Vietnam Cracks Down on Unlicensed Crypto Platforms with Fines Up to $1,900

The Vietnamese government has introduced penalties for investors who use unlicensed crypto platforms. Starting from September 1, domestic investors can face fines between VND30 million and VND50 million (approximately $1,140, $1,900) if they trade on unlicensed exchanges or service providers.

The new rules also apply to token issuers, which can be fined up to VND200 million for selling crypto assets to ineligible investors. Crypto exchanges, service providers, and token issuers operating outside Vietnam's legal framework face penalties ranging from VND50 million to VND180 million.

The decree is part of the government's efforts to regulate its digital asset market under Decree No. 284/2026/ND-CP. The move aims to improve compliance, investor protection, and regulatory oversight ahead of broader market development.