Vietnam sets $1,900 fines for unlicensed crypto trading as five exchanges clear first licensing hurdle

Starting September 1, Vietnamese crypto investors who use exchanges or service providers without a government license will face fines of VND 30 million to 50 million, roughly $1,140 to $1,900, under Decree No. 284/2026/ND-CP, issued by Hanoi in July.

The decree sharpens enforcement nearly a year into a five-year pilot program that began in September 2025 under Government Resolution No. 05/2025/NQ-CP, and arrives as five companies, none of them crypto-native, clear the first stage of licensing to operate in the regulated market.

Five firms advance under Vietnam crypto regulation

Five companies have cleared the initial licensing assessment for participation in the regulated market: 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.

The group reflects the institutional character of the emerging market. According to the supplied report, three applicants are affiliated with banks, one is a stockbroker and one is linked to a major conglomerate. Notably, none of the five is a crypto-native company.

However, passing the initial assessment does not amount to a full operating license. The applicants must still satisfy additional requirements set by Vietnam’s Ministry of Finance before they can begin operating as licensed providers.

Among the conditions is Level 4 information system security certification, alongside a minimum charter capital requirement of VND 10 trillion, or about $383 million. Foreign ownership of licensed exchanges is capped at 49%. These requirements are consistent with the broader licensing framework established under Resolution No. 05.

The high capital threshold could significantly shape the competitive landscape. Rather than opening the market to a large number of crypto-focused startups, Vietnam crypto regulation is creating a framework in which established financial institutions and heavily capitalized companies are better positioned to qualify.

The structure also reflects the government’s decision to limit the number of operators during the initial phase. Vietnamese state-linked reporting has said the pilot is designed to test the market while keeping risks under control.

Tokenized assets sit at the center of the framework

Vietnam’s regulatory model goes beyond simply licensing crypto exchanges. The pilot framework also establishes rules for tokenized assets, requiring eligible assets to be backed by real-world assets and issued by Vietnamese entities.

Securities and fiat currencies are excluded from the tokenized asset category. Transactions and settlements under the framework must be conducted in Vietnamese dong. VietnamPlus, citing the government resolution, reported that eligible digital assets must be backed by real underlying assets and that their issuance, trading and settlement are subject to the pilot’s requirements.

The structure also gives foreign investors priority during the initial stage of the pilot. Domestic investors are not required to trade exclusively through licensed platforms until six months after the Ministry of Finance issues its first exchange license, according to the supplied story.

That distinction matters because, despite the September 1 effective date of Decree No. 284, the transition toward mandatory licensed trading is tied to the licensing timetable. As of the report, none of the five applicants had received a full exchange license.

The framework therefore combines market opening with tight institutional controls. Vietnam crypto regulation allows a regulated market to develop while limiting who can operate the infrastructure and how tokenized assets can be issued and traded.

Vietnam’s 17 million crypto users face a new choice

The scale of the challenge becomes clearer when measured against Vietnam’s crypto adoption. Government reporting based on international data estimated that approximately 17 million Vietnamese people owned crypto assets, placing the country seventh globally by number of crypto holders in 2025. Chainalysis data cited by the Vietnamese government also estimated crypto transaction value at $220 billion to $230 billion between July 2024 and June 2025.

That makes Vietnam crypto regulation more than a licensing exercise. It is a policy shift affecting a substantial existing market and a large population accustomed to accessing crypto through platforms that may not fit the new domestic framework.

The government’s pilot is intended to bring that activity into a controlled system. Resolution No. 05/2025/NQ-CP states that the market should operate on principles including caution, control, transparency, efficiency and protection of participants’ lawful rights.

Vietnam crypto regulation is therefore entering a decisive stage. The country is moving from a five-year pilot designed to establish the legal and institutional foundations of a digital-asset market toward a system where participation increasingly depends on licensed infrastructure.

With five firms progressing through the licensing process but no full exchange license issued at the time covered by the report, the next phase will determine whether Vietnam can build a regulated crypto market capable of absorbing its millions of existing users without pushing activity further outside the formal system.