⚖️ The Ministry of Finance of Vietnam proposes administrative penalties for Crypto

The Ministry of Finance has just announced a draft amendment to the decrees related to penalties in the securities sector. For the first time, new regulations on cryptocurrency (Crypto) are included, aiming to pilot the management of the Crypto market in Vietnam as this sector continues to develop strongly.

📌 5 actions considered market manipulation:

1️⃣ Creating artificial supply and demand with multiple accounts

2️⃣ Colluding to trade without actual transfer of ownership

3️⃣ Colluding and continuously luring others to place orders

4️⃣ Impacting prices through media statements

5️⃣ Spreading rumors and misinformation to manipulate the market

💸 Proposed penalties are as follows:

Individuals manipulating the market:

Fines from 1.5 – 2 billion VND

Violating Crypto Exchanges:

Fines up to 2 billion VND, may be suspended for 3–5 months

Violations in identity verification, asset transparency, misleading advertising:

Fines from 300 million – 2 billion VND

Investors not opening accounts & transferring assets to licensed organizations:

Fines from 100 – 200 million VND

P/s: According to what I know currently, all exchanges are applying for licenses.

- So I will still trade on foreign exchanges that are licensed in Vietnam, not on Vietnamese exchanges, okay guys.

Source: Vnexpress