Vietnam has imposed administrative fines on unlicensed transaction and service activities as part of preparations for the transition to a regulated crypto market. The decree numbered 284/2026/NĐ CP, signed on July 16, will enter into force on September 1. The regulation covers investors, service providers and token issuers in the pilot program process.
New framework for investors and local platforms
Local investors who trade on platforms not authorized by the Ministry of Finance will risk penalties of between 30 million and 50 million dong. This amount corresponds to the range of approximately 1,140 to 1,900 dollars. The regulation aims to move transactions into the approved local system.
The purchase of assets reserved for foreign investors will be subject to more severe sanctions. The fines to be imposed in this context will vary between 70 million and 100 million dong. The Vietnamese administration thus aims to more tightly control access to certain types of assets.
The Vietnamese government is accelerating the transition to a regulated market model by setting new fines for unlicensed crypto transactions and violations of anti-money laundering obligations.
The country continues to rank high in crypto adoption despite the tightening framework. According to Chainalysis data, Vietnam ranked fourth in the 2025 Global Crypto Adoption Index. Between July 2024 and June 2025, crypto transaction volume in the country exceeded $220 billion. Chainalysis is known as a research company that tracks crypto usage trends through blockchain data.
Mini dictionary: Chainalysis is an analysis company that examines transaction flows on the blockchain and produces data on adoption, risk and compliance.
Heavier sanctions for service providers
The decree also imposes broad obligations on crypto service providers. Penalties of between 50 million and 70 million dong will be imposed on organizations that do not provide identification when opening a customer account. Those who provide crypto services without a license and those who carry out unauthorized promotional activities will be fined between 180 million and 200 million dong.
This framework will operate alongside customer recognition, notification and anti-money laundering obligations. The Vietnam Securities Commission acts as the competent authority for licensed crypto trading activities in the local market, within the scope of the application process accepted in January.
Deputy Minister of Finance Nguyen Duc Chi announced in May that regulated crypto transactions were planned to begin in the third quarter of 2026.
A limited number of exchanges stand out in the pilot period
The Vietnamese administration is preparing to direct local users from foreign exchanges to licensed platforms within the country. In March, authorities considered the option of restricting offshore crypto transactions. This approach is part of a plan to monitor capital flows and strengthen local control.
Some financial institutions that passed the first elimination stage in the pilot license program have also been announced. Structures affiliated with Techcombank, VPBank, LPBank, VIX Securities and Sun Group came to the fore in this process. Vietnam aims to authorize only a limited number of exchanges during the pilot period.
