$BTC
Vietnam is proposing significant financial penalties for anyone who tries to unfairly manipulate the cryptocurrency market. These penalties could be as high as VND 2 billion (around $78,600) for actions like spreading false information, secretly working with others to trade, or using many accounts to create a fake sense of market activity.
Furthermore, individuals who don't create accounts on officially licensed crypto platforms or fail to move their crypto holdings to these platforms could face fines ranging from VND 100 to 200 million (approximately $3,900 to $7,800).
However, some questions remain unanswered, such as how regulations will apply to cryptocurrencies that are only traded on decentralized exchanges (DEXs) and whether individuals will have to pay taxes on cryptocurrency received for free through airdrops.
This marks the first time Vietnam has established a formal set of rules specifically targeting the manipulation of the crypto market. These rules are modeled after the existing laws that govern traditional financial securities, indicating a major move towards providing legal clarity for digital assets in the country.
This development raises important questions about how it will influence the broader cryptocu
rrency landscape in Southeast Asia.