Vietnam has issued Decree No. 284/2026/ND-CP, introducing a formal schedule of administrative penalties for crypto-related violations as the country prepares to launch a regulated digital asset market, according to the Vietnam government's news portal.
The decree , signed by Deputy Prime Minister Nguyen Van Thang, takes effect September 1 and applies during Vietnam's five-year pilot program for licensed crypto trading. Domestic investors who use crypto exchanges or service providers not licensed by the Ministry of Finance face fines of 30 million to 50 million Vietnamese dong, roughly $1,140 to $1,900. Investors who trade on platforms or in crypto assets designated for foreign investors only face steeper penalties, ranging from 70 million to 100 million dong, or about $2,700 to $3,800.
The decree also sets fines of up to 200 million dong, around $7,700, for unauthorized crypto asset offerings and serious anti-money laundering violations. Firms that open customer accounts without proper identity verification face fines of 50 million to 70 million dong. Beyond fines, regulators are authorized to suspend crypto-related business activities, revoke licenses and confiscate assets tied to violations.
The penalty schedule follows Vietnam's move earlier this year to establish a legal framework for a licensed digital asset market, a shift from the country's prior stance, which left crypto trading in a legal gray area even as adoption among retail investors remained high. Vietnam has consistently ranked among the top countries globally for grassroots crypto adoption in industry surveys, despite the absence of a formal licensing regime until now.
By pairing the launch of a regulated market with a concrete penalty structure, the government is signaling that the pilot program is meant to channel existing trading activity onto licensed domestic platforms rather than offshore exchanges, which have been the default venue for Vietnamese traders. The fines are modest in absolute terms for wealthier traders, but the decree's broader powers, including license revocation and asset confiscation, give regulators tools to act against platforms and firms rather than only individual users.
How strictly Vietnam enforces the new rules against offshore exchanges operating without a local license, which have no physical presence for authorities to act against directly, will likely determine how much trading volume actually migrates to the licensed market once it opens.
