#Ministry_of_Public_Security proposes: violating digital assets could be fined up to 10 billion VND or face up to 7 years in prison!
Vietnam currently has about 17 million people owning digital assets (Chainalysis). The transaction value for the period 7/2024 - 6/2025 is estimated at 220-230 billion USD, ranking 4th in the world in terms of the adoption of digital assets in 2025.
Notable tactics:
1. Scams via fake investment projects (creating tokens, borrowing KOL images, then crashing the system).
2. Manipulating prices using BOT accounts to create artificial supply and demand.
3. Spreading malicious code and harmful QR codes to take control of wallets (typically, the Bắc Ninh police case where they prosecuted 4 individuals for taking over accounts on the Cex exchange).
4. Forging an exchange platform and financial institutions to trick victims into obtaining passwords, OTP codes, and private keys.
Regarding money laundering and tax evasion: Offenders take advantage of cross-border characteristics to split transactions, route them through multiple wallets, and legitimize illegal funds flows. For taxes, they do not declare revenue and use personal accounts to receive money. A typical example is the 777pay case and the case of Lâm Thị Ngọc Loan (Quảng Nam), who assisted in illegally transferring more than VND 8,000 billion across the border using USDT.
Legal framework: Decree 284/2026/ND-CP (effective from 1/9/2026) provides for administrative penalties for violations related to issuance, trading, and anti–money laundering. A draft amended Criminal Code proposes penalties up to VND 10 billion or 3–7 years in prison for individuals, and up to VND 20 billion for legal entities.
Recommendation:
- People: Carefully research the project and the organizers before investing; be alert to abnormally high profits; do not provide private keys, OTP codes, 2FA codes; do not scan QR codes or install apps from unknown sources.
- Businesses and organizations: Comply with tax obligations and anti–money laundering requirements; do not lend accounts or wallets for transactions with unclear origins; be cautious when mobilizing capital and promoting projects.
When detecting a violation: Preserve evidence of the transactions and immediately report to a competent police authority.
Tightening legal regulations aims to create a safe, transparent investment environment, protect genuine investors, and aligns with the spirit of Resolution 68-NQ/TW on developing the private economic sector.
Note: This is only a draft of the amended Criminal Code (currently under review by the National Assembly), not an official, effective regulation.
Source: Ministry of Public Security
