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Domestic investors who trade crypto assets through unlicensed platforms may face fines ranging from 10 to 30 million VND.
This is stated in the draft decree on penalties in the crypto asset sector, currently open for public consultation by the Ministry of Finance and the State Securities Commission (SSC).
According to the draft, organizations that provide crypto asset services without a license or advertise such services without approval may be fined 180–200 million VND. They must return any illegally obtained revenue and remove the violating systems. For individuals offering the same services, the penalty is 50% of that amount, around 90–100 million VND.
For domestic investors, they would be fined 10–30 million VND for trading on platforms that are not licensed. Previously, under Resolution 05, domestic investors were required to move their offshore crypto assets to licensed organizations within six months. SSC representatives noted that this process must comply with identity verification (KYC), customer authentication, and the use of bank accounts under the investor’s legal name.
According to the draft resolution, organizations that fail to verify investor identities face fines of 50–70 million VND. More serious violations such as failing to segregate customer assets or failing to monitor trading activities, carry penalties of 100–150 million VND. The highest fines, ranging from 150–200 million VND, apply to organizations that fail to ensure the accuracy of documents submitted to regulators.
Chairs of the SSC and provincial People’s Committees have the authority to impose fines up to 200 million VND for organizations and up to 100 million VND for individuals. They may also apply additional penalties and corrective measures.
Vietnam currently has around 21 million crypto asset investors, with trading volume exceeding 200 billion USD , a massive figure relative to the country’s economy. Vietnam consistently ranks among the world’s top 3–4 countries by the share of the population participating in the crypto asset market (around 21%), just behind South Korea.
Under Resolution 05, Vietnam’s crypto asset market will be jointly supervised by three agencies. The Ministry of Finance will oversee service providers and trading operations; the State Bank of Vietnam will manage capital flows and payment systems; and the Ministry of Public Security will focus on fraud prevention and high-tech crime.
Source: VnExpress