Vietnam has tightened oversight of its pilot crypto market with fines reaching VND 200 million.
Decree No. 284/2026/ND-CP, sets penalties for breaches involving crypto issuance, trading and related services.
It takes effect on 1 September 2026 and will remain in force until the pilot framework ends.
The rules apply to issuers, service providers, investors and other market participants.
Organisations face fines of up to VND 200 million, while individuals generally face half the corresponding amount.
Issuers may receive the maximum fine for offering crypto assets to ineligible investors, failing to meet issuance conditions or failing to publish required disclosures.
Authorities may also suspend offerings for up to 12 months and order refunds for certain breaches.
Unlicensed crypto activity faces the highest penalties
Service providers can be fined up to VND 200 million for operating without a licence or marketing crypto assets without the required authorisation.
Operating outside the scope of a licence can attract fines of up to VND 180 million.
Regulators may also suspend licensed activities and order the removal of websites, software or trading systems used for specified violations.
Providers must separate customer money and crypto assets from their own holdings, monitor trading and protect customer assets and information systems.
Domestic investors may be fined between VND 30 million and VND 50 million for trading outside a crypto service provider licensed by the Ministry of Finance.
The decree also covers anti-money laundering failures, including inadequate customer checks, weak risk assessments and failure to report suspicious transactions.
Certain prohibited activities may lead to fines of up to VND 200 million and suspensions lasting up to 12 months.
Featured image: Edited by Fintech News Singapore, based on image by somemeans via Magnific