WARNING: VN INVESTORS COULD BE FINED 200 MILLION IF THEY DO NOT TRANSFER CRYPTO TO 'LEGAL EXCHANGES'? 🇻🇳

Recently, the Ministry of Finance in collaboration with the State Securities Commission announced a draft decree amending and supplementing the sanctions for administrative violations in the field of cryptocurrency.

The most notable points:

🟠 Investors must open accounts and transfer all their owned crypto to licensed custodians and exchanges.

🟠 If violations occur, fines can range from 100 to 200 million VND.

In addition, there are other notable points:

🟠 Fines for service providers: 300 million to 2 billion VND if they do not verify identities, misleading advertising, or mix customer assets with proprietary trading. They may be suspended for 3 to 5 months.

🟠 Manipulation handling: Actions such as wash trading, spreading false information, creating artificial volumes... will be fined 1.5 to 2 billion VND.

Accordingly, Vietnam has ranked among the top 3 countries with a large number of crypto investors, but the legal framework still has many loopholes. Therefore, tightening regulations will contribute to protecting investors, enhancing transparency, and sustainability for the market.

Have you all prepared to step into the light yet? 😆_____________________

Source: VnExpress