The Ministry of Finance and the State Securities Commission are seeking public input on a draft decree outlining administrative penalties for violations in the cryptocurrency asset and market sector.
Offenders may face warnings or fines, with maximum penalties of 200 million VND for organizations and 100 million VND for individuals. Depending on the severity, violators could also face license suspension for 1-6 months or a halt to token issuance and service provision for 1-12 months.
Cases with criminal indications will be forwarded to the appropriate authorities for prosecution.
Domestic investors trading crypto assets without licensed service providers may incur fines of 10-30 million VND.
For violations related to token offerings and issuance, the Ministry proposes fines of 70-180 million VND for actions such as violating foreign ownership regulations, providing incomplete information to regulators, or failing to fulfill prospectus commitments.
The harshest penalties, ranging from 180-200 million VND, are reserved for issuing tokens to ineligible parties, issuing without meeting conditions, or failing to disclose required information.
Individuals trading crypto assets outside licensed platforms may face fines of 10-30 million VND.
Organizations violating market regulations could be fined up to 200 million VND for activities like operating without a license, unauthorized marketing, or deviating from licensed service provisions.
Service providers may face 100-150 million VND fines for failures such as inadequate customer asset segregation, insufficient transaction monitoring, non-compliance with reporting obligations, or security breaches.
Foreign investors risk 30-100 million VND fines for unauthorized account usage or misreporting transaction details.
Enforcement authority rests with multiple bodies, including the State Securities Commission, Economic Security Bureau, Cybercrime Investigation Agency, State Bank of Vietnam, and provincial People’s Committees.
Proposed Maximum Fine of VND 200 Million for Cryptocurrency-Related Violations
The draft decree on administrative penalties in the field of cryptocurrency and cryptocurrency markets proposes a maximum fine of 200 million VND for organizations found guilty of violations.
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