Vietnam sets $1,900 fine for trading crypto on unlicensed platforms

Vietnam will fine individual investors as much as 50 million dong (about $1,900) for buying or selling crypto through platforms the Ministry of Finance has not licensed. 

The rules are set to take effect on September 1 and are an attempt by the government to bring the millions of Vietnamese citizens who currently trade on offshore exchanges onshore.

Will traders be penalized in Vietnam for using unlicensed platforms? 

Vietnam, one of the world’s most active crypto markets, has decided to penalize retail crypto traders for the first time starting September 1. The country ranked fourth in Chainalysis’s 2025 Global Crypto Adoption Index as crypto activity in the country exceeded $220 billion between July 2024 and June 2025. 

The government wants to use the opportunity to bring millions of Vietnamese crypto traders who use offshore exchanges onto regulated local platforms.

The Ministry of Finance attempted to restrict the fines to a 30 million dong limit for individual penalties, but officially under the new rules, Vietnamese investors who trade crypto on platforms that do not have a license from the Ministry of Finance, can be fined 30 million to 50 million dong ($1,140 to $1,900).

The penalty is higher if the individual trades crypto assets that are only allowed to be offered to foreign investors. In that case, the fines shoot up to a range of 70 million to 100 million dong ($2,660 to $3,800).

Crypto Service Providers and Issuers face penalties of 180 million to 200 million dong ($6,840 to $7,600) for running a crypto service without a license or advertising one without authorization. Failing to verify customer identities when opening accounts attracts fines reaching 50 million to 70 million dong ($1,900 to $2,660).

Companies that issue crypto assets without meeting conditions, fail to publish required documents, or offer assets to ineligible buyers will get fined 150 million to 200 million dong ($5,700 to $7,600).

Mishandling account data; for instance collecting, storing, selling, or disclosing it without permission attracts fines of 150 million to 200 million dong ($5,700 to $7,600).

The maximum administrative fine is 200 million dong for an organization and 100 million dong for an individual. In general, an individual committing the same violation as a company pays half the amount.

These rules will remain in effect while the five-year pilot crypto market (established under Resolution 05/2025) is running. The pilot began in September 2025.

When will Vietnam have licensed crypto exchanges? 

Deputy Finance Minister Nguyen Duc Chi said in May 2026 that regulated trading could start as early as the third quarter of 2026.

The government has said it will license no more than five exchanges during the first phase of the pilot program in order to manage risk and assess how the market develops before potentially expanding further.

Techcombank, VPBank, and LPBank are reportedly among the five companies that passed an initial qualification round.

VIX Securities, a local stockbroker and Sun Group, one of Vietnam’s largest private conglomerates, complete the list.

The Ministry of Finance started accepting license applications on January 20, 2026. The review process can take up to 30 working days after receiving a complete application.

Under the pilot framework, all crypto assets must be offered, traded, and settled in Vietnamese dong. Crypto assets may only be issued based on real underlying assets, not as securities or fiat currency. Issuance is currently only permitted to foreign investors, with transactions going through licensed service providers.

Domestic investors will eventually be required to trade only through licensed platforms.

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