The government recently issued Decree 284/2026, which outlines administrative penalties for violations related to crypto assets. This decree establishes sanctions during the pilot phase of the crypto asset market, as mandated by Resolution 5/2025.

Under the decree, the maximum fine is 200 million VND for organizations and 100 million VND for individuals. If an individual commits a violation typically associated with an organization, the fine will be half of the organizational penalty.

For investors, the decree introduces penalties for transactions conducted outside licensed systems for the first time. Specifically, domestic investors who trade crypto assets without using a service provider licensed by the Ministry of Finance will face fines of 30 to 50 million VND.

Domestic investors who trade crypto assets exclusively offered to foreign investors may be fined 70 to 100 million VND. The decree also imposes fines of 50 to 70 million VND on service providers that fail to verify investor identities when opening accounts.

Illegal collection, storage, exchange, buying, selling, gifting, or public disclosure of crypto asset account data or information can result in fines of 150 to 200 million VND.

A Bitcoin symbol coin against a price chart. *Khuong Nha*

Additionally, service providers related to crypto assets that advertise or market these services without proper licensing will face fines of 180 to 200 million VND. They will also be fined 150 to 200 million VND if they offer crypto assets to unauthorized individuals, issue them without meeting the necessary conditions, or fail to publish a prospectus as required or with incorrect content.

Furthermore, issuing organizations that provide inaccurate, incomplete, or misleading information to regulatory bodies, service providers, and investors will be fined 100 to 150 million VND.

Decree 284 takes effect from 1/9 and will be applied throughout the validity period of Resolution 05/2025 on the pilot program for the crypto asset market.

Crypto assets are a type of digital asset that uses encryption or digital technology for authentication during their creation, issuance, storage, and transfer. This market is undergoing a 5-year pilot program in Vietnam, starting from 9/2025. The offering, issuance, trading, and payment of crypto assets are conducted in VND. Until a specific tax policy is established, the transfer and business activities involving crypto assets are subject to taxation similar to securities.

The government plans for a maximum of 5 enterprises to pilot establishing exchanges during the initial stage to control risks and assess impacts before expansion. These enterprises must have a minimum charter capital of 10,000 billion VND, which is three times the minimum charter capital of a commercial bank and approximately 33 times that of an air transport company. Foreign investors are permitted to hold a maximum of 49% of the capital.

Phuong Dung