A Bitcoin symbol is seen in this illustration. Việt Nam has introduced penalties for investors, service providers and issuers under new rules governing its pilot crypto asset market. — VNA/VNS Photo

HCM CITY — Việt Nam will fine domestic investors up to VNĐ50 million (US$1,900) for trading crypto assets through unlicensed platforms under a new decree governing the country’s pilot digital asset market.

The Government on Saturday issued Decree 284/2026, introducing administrative penalties for violations involving crypto assets during the five-year pilot programme established under Resolution 05/2025.

The decree, effective from September 1, marks the first time Việt Nam has imposed penalties on domestic investors who trade crypto assets outside service providers licensed by the Ministry of Finance.

Under the new rules, individuals trading crypto assets through organisations that have not been licensed by the ministry will face fines of between VNĐ30 million and VNĐ50 million.

Investors trading crypto assets that are authorised to be offered only to foreign investors could face higher penalties, ranging from VNĐ70 million to VNĐ100 million.

The decree also sets penalties for crypto service providers. Companies that fail to verify customers’ identities when opening accounts may be fined between VNĐ50 million and VNĐ70 million.

Service providers that operate without a licence or advertise and market crypto-related services without authorisation face the highest administrative penalties, ranging from VNĐ180 million to VNĐ200 million.

Crypto asset issuers could also be fined VNĐ150 million to VNĐ200 million for violations including offering assets to ineligible investors, issuing assets without meeting regulatory requirements, or failing to publish a required prospectus or providing information inconsistent with an approved prospectus.

Unauthorised collection, storage, exchange, sale, transfer or disclosure of crypto account data may also result in fines of VNĐ150 million to VNĐ200 million.

The maximum administrative fine under the decree is VNĐ200 million for organisations and VNĐ100 million for individuals. Individuals committing the same violations as organisations will generally face penalties equal to half those imposed on organisations.

The decree replaces an earlier draft regulation released by the Ministry of Finance for public consultation, which proposed fines of up to VNĐ30 million for individuals trading digital assets through unlicensed platforms.

The new rules will remain effective while Resolution 05/2025, which established a five-year pilot crypto asset market beginning in September 2025, is in force.

Under the pilot framework, crypto assets are defined as digital assets created, issued, stored and transferred using cryptographic or other digital technologies. The offering, issuance, trading and settlement of crypto assets must be conducted in Vietnamese đồng.

The Government has said it plans to license no more than five crypto exchanges during the initial phase of the pilot programme to limit risks and assess market development before any broader rollout.

Eligible exchange operators must have charter capital of at least VNĐ10 trillion ($382 million), while foreign investors may hold up to 49 per cent ownership in such businesses. — VNS