The first legal framework for crypto in Vietnam is taking shape - What you need to know to avoid confusion
1/ The Ministry of Finance has just announced the Draft Decree on administrative penalties in the cryptocurrency market.
=> A clear signal: Vietnam is transitioning from prohibition to regulation.
2/ Some notable regulations:
‣ Opening an illegal account: fined 100–200 million VND
‣ Market manipulation (fake transactions, false information, self-trading...): fined 1.5–2 billion VND
‣ Trading based on insider information: will be specifically penalized
‣ Organizations not verifying KYC, mixing assets: fined up to 2 billion VND or suspended for 3–5 months
3/ Need to understand:
- This is not yet an official law, but a decree supplementing the penalty framework (amending decrees 156/2020, 128/2021...)
- However, it reflects a selective management direction, no longer leaving a “legal vacuum” as before.
4/ Why is it important?
🇻🇳
Vietnam ranks in the top 3 globally in terms of population percentage trading crypto.
- But there are still no clear laws → investors face risks, the state finds it hard to manage.
- The new framework = paves the way for official piloting according to Government Resolution.
5/ Notes for investors:
- Should open accounts at organizations licensed by the State Securities Commission
- Should not engage in floating OTC trading
- Closely monitor upcoming legal updates
*The upcoming law will be a double-edged sword:
Those who are transparent and compliant → will survive & thrive
Those who play tricks, hide volume → easily “disappear”
