New Regulations on Crypto Market Supervision and Industry Crackdown in Vietnam
The Vietnamese cryptocurrency market is reaching a major turning point. The Vietnamese government announced that Decree No. 284/2026/NĐ-CP will take effect on September 1, 2026, strictly prohibiting and cracking down on cryptocurrency trading on unlicensed offshore platforms. Vietnam crypto exchange
1. Regulatory Framework & Sanctions
Decree No. 284/2026/NĐ-CP Signed: The Vietnamese government has enacted official guidelines specifying administrative violations and fine structures in the crypto asset space. Unlicensed token issuance carries fines up to 200 million VND alongside mandatory issuance cancellations. The same maximum penalty applies to unauthorized exchange operators and illegal marketing entities. Furthermore, domestic retail investors trading on non-licensed platforms face fines ranging from 30 million to 50 million VND.
2. Enforcement Action & Black-Market Cleanup
Major Fraud Case Progress: The Ministry of Public Security (MPS) issued updates regarding the ONUS Crypto Platform Fraud Case. Law enforcement arrested key suspects and froze substantial assets, including over 350 kg of precious metals, 200 billion VND in real estate, and more than 300 bank accounts.
Cracking Down on OTC/P2P “Black Markets”: The Cyber Security and High-Tech Crime Prevention Department (A05) highlighted that while over 20 million Vietnamese citizens hold crypto assets, a massive volume of over-the-counter transactions takes place in unmonitored social media groups. Authorities are escalating enforcement against illicit P2P channels and money-laundering routes.
3. Licensed Local Exchanges vs. Unauthorized Global Platforms
4. Pilot Licensing Sandbox & Domestic Exchanges
Exchange Licensing Pilot: The State Securities Commission (UBCK) is rolling out formal licensing procedures for local crypto exchanges. Applicants must be registered Vietnamese corporate entities with a minimum paid-in capital of 10 trillion VND (~$380 million USD) and at least 65% institutional shareholding.
Traditional Finance Entry: Major local brokerages and commercial banks—including SSI Securities, VIX Securities, MBBank, Techcombank, and VPBank—are actively applying for pilot licenses, either via subsidiaries or tech partnerships.
Tightening Unlicensed Foreign Platforms: Regulators have signaled plans to implement IP blocking and banking transfer restrictions on unauthorized global platforms (such as Binance and OKX) once the local licensed exchange framework stabilizes.