Proposed Maximum Fine of VND 200 Million for Cryptocurrency Asset Violations

The Ministry of Finance and the State Securities Commission are seeking feedback from organizations and individuals on the draft Decree outlining penalties for administrative violations in the field of cryptocurrency and the cryptocurrency market.

Violations in the Cryptocurrency Sector

The draft Decree specifies administrative violations, penalties, remedial measures, enforcement procedures, and authorities responsible for documenting and penalizing infractions within the cryptocurrency and its market.

These violations encompass:

Breaches in cryptocurrency issuance and offering regulations; Non-compliance with cryptocurrency exchange market organization rules; Failure to meet obligations by cryptocurrency service providers; Violations related to foreign investors’ fund transfers.

Additionally, it addresses non-compliance with anti-money laundering, terrorism financing, and proliferation financing measures in the cryptocurrency sector, along with other infractions.

Fines Up to 200 Million VND

For each administrative violation, individuals or organizations may face either a warning or a monetary fine.

The maximum fine is 200 million VND for organizations and 100 million VND for individuals. If an individual commits an offense typically associated with organizations, the fine is halved.

Depending on the severity, additional penalties or remedial actions may apply, including:

Temporary suspension of cryptocurrency exchange service licenses; Halting cryptocurrency issuance or exchange services; Mandating information correction or disclosure.

Other measures involve ensuring accurate data submission, surrendering illicit gains, and disabling platforms or tools used in violations.

For instance, Chapter II, Article 10, proposes penalties for foreign investors’ fund transfer violations.

Fines range from 30 to 50 million VND for non-compliance with transaction account regulations as per Resolution 05/NQ-CP (September 9, 2025).

Violations regarding document authenticity or transaction reporting incur fines of 70 to 100 million VND.

Banks facilitating non-compliant accounts face similar penalties for failing to meet obligations outlined in Resolution 05/NQ-CP.

Authority for Administrative Penalties

A dedicated chapter outlines authorized officials for penalties, including those from finance, police, banking sectors, and provincial leaders, based on Decree 189/2025/NĐ-CP.

It establishes jurisdiction principles and procedures for suspending cryptocurrency activities, remedial actions, and publicizing penalties.

For example, Chapter III, Article 12, grants officials like Finance Directors and Securities Inspectors the authority to issue warnings, impose fines up to 160 million VND for organizations and 80 million VND for individuals, suspend licenses, and halt cryptocurrency activities for up to a year.