Vietnam proposes administrative penalties for Crypto for the first time
This is a preliminary step in the pilot plan to manage Crypto in Vietnam as the market continues to grow.
5 behaviors considered market manipulation:
1️⃣Creating artificial supply and demand using multiple accounts.
2️⃣Colluding to trade without actual transfer of ownership.
3️⃣Conspiring to continuously encourage others to place orders.
4️⃣Influencing prices through media statements.
5️⃣Spreading rumors and misinformation to manipulate the market.
Proposed penalties:
- Individuals manipulating the market: 1.5 – 2 billion VND
- Violating crypto exchanges: penalties up to 2 billion, may be suspended for 3–5 months
- Failure to verify customer identity, lack of transparent asset management, misleading advertising: fines of 300 million – 2 billion VND
- Investors not opening accounts & transferring assets to licensed organizations: fines of 100 – 200 million VND.
Crypto God
