The Vietnamese government has officially approved penalty sanctions for trading crypto assets outside platforms licensed by the Ministry of Finance. For individuals, the fine is set between 15 and 25 million Vietnamese dong (approximately $570–950), and for legal entities, between 30 and 50 million Vietnamese dong ($1140–1900). This is an important step towards structuring the digital asset market in the country.
Key aspects of the new regulation
The decree, which comes into effect on September 1, establishes administrative liability for violations in the issuance, trading, and provision of services related to crypto assets. However, under the terms of the pilot program, fines for domestic investors trading outside licensed platforms will only begin to apply six months after the first license is issued. This creates a temporary buffer for market participants to adapt.
The rules apply to both Vietnamese citizens and foreigners and organizations operating in the local market. Maximum fines for the most serious violations reach 200 million Vietnamese dong (about $7700) for organizations and 100 million Vietnamese dong ($3800) for individuals. It is important to note that Vietnamese investors are prohibited from purchasing crypto assets that, under the pilot program rules, are intended exclusively for foreigners. For this violation, organizations face a fine of 70 to 100 million Vietnamese dong ($2660–3800), and individuals face a fine of 35 to 50 million Vietnamese dong ($1330–1900).
Trading of crypto assets issued in Vietnam must take place exclusively between foreign participants through a licensed operator. For providing services without permission from the Ministry of Finance, as well as for advertising unlicensed platforms, organizations may be fined between 180 and 200 million Vietnamese dong. Additionally, authorities have the right to confiscate equipment, suspend operations, temporarily revoke licenses, and forcibly remove trading systems. A separate set of fines — from 150 to 200 million Vietnamese dong — concerns violations in the issuance of crypto assets, including non-compliance with placement conditions and the absence of mandatory information. Special attention is given to combating money laundering and terrorist financing, where fines also reach 200 million Vietnamese dong, with a ban on using anonymous accounts.
Pilot program and preparation for launch
The pilot program, launched on September 9, 2025, is set to last five years. After its completion, the established rules will continue to apply until new regulations are adopted. The application process for licenses began on January 20, 2026, and at that time, about ten banks and brokerage firms declared their readiness to enter the regulated market. As of May 12, Deputy Minister of Finance Nguyen Duc Chi reported that the ministry, together with the Ministry of Public Security and the State Bank of Vietnam, had approved five companies to participate in the launch of trading platforms. The first official operations are expected to begin in the third quarter of 2026. The minimum paid-up capital for operators is set at 10 trillion Vietnamese dong (about $380 million), underscoring the seriousness of the authorities' intentions.
According to Chainalysis data for 2025, Vietnam ranks fourth in the world in cryptocurrency adoption, trailing only India, the United States, and Pakistan. This makes regulation particularly relevant. It is worth recalling that in June 2025, the National Assembly of Vietnam approved the "Digital Technology Industry Law," which establishes oversight of the sector and includes cybersecurity and anti-money laundering measures aligned with international standards.
My analysis: Vietnam demonstrates a thoughtful and phased approach to legalizing the crypto market. Setting high fines and strict capital requirements for operators is a signal to serious players willing to operate within the law. However, investors should be cautious: the time lag between the start of the pilot program and the actual application of fines may create an illusion of impunity, but risks remain high. The Vietnamese market has enormous potential, but navigating it will require careful adherence to the new rules.