VIETNAM IMPOSES FINES OF UP TO $1,900 FOR CRYPTOCURRENCY TRANSACTIONS ON UNLICENSED PLATFORMS. Vietnam has implemented fines of up to $1,900 as new regulations require cryptocurrency transactions to occur exclusively through licensed platforms, effective September 1. Vietnam has issued financial penalty provisions for trading cryptocurrencies on unlicensed platforms under a new decree. These measures take effect on September 1 and aim to support the country’s pilot digital asset market. Additionally, Vietnam will require all domestic cryptocurrency activities to be conducted through approved service providers. Vietnam is expanding law enforcement within its pilot cryptocurrency market framework. Decree 284/2026 establishes administrative penalties for violations within Vietnam’s five-year pilot cryptocurrency market program. This legal framework builds upon Resolution 05/2025, which launched the regulated market in September 2025. Vietnam now adds enforcement provisions to its existing licensing framework. Individuals using unlicensed cryptocurrency trading platforms may face fines ranging from 30 to 50 million Vietnamese dong—equivalent to approximately $1,140 to $1,900 at current exchange rates. Furthermore, cryptocurrency asset transactions specifically involving foreign participants may incur fines of 70 to 100 million dong. The decree also targets unlicensed cryptocurrency businesses operating outside regulatory authorization. Unlicensed service providers may be fined between 180 and 200 million dong. Additionally, authorities may suspend cryptocurrency operations, revoke licenses, and seize assets for serious violations. Service providers and issuers must comply with stricter regulations. Vietnam has also introduced compliance requirements for cryptocurrency service providers handling customer accounts. Companies failing to verify customer identities may be fined between 50 and 70 million dong. These rules further strengthen Know Your Customer (KYC) and anti-money laundering obligations for licensed platforms. Cryptocurrency asset issuers also face financial penalties for regulatory violations. Violations include offering assets to ineligible participants and issuing tokens without meeting legal requirements. Similarly, failing to publish a required whitepaper or providing inconsistent information may result in fines of up to 200 million dong. The decree also penalizes the illegal handling of cryptocurrency account information. Illegally collecting, storing, transferring, exchanging, buying, selling, or disclosing account data may incur fines of 150 to 200 million dong. Vietnam is broadening its oversight beyond trading activities to include data protection and market conduct. Vietnam limits the number of business licenses during the market rollout phase. Vietnam plans to approve no more than five cryptocurrency exchanges during the initial pilot phase. The government aims to minimize market risks while evaluating the regulated ecosystem before scaling up. Meanwhile, qualified exchange operators must maintain a minimum charter capital of 10 trillion dong. Foreign ownership in licensed exchange operators remains capped at 49%. The Ministry of Finance opened license applications earlier this year under the new legal framework. Additionally, the State Securities Commission oversees the approval process for eligible trading platforms. Vietnam is among the world’s most dynamic cryptocurrency markets despite limited regulation until now. Chainalysis ranks Vietnam fourth in the 2025 Global Crypto Adoption Index. The blockchain analytics firm estimates digital asset trading volume exceeded $220 billion from July 2024 to June 2025. Consequently, Vietnam is now integrating licensing, enforcement, and compliance measures to redirect cryptocurrency trading toward tightly regulated domestic platforms while supporting the long-term development of its domestic digital asset market. By Yasmin Werner