Vietnam to fine users up to $1,900 for trading on unlicensed crypto platforms

Penalty regime starts before pilot market launch

Decree No. 284/2026/NĐ-CP sets out administrative sanctions for investors, crypto service providers and token issuers. The rules will come into force during Vietnam’s five-year pilot crypto market program, adding an enforcement framework as the country prepares to shift more trading activity onto licensed domestic venues.

The measure targets domestic investors first by restricting where they can trade. People who use unlicensed crypto service providers face fines ranging from 30 million to 50 million dong, roughly $1,140 to $1,900. Investors who purchase assets reserved by law for foreign investors can face higher penalties of 70 million to 100 million dong, equivalent to about $2,660 to $3,800.

The decree also allows authorities in some cases to suspend crypto-related activity, revoke licenses and confiscate assets. It replaces an earlier draft that had proposed lower maximum fines for some retail trading breaches.

Broader rules for exchanges and issuers

The new framework reaches beyond retail users. Crypto service providers that fail to verify customer identities when opening accounts can be fined 50 million to 70 million dong. Firms that offer crypto services without a license, or market them without authorization, face fines of 180 million to 200 million dong.

Issuers are also covered. The decree provides for penalties of up to 200 million dong for violations such as offering assets to ineligible investors, issuing assets without satisfying required conditions, failing to publish a prospectus, or acting contrary to information disclosed in approved offering documents.

Improper handling of customer data is another focus. Unauthorized collection, storage, exchange, sale, transfer or disclosure of crypto account data can bring fines of 150 million to 200 million dong. The maximum administrative fine is set at 200 million dong for organizations and 100 million dong for individuals, with individuals generally subject to half the organizational penalty for the same offense.

Move away from offshore platforms

The decree arrives as Vietnam works to steer local users away from overseas exchanges and toward approved local platforms. In March, authorities were reported to be considering restrictions on offshore crypto trading as part of broader efforts to manage capital flows and bring more activity under domestic supervision.

According to earlier reporting cited in the source article, affiliates of Techcombank, VPBank and LPBank, along with VIX Securities and Sun Group, passed an initial screening stage for the pilot licensing program. Vietnam plans to authorize only a limited number of exchanges in the early stage.

Pilot market could start in Q3

Vietnam began a formal licensing process for crypto trading platforms in January, with the State Securities Commission overseeing applications and licenses. In May, Deputy Finance Minister Nguyen Duc Chi said regulated crypto trading could begin as early as the third quarter of 2026. At that point, five companies had cleared initial screening while officials continued work on tax, accounting, auditing and compliance rules.

Licensed platforms in the pilot are expected to operate within Vietnam’s domestic framework, including direct trading in Vietnamese dong. The new decree adds enforcement tools before the regulated market is fully active, giving authorities a mechanism to penalize investors who remain on unlicensed services as well as companies that fail to meet licensing, marketing, anti-money laundering and data-handling requirements.