Vietnam imposes fines on unlicensed cryptocurrency trading

Vietnam's Ministry of Finance issued Decree No. 284/2026/NĐ‑CP, effective 1 September, to penalise crypto transactions conducted through unauthorised service providers. Organisations that trade crypto without a ministry‑issued licence face fines of VND 30‑50 million (US$1,140‑1,900), while individuals are fined half that amount. Higher penalties apply for assets offered only to foreign investors, with fines of VND 70‑100 million for individuals and double for firms. Crypto service providers, issuers and advertisers operating without a licence can be fined VND 180‑200 million (US$6,800‑7,600), and failures in customer‑identification or data handling attract fines up to VND 70 million. The measures aim to shift millions of Vietnamese traders from offshore exchanges to a regulated domestic market. Vietnam ranks fourth on Chainalysis’s 2025 Global Crypto Adoption Index, with activity exceeding US$220 billion, yet no local exchanges have yet received formal licences, making the rollout dependent on forthcoming licensing procedures.