Vietnam’s new administrative penalty framework for crypto asset violations takes effect on Sept. 1, 2026, but the country has not yet licensed any crypto exchange, leaving an unusual transition period where enforcement rules are active before the regulated trading market is operational.
Under Decree No. 284/2026/ND-CP, organizations providing crypto services without a required license face fines from VND 180 million to VND 200 million. However, individual investors are not immediately compelled to use licensed platforms. Under Resolution No. 05/2025/NQ-CP, domestic investors will be required to conduct covered crypto transactions through licensed providers only six months after the Ministry of Finance issues the first crypto asset service provider license.
Five companies have passed an initial assessment: VIX Crypto Asset Exchange, Loc Phat Vietnam Crypto Asset Exchange, Vietnam Prosperity Crypto Asset Exchange, Techcom Crypto Asset Exchange and Vietnam Digital Assets. To win approval, applicants must meet Level 4 information-system security requirements and maintain at least VND 10 trillion in paid-in charter capital, approximately $383 million. At least 65% of capital must come from institutional shareholders, and more than 35% must be provided by at least two qualifying institutions such as banks, securities companies, insurers, fund managers or technology companies.
The framework favors large financial groups over crypto startups. Reuters previously reported, citing Chainalysis, that Vietnamese investors conducted more than $200 billion in crypto transactions in the 12 months through June, much of it through overseas platforms. Licensed domestic exchanges will be required to transact in Vietnamese dong and comply with anti-money laundering, cybersecurity and data-protection rules, positioning them closer to supervised financial infrastructure.
The first Ministry of Finance license will start the six-month countdown for investors to move covered trading onshore. With five applicants still facing substantial capital and security requirements, the next development to watch is which company completes those conditions first and begins Vietnam’s transition toward a domestically regulated crypto market.
