Vietnam Sets Fine Rules for Cryptocurrency Transactions
Vietnam has introduced fines for trading cryptocurrencies outside government-licensed platforms, with penalties comparable to those for driving with excess blood alcohol concentration in the country.
Under Decree No. 284 of 2026, issued on July 16, domestic investors who conduct cryptocurrency transactions through service providers not approved by the Ministry of Finance will face fines ranging from 30 million to 50 million Vietnamese dong (approximately $1,140 to $1,900). The decree states that the penalties apply to institutions, while individuals committing the same violation are generally subject to fines at half that amount. Vietnam crypto exchange
The new cryptocurrency rules, effective from September 1, aim to strengthen Vietnam’s restrictions on offshore platforms such as Binance, OKX, and Bybit, while promoting the establishment of a regulated domestic market.
Domestic investors trading crypto assets held exclusively by foreign investors face higher fines, ranging from 70 million to 100 million dong ($2,650 to $3,800). Meanwhile, companies that provide or advertise cryptocurrency services without a license may be fined between 180 million and 200 million dong ($6,800 to $7,600).
The decree also stipulates that licensed operators who fail to verify customer identities may be fined up to 70 million dong, while those who illegally collect, store, exchange, sell, or disclose cryptocurrency account data face fines of up to 200 million dong.
This latter provision comes amid a surge in cryptocurrency “wrench attacks,” particularly in France, where criminals use leaked personal and financial information to identify and target holders.
To date, Vietnam has not issued any cryptocurrency exchange licenses, which could delay enforcement beyond the decree’s effective date of September 1, as it would be difficult to reasonably penalize traders using unapproved platforms before legal domestic alternatives are available.