Vietnam issued Decree No. 284/2026/NĐ-CP on July 16, introducing fines of VND 30 million to VND 50 million (roughly $1,140 to $1,900) for domestic investors who trade crypto outside government-licensed platforms. The decree takes effect Sept. 1 and aims to establish a regulated domestic crypto market while restricting access to overseas platforms like Binance, OKX, and Bybit. Vietnam ranked fourth globally in Chainalysis' 2025 Crypto Adoption Index, with traders moving more than $200 billion in digital assets during the 12 months through June 2025, making the regulatory shift significant for one of the world's most active crypto markets.
Vietnam Issues Decree 284 with Tiered Fine Structure
Under Decree No. 284/2026/NĐ-CP, domestic investors who trade crypto without going through a service provider licensed by the Ministry of Finance face fines of VND 30 million to VND 50 million. The decree states that its penalties apply to organizations, while individuals generally face half that amount for committing the same violations.
For comparison, driving a car in Vietnam with a blood alcohol concentration above 0.08% carries a VND 30 million to VND 40 million fine on top of a potential two-year license suspension.
Domestic investors who trade crypto assets designated exclusively for foreign investors face steeper fines of VND 70 million to VND 100 million ($2,650 to $3,800). Companies providing or advertising crypto services without a license can be fined VND 180 million to VND 200 million ($6,800 to $7,600).
The decree also sets fines of up to VND 70 million for licensed providers that fail to verify customers' identities and up to VND 200 million for unlawfully collecting, storing, exchanging, selling or publishing crypto account data. The latter provision comes amid a surge in crypto "wrench attacks," particularly in France, where criminals have used leaked personal and financial information to identify and target holders.
Five Companies Submit Complete License Applications
Vietnam has not yet issued any crypto exchange licenses, which could delay enforcement beyond the decree's Sept. 1 effective date, as traders cannot reasonably be punished for using unapproved platforms before a licensed domestic alternative exists.
The Ministry of Finance had identified five companies with complete and valid initial applications as of May, according to local outlet The Leader: VIXEX, Vietnam Digital Asset Corporation, VPBank-linked CAEX, SCEX and Techcombank-linked TCEX.
Deputy Finance Minister Nguyễn Đức Chi said at the time that Vietnam expected the first officially regulated crypto market activity to begin as early as the third quarter.
Reports from March revealed that the finance ministry was drafting rules to prohibit citizens from trading on overseas crypto platforms while domestic banks and brokerages competed for the first exchange licenses. The pilot required applicants to have at least VND 10 trillion ($380 million) in charter capital and also limited foreign ownership to 49%, setting a high barrier to entry.
Chainalysis Ranks Vietnam Fourth in Global Crypto Adoption
Vietnam ranked fourth globally in Chainalysis' 2025 Crypto Adoption Index, with traders moving more than $200 billion in digital assets during the 12 months through June 2025. Crypto activity in the country extends beyond trading into remittances, savings and gaming, according to Chainalysis.
FAQ
What fines did Vietnam introduce for unlicensed crypto trading?
Vietnam's Decree No. 284/2026/NĐ-CP, issued July 16, imposes fines of VND 30 million to VND 50 million ($1,140 to $1,900) on domestic investors who trade crypto outside government-licensed platforms. The decree takes effect Sept. 1.
Which companies have applied for crypto exchange licenses in Vietnam?
As of May, the Ministry of Finance identified five companies with complete applications: VIXEX, Vietnam Digital Asset Corporation, VPBank-linked CAEX, SCEX, and Techcombank-linked TCEX. Deputy Finance Minister Nguyễn Đức Chi stated that Vietnam expected the first officially regulated crypto market activity to begin as early as the third quarter.
How does Vietnam rank in global crypto adoption?
Vietnam ranked fourth globally in Chainalysis' 2025 Crypto Adoption Index. Traders in the country moved more than $200 billion in digital assets during the 12 months through June 2025, with activity extending beyond trading into remittances, savings, and gaming.
