Starting September 1, Vietnamese authorities will impose fines of up to 50 million dong (approximately $1,900) on individuals who trade cryptocurrencies on platforms not licensed by the Ministry of Finance. The new administrative penalties mark the first time the government has targeted retail traders directly, as part of a broader effort to shift the country's massive crypto user base from offshore exchanges to locally regulated platforms.
The penalty framework establishes a tiered structure: individual investors face fines ranging from 30 million to 50 million dong ($1,140–$1,900) for trading on unlicensed platforms, with higher penalties of 70 million to 100 million dong ($2,660–$3,800) if they trade crypto assets restricted to foreign investors. Organizations face significantly steeper fines—up to 200 million dong ($7,700)—for operating unlicensed crypto services, unlicensed issuance, or violating anti-money laundering rules. Companies that fail to verify customer identities, mishandle account data, or advertise unauthorized services are also subject to fines.
Vietnam has long been one of the world's most active crypto markets, ranking fourth in Chainalysis' 2025 Global Crypto Adoption Index with over $220 billion in crypto activity between July 2024 and June 2025. The government began accepting license applications for crypto exchanges on January 20, 2026, and expects the first regulated trading to begin by the third quarter of 2026. Initial licenses will be limited to no more than five exchanges; Techcombank, VPBank, LPBank, VIX Securities, and Sun Group are reportedly in the running.
The new regulations are part of a five-year pilot program that started in September 2025. Under the program, all crypto assets must be offered, traded, and settled in Vietnamese dong, and they can only be issued based on real underlying assets, not as securities or fiat currency. Domestic investors will eventually be required to trade exclusively through licensed platforms. The Ministry of Finance will finalize license approvals within 30 working days of receiving a complete application.
