🇻🇳 The Ministry of Finance of Vietnam proposes administrative penalties for Crypto for the first time
The Ministry of Finance has just announced a draft amendment to the decrees related to penalties in the securities field, which includes new regulations on cryptocurrencies.
This is also the first time the Ministry has detailed the behaviors considered market manipulation in the Crypto space, along with specific administrative penalties. This is a preliminary step in the pilot plan to manage Crypto in Vietnam as the market continues to grow.
5 behaviors considered manipulation:
1️⃣ Creating artificial supply and demand using multiple accounts.
2️⃣ Colluding to trade without transferring actual ownership.
3️⃣ Conspiring and continuously enticing others to place orders.
4️⃣ Influencing prices through media statements.
5️⃣ Spreading rumors and misinformation to manipulate the market.
Proposed penalties:
- Individuals manipulating the market: 1.5 – 2 billion VND
- Violating crypto exchanges: fines up to 2 billion, may be suspended for 3–5 months
- Not verifying customer identity, managing assets non-transparently, misleading advertising: fines of 300 million – 2 billion
- Investors not opening accounts & transferring assets to licensed organizations: fines of 100 – 200 million VND
The Ministry of Finance stated that this penalty framework aims to control risks and protect investors during the pilot phase. This phase will help regulatory agencies conduct a comprehensive assessment and build appropriate policies for the Vietnamese digital asset market, while also coordinating with the Ministry of Public Security and the State Bank of Vietnam to closely supervise the operation of Crypto exchanges in Vietnam.