Vietnam is entering an important phase in managing the crypto market as the Ministry of Finance announces a new draft with a series of strict regulations. One of the highlights is the administrative fine of up to 200 million VND for individuals not storing cryptocurrency assets at licensed organizations. This is the first time sanctions related to cryptocurrency assets have been included in the penalty framework in the securities sector.
Not only individual investors but also businesses providing crypto services face fines of up to 2 billion VND if they violate terms such as misleading advertising, failing to verify identity, or mismanaging customer assets.
In addition, the draft also lists 5 prohibited market manipulation behaviors, such as creating false supply and demand, colluding in transactions, spreading misinformation, etc., with fines ranging from 1.5 to 2 billion VND. This is a clear effort to tighten transparency and stabilize the market.
Alongside punitive measures, the government is also considering piloting cryptocurrency asset management, proposing cooperation with the Ministry of Public Security and the State Bank to monitor exchanges. This shows that Vietnam is not prohibiting but is seeking to legalize and control reasonably.
Currently, Vietnam has about 17 million cryptocurrency owners, ranking 7th globally, with a total cash flow of up to 105 billion USD in 2024. The new draft could pave the way for the participation of large organizations but also puts pressure on retail investors and unlicensed exchanges.
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For users on major exchanges like Binance, this regulation is a positive signal that helps make the market safer and more transparent, but it also requires strict compliance, especially regarding asset storage and identity verification.
Risk warning: Crypto investment is highly risky due to significant volatility and continuous legal changes. Users need to stay updated with information regularly and comply with legal regulations to avoid being penalized or losing assets.