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| Unauthorised advertising or marketing, unlicensed operations, or non-compliance with licensed business scopes would attract fines of VND 70–200 million__Photo: VNA |
Individuals trading digital assets on unlicensed platforms could face fines of up to VND 30 million (USD 1,180), under a draft decree on administrative penalties in the crypto asset sector recently published by the Ministry of Finance for public comment.
The draft decree also sets out penalties for organisations, which could be fined up to VND 200 million, while individuals may face up to VND 100 million for market violations. Depending on the severity of the breach, service providers could have their licences revoked for one to six months or have issuance and offering activities suspended for up to 12 months.
The Ministry of Finance proposes fines of VND 70–200 million for breaches relating to foreign ownership regulations, inaccurate or misleading disclosures, or failure to provide timely information to regulators. The heaviest penalties would target offerings made to ineligible investors, insurances that fail to meet requirements, or omissions of required information.
Domestic individual investors trading on unlicensed platforms could face fines ranging from VND 10 million to VND 30 million. Unauthorised advertising or marketing, unlicensed operations, or non-compliance with licensed business scopes would attract fines of VND 70–200 million.
Foreign investors could be fined VND 30–100 million for violations relating to fund transfers or inaccurate declarations of digital-asset transactions in Vietnam. Service providers failing to conduct identity verification when investors open accounts may face fines of VND 50–70 million.- (VNS/VLLF)
