Vietnam Fines Crypto Traders Using Unlicensed Platforms

Vietnam’s government began issuing fines to individuals and organizations trading cryptocurrency on unlicensed platforms on September 1. Decree 284 establishes administrative penalties for violations related to crypto assets, marking the first time the country has penalized domestic investors for using non-approved services.

Individuals trading through unlicensed organizations now face fines of 30 to 50 million Vietnamese dong. Higher penalties, ranging from 70 to 100 million dong, apply to trading assets restricted to foreign investors. The decree also outlines penalties for service providers failing to verify customer identities or operating without authorization, with the highest fines reaching 200 million dong for organizations.

These rules will remain in effect until Resolution 05/2025 expires, which establishes a pilot crypto asset market starting in September 2025. The pilot program will allow for the trading of crypto assets in Vietnamese dong, with the government initially planning to license no more than five exchanges, requiring at least 10 trillion dong in charter capital.