💢💢💢 WARNING: MANIPULATION OF CRYPTO ASSETS MAY BE PUNISHED UP TO 2 BILLION DONG!

The Ministry of Finance has just proposed fines ranging from 1.5 – 2 billion dong for acts of manipulating the cryptocurrency market, such as:

Continuously trading with multiple accounts to create artificial supply and demand.

Colluding in transactions without actually transferring ownership.

Spreading rumors, providing false information to manipulate prices.

Making comments that influence prices in the media.

In addition, organizations providing cryptocurrency services may be fined up to 2 billion dong and suspended from operations for 3 – 5 months if they violate regulations such as:

Not verifying the identity of investors.

Misleading advertising.

Not separating customer assets from company assets.

Individual investors may also be fined from 100 – 200 million dong if they do not open accounts and transfer cryptocurrency assets to be held at licensed organizations.

This is the first time Vietnam has proposed specific penalties for manipulating the cryptocurrency market.

Source: VnExpress