Failure to open an account and transfer cryptocurrencies to a licensed exchange can result in a fine of up to VND 200,000,000
The Ministry of Finance is seeking comments on a draft amendment to regulations on administrative sanctions for violations in the securities and capital markets, including the first proposal to add separate sanctions for the crypto asset market - a field that currently does not have a specific penalty framework.
According to the draft, individuals who own crypto assets will be fined from 100 to 200 million VND if they do not open an account and transfer all crypto assets to custody and trade at organizations licensed by the Ministry of Finance. This is a move to tighten management activities and limit risks arising from trading crypto assets on uncontrolled platforms.
Along with the above regulations, the draft also mentions penalties for acts of manipulating the crypto-asset market – including using multiple accounts to create virtual supply and demand, spreading false information or colluding in unrealistic transactions. The proposed fines for these acts range from 1.5 to 2 billion VND. For organizations providing crypto-asset services, the fine can be up to 2 billion VND and the operation will be suspended for 3 to 5 months if they violate regulations such as not verifying customer identity, false advertising or not separating customer assets from company assets.
Crypto assets are defined in the draft as digital assets that use encryption technology or digital technology with equivalent functions to confirm ownership during the issuance, storage and transfer process.
Previously, the Ministry of Finance also submitted to the Government a draft Resolution on piloting the mechanism for issuing and trading cryptocurrencies in Vietnam, and proposed establishing a coordination mechanism with the State Bank and the Ministry of Public Security to monitor trading floors operating within the framework of this pilot. These moves show that Vietnam is gradually moving towards building a managed digital asset ecosystem, in line with global development trends while still ensuring financial safety and protecting investors.