Vietnam Rolls Out $1,900 Fines for Unlicensed Crypto Traders — Dong and Done

Vietnam will fine individual crypto traders up to 50 million Vietnamese dong ($1,900) for using unlicensed platforms, according to Decree No. 284/2026/NĐ-CP signed by Deputy Prime Minister Nguyen Van Thang on July 16. The rules, issued under Resolution No. 05/2025/NQ-CP, take effect Sept. 1 and form the enforcement backbone of Vietnam's five-year pilot crypto market program.

Domestic investors trading on crypto exchanges or service providers not licensed by the Ministry of Finance face penalties ranging from VND 30 million to VND 50 million, or roughly $1,140 to $1,900. Those who trade crypto assets designated for foreign investors could be fined VND 70 million to VND 100 million, about $2,700 to $3,800. The decree also authorizes authorities to suspend crypto-related activities, revoke licenses and confiscate assets.

Service providers and token issuers face steeper exposure. Firms offering unauthorized crypto services or committing serious anti-money laundering (AML) violations can be fined up to 200 million dong ($7,700), with companies that open accounts without proper customer identity checks also subject to penalties under the framework. Vietnam's pilot program will initially license no more than five domestic exchanges.

Vietnam opened license applications for domestic crypto exchanges in January, and Deputy Finance Minister Nguyen Duc Chi said in May the market could see its first regulated activities begin in the third quarter. The country ranked fourth globally in Chainalysis' 2025 Global Crypto Adoption Index, and Chainalysis separately estimated Vietnamese traders moved more than $220 billion in digital assets between July 2024 and June 2025.

Bithumb has entered Vietnam's crypto license race through a deal with SSI Digital. The new decree establishes the penalties that will apply to platforms and users operating outside that licensed perimeter once the pilot market goes live.