Vietnam’s new cryptocurrency enforcement regime will take effect on September 1, introducing fines of VND 30 million to VND 50 million ($1,140-$1,900) for domestic investors who use unlicensed crypto trading platforms. The penalties are established under Decree No. 284/2026/ND-CP and represent the first enforcement measures linked to the country’s five-year crypto regulatory pilot, which began in September 2025 and is scheduled to run through 2030.
Five Companies Pass Vietnam’s Initial Crypto Licensing Assessment
Five companies have cleared Vietnam’s initial licensing assessment: VIX Crypto Assets Exchange JSC, Loc Phat Vietnam Crypto Assets Exchange, Vietnam Prosperity Crypto Assets Exchange, Techcom Crypto Assets Exchange, and Vietnam Digital Assets JSC.
According to Wu Blockchain, the group consists of three bank-affiliated companies, one stockbroker, and one major conglomerate. No crypto-native company is included among the initial approvals.
Before receiving full operating licenses, each company must satisfy two additional requirements set by Vietnam’s Ministry of Finance:
- Obtain Level 4 information system security certification
- Maintain minimum charter capital of VND 10 trillion, or approximately $383 million
Vietnam’s Crypto Framework Focuses on Tokenized Real-World Assets
The regulatory framework is based on Government Resolution No. 05/2025/NQ-CP, signed on September 9, 2025. Under the pilot program, every tokenized asset traded on a licensed platform must be backed by a real-world asset and issued by a Vietnamese entity.
Securities and fiat currencies are expressly excluded from the definition of tokenized assets. All transactions must also be settled in Vietnamese dong.
Foreign investors will receive market access first. Domestic investors will not be required to trade exclusively through licensed platforms until six months after the Ministry of Finance issues its first exchange license. None of the five companies has yet reached that stage.
Other rules under the framework include:
- Foreign ownership in any licensed exchange is capped at 49%
- No exchange license had been issued as of the report
- Operations could begin as early as the third quarter of 2026, subject to final approval
Why Vietnam’s Crypto Penalties Matter
Vietnam currently ranks among the world’s top seven countries for cryptocurrency adoption. An estimated 17 million people hold crypto assets in the country, with most trading through platforms that lack formal domestic licenses.
When the September 1 penalty regime takes effect, those users will face a choice: move to licensed platforms once they become available or continue trading in a market where activity outside the approved framework is explicitly classified as illegal.
