**Vietnam: Crypto trading on unlicensed exchanges may be fined up to 50 million VND from 1/9/2026**
The Government has just issued Decree 284/2026/ND-CP, effective from 01/09/2026, setting out detailed regulations on administrative penalties for violations in the field of digital assets.
Notable fine levels for individuals include:
* **30 – 50 million VND:** Conducting transactions on platforms that have not been licensed.
* **70 – 100 million VND:** Conducting transactions involving products reserved only for foreign investors.
* **Additional penalties:** Confiscation of illicit proceeds; suspension of operations or revocation of licenses for violating organizations.
**Bottleneck in the implementation roadmap**
The new regulations are sparking many discussions in the investment community due to overlap in timing between legal documents:
* Under Resolution 05/2025/NQ-CP, investors will have a **6-month transition period** to transfer assets to a lawful exchange from the time the first crypto trading platform in Vietnam is licensed.
* However, Decree 284/2026/ND-CP sets the start of enforcement and penalties for **01/09/2026**, while currently no exchange has been officially licensed.
This discrepancy requires relevant authorities (the Ministry of Finance, the State Securities Commission) to soon issue specific guidance documents to clarify the transition roadmap for domestic investors.
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