The Vietnamese government has officially approved penalty sanctions for crypto asset transactions conducted outside platforms licensed by the Ministry of Finance. According to the new decree, individuals found guilty of such activities will pay between 15 and 25 million dong (equivalent to $570–950), while legal entities will face fines ranging from 30 to 50 million dong ($1140–1900).
The document, effective from September 1, details administrative liability for violations related to the issuance, trading, and provision of services involving digital assets. However, an important nuance should be noted: under the terms of the pilot program, fines for local investors trading outside licensed platforms will only be applied six months after the first official license is issued. This creates a temporary buffer for market adaptation.
Gradation of Penalties and Key Prohibitions
Maximum fines for the most serious violations reach 200 million dong (approximately $7700) for organizations and 100 million dong ($3800) for individuals. Of particular interest is the ban on Vietnamese investors purchasing crypto assets that, under the pilot program rules, are intended exclusively for foreigners. For this violation, organizations face fines of 70–100 million dong, and individuals face 35–50 million dong.
Trading in crypto assets issued in Vietnam is now only permitted between foreign participants and exclusively through a licensed operator. Providing services without authorization from the Ministry of Finance, as well as advertising and promoting unlicensed platforms, carries a fine of 180 to 200 million dong. Authorities have also been granted the right to confiscate equipment, suspend operations, and even forcibly remove trading systems.
A separate section addresses violations in the issuance of crypto assets: non-compliance with placement conditions, offering assets to inappropriate investors, and the absence of mandatory information will cost 150–200 million dong. Similar amounts apply for non-compliance with anti-money laundering and counter-terrorism financing requirements, including the use of anonymous accounts.
Pilot Program and First Licenses
It is worth recalling that the pilot program started on September 9, 2025, with a duration of five years. The application process for licenses began on January 20, 2026. By this time, around ten banks and brokerage firms have already declared their readiness to enter the regulated market. According to the latest data, five companies have been approved to participate in the launch of trading platforms, and the first official operations could begin as early as the third quarter of 2026.
Candidates undergo a rigorous selection process: verification of capital, personnel, technical infrastructure, and information security. The minimum paid-up capital for operators is set at 10 trillion dong (approximately $380 million). This high threshold filters out small players and ensures seriousness of intent.
According to Chainalysis data, in 2025 Vietnam ranked fourth in the world for cryptocurrency adoption, behind only India, the United States, and Pakistan. The adoption of the "Digital Technology Industry Law" in June 2025 was an important step toward forming a civilized market.
My comment: Vietnam is demonstrating a consistent and balanced approach to legalizing the crypto market, combining strict penalty measures with reasonable transition periods. Setting a minimum capital of $380 million for operators signals that the authorities aim to attract institutional players rather than speculators. I expect that in the coming years, Vietnam will become one of the key regulated hubs in Southeast Asia.