocurrency without going through a service provider licensed by the Ministry of Finance may be fined 30-50 million VND. In cases where the cryptocurrency is only offered or issued to foreign investors, the fine increases to 70-100 million VND.
The above rates apply to organizations. Individuals committing the same offense will be fined half the amount, with a maximum of VND 25 million for transactions outside the licensed entity and VND 50 million if purchasing assets reserved exclusively for foreign investors.
The highest penalty under the Decree is 200 million VND for organizations and 100 million VND for individuals. Organizations providing services related to crypto assets without a license may be fined 180-200 million VND. Advertising or marketing these services without a license is also subject to similar penalties.
Offering or issuing crypto assets in violation of regulations can also result in fines of up to 200 million VND. The highest penalty applies when the issuer does not meet the necessary conditions, offers to the wrong target audience, fails to publish the prospectus and related documents, or fails to comply with the published content.
If the issuer provides inaccurate, incomplete, delayed, or misleading information to regulatory agencies, service providers, and investors, they will be fined 100-150 million VND.
Cryptocurrency service providers are also required to verify the identity of investors when opening accounts. Failure to comply with this requirement may result in fines of 50-70 million VND.
The decree also imposes fines of 150-200 million VND for the illegal collection, storage, exchange, sale, gifting, or public disclosure of data and information on cryptocurrency accounts. Furthermore, the scope of penalties includes violations related to foreign investor money transfers, anti-money laundering, obstruction of inspections, and failure to provide requested information.
Approximately 17 million people own and trade digital assets.
According to Dan Tri newspaper, the new regulations were introduced amidst the rapid development of the digital asset market in Vietnam. According to statistics, Vietnam has approximately 17 million people who own and trade digital assets, placing it among the world’s leading countries; it is also in the top 5 in terms of interest in digital assets and top 3 in terms of using international exchanges.
The growing market size is fueling a race to establish domestic cryptocurrency exchanges. The Ministry of Finance has received seven pilot applications, of which five were deemed complete and valid, including Sacom Cryptocurrency Exchange Joint Stock Company (SCEX), VIX Cryptocurrency Exchange Joint Stock Company (VIXEX), Vietnam Prosperity Cryptocurrency Exchange Joint Stock Company (CAEX), Techcom Cryptocurrency Exchange Joint Stock Company (TCEX), and Vietnam Digital Assets Joint Stock Company.
Businesses are finalizing requirements regarding capital, technology, and system security. Notably, CAEX, a company affiliated with VPBank, has increased its charter capital to VND 10,000 billion, while SCEX has increased its capital from VND 6.8 billion to VND 360 billion.
However, to date, no cryptocurrency exchange has been officially licensed to operate.
What should cryptocurrency investors do to avoid fines of up to 100 million VND?
The question is whether September 1st is the deadline to immediately transfer assets from Binance, OKX, or similar platforms.
According to Mr. Pham Manh Cuong, founder of Wischain Co., Ltd., Decree 284 takes effect from September 1st, but the 6-month period for domestic investors is calculated from the time the first cryptocurrency exchange in Vietnam is licensed.
“Trading is still allowed normally within six months. Only after six months, if trading continues on an unlicensed exchange, will penalties be imposed,” Mr. Cuong said, according to Dan Tri newspaper.
Mr. To Tran Hoa, Deputy Head of the Standing Committee of the Cryptocurrency Trading Market Management Board, State Securities Commission, also stated that after the first exchange is licensed, domestic investors will have 6 months to gradually transfer their trading activities to the licensed platform.
According to Mr. Hoa, investors are not required to transfer all their assets to domestic exchanges. Assets can still be kept in personal wallets, but when buying or selling transactions fall within the regulated scope, they must be conducted through licensed organizations.
Meanwhile, from the perspective of asset transfer, Mr. Pham Duy Dong, founder of the Saigontradecoin community, believes that investors do not necessarily have to sell their existing bitcoin, ethereum, or other assets and then buy them back on domestic exchanges.
According to Mr. Dong, during the transition period, investors can transfer assets from one platform to another using methods supported by the exchange. “Transferring to another platform does not change the nature of the assets already owned, therefore there is no need to sell assets just to complete the platform switch,” said Mr. Pham Duy Dong.
Mr. Pham Manh Cuong advised investors to proactively take advantage of the transition period to familiarize themselves with the platform once it is licensed, and to check the deposit and withdrawal procedures and the ability to support the types of assets they hold.
According to experts, the establishment of licensed exchanges will open up more options for domestic investors, while bringing trading activities under a clearer regulatory framework. When trading on a licensed platform, investors have additional mechanisms for protection and support in handling incidents, disputes, or risks related to assets.（Vietnam Crypto Exchange）