New Decree Targets Offshore Trading

Vietnam's government issued Decree No. 284/2026/NĐ-CP on July 16, introducing administrative penalties designed to channel crypto activity onto domestically licensed platforms. The rules take effect on September 1 and form part of a broader five-year pilot program for a regulated digital asset market.

Under the decree, domestic investors trading crypto on service providers not approved by the Ministry of Finance face fines ranging from VND 30 million to VND 50 million, approximately $1,140 to $1,900. Those engaging in transactions involving assets designated exclusively for foreign investors could incur higher penalties of up to VND 100 million, or about $3,800.

Penalties for Providers and Compliance Failures

The regulations extend beyond individual traders to service providers, advertisers, and token issuers. Companies operating or promoting crypto services without proper authorization risk fines of VND 180 million to VND 200 million (roughly $6,800 to $7,600). Failures in customer identity verification carry penalties of VND 50 million to VND 70 million.

Additional sanctions address data handling violations, including unauthorized collection, storage, or disclosure of crypto account information. Authorities may also suspend operations, confiscate assets, or order the return of funds in certain cases.

Licensing Pipeline Underway

No crypto exchange licenses have been issued yet, even as the September effective date approaches. The Ministry of Finance has identified five applicants with complete initial applications: VIXEX, Vietnam Digital Asset Corporation, CAEX linked to VPBank, SCEX, and TCEX linked to Techcombank.

These candidates must meet stringent requirements, including minimum charter capital of VND 10 trillion (about $380 million) and foreign ownership limits of 49 percent. Officials have indicated that the first regulated market activities could begin in the third quarter of 2026. A six-month grace period following the issuance of the initial license is expected before full enforcement of penalties on offshore trading.

Context of High Crypto Adoption

The move comes as Vietnam maintains a prominent position in global crypto markets. The country ranked fourth in Chainalysis’ 2025 Global Crypto Adoption Index, with digital asset transaction volumes exceeding $200 billion in the 12 months through June 2025. Activity spans trading, remittances, savings, and gaming.

The pilot program seeks to formalize this sector under local oversight, with crypto assets required to be issued, traded, and settled in Vietnamese dong. The framework builds on earlier efforts to review and restrict cross-border trading while domestic institutions prepare to compete.

The decree replaces an earlier draft with adjusted penalty levels and provides regulators with tools to enforce compliance as the licensed market develops.