Vietnam Introduces Fines for Crypto Market Violations
Executive Summary: The Vietnamese government has officially implemented Decree No. 284/2026/ND-CP, establishing a clear administrative penalty framework for crypto assets and digital asset trading. Taking effect on September 1, the decree enforces tiered monetary fines targeting non-compliant individual investors as well as Virtual Asset Service Providers (VASPs).
According to official regulatory updates, Vietnam’s Decree No. 284/2026/ND-CP came into force on September 1, establishing structured administrative penalties for violations within the crypto asset sector. The new decree outlines distinct liability thresholds for both individual traders and institutional service providers.
Penalties for Individual Investors
Under the newly enacted rules, both domestic and foreign investors are subject to strict compliance guidelines:
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Domestic Investors: Vietnamese investors participating in trades involving crypto assets offered or issued exclusively to foreign investors face fines ranging from VND 70 million to 100 million (approx. $2,700 – $3,840).
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Foreign Investors: Non-domestic traders providing inaccurate, illegal, or misleading documentation and transaction data will face equivalent penalties of VND 70 million to 100 million.
Compliance Directives for Service Providers (VASPs)
For Virtual Asset Service Providers (VASPs), the decree outlines a multi-tiered penalty system based on the severity of the operational breach:
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Minor Governance & Reporting Fines (VND 30M – 50M / $1,150 – $1,900): Applied when entities fail to disclose required market information, miss mandatory periodic reporting, omit service fee disclosures, or alter internal operating procedures without prior regulatory approval.
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Identity Verification Failures (VND 50M – 70M / $1,900 – $2,700): Imposed on platforms failing to conduct required Know-Your-Customer (KYC) identity checks when opening new investor accounts.
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Delayed Information Disclosures: Penalties are structured based on the length of delay—delays under 15 days incur fines of VND 50M to 70M, whereas delays reaching 15 days or more trigger higher fines of VND 70M to 100M.
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Severe Operational Violations (VND 100M – 150M / $3,840 – $5,750): Covers major compliance failures, including commingling client funds with platform assets, failing to monitor trade activities, withholding critical information impacting investor rights, violating data storage mandates, failing to mitigate conflicts of interest, or using third-party vendors that fail Anti-Money Laundering (AML) and cybersecurity standards.
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Major Infringements & Data Security (VND 150M – 200M / $5,750 – $7,700): Reserved for high-level breaches, such as failing to meet token issuance requirements, submitting false compliance records to regulators, or failing to secure IT infrastructure and user holdings. Additionally, the illegal collection, storage, sale, trade, or unauthorized publication of crypto account data will face maximum penalties under this bracket.
Industry observers note that Decree No. 284/2026/ND-CP represents a key milestone in Vietnam’s ongoing efforts to build a formalized regulatory structure, improve market transparency, and safeguard investor interest in digital assets.（Vietnam crypto exchange）