The Ministry of Finance is seeking opinions on a draft amendment to administrative violation penalties in the securities and Capital market, which for the first time proposes a specific sanction for the crypto asset market - an area that currently lacks a specific penalty framework.
According to the draft, individuals owning crypto assets will be fined from 100 to 200 million dong if they fail to open an account and transfer all crypto assets to custody and trading at organizations licensed by the Ministry of Finance. This is a move to tighten management and limit risks arising from crypto asset transactions on uncontrolled platforms.
Along with this regulation, the draft also addresses penalties for market manipulation of crypto assets - including using multiple accounts to create artificial supply and demand, spreading false information, or colluding in unrealistic transactions. The proposed fines for these actions range from 1.5 to 2 billion dong. For crypto asset service providers, fines can reach 2 billion dong and operations may be suspended for 3 to 5 months if violations occur, such as failing to verify customer identity, making misleading advertisements, or not separating customer assets from company assets.
Crypto assets are defined in the draft as digital assets using encryption technology or equivalent digital technical technology to confirm ownership throughout the issuance, storage, and transfer process.
Previously, the Ministry of Finance also submitted a draft Resolution to the Government on piloting the issuance and trading of cryptocurrencies in Vietnam, and proposed establishing a coordination mechanism with the State Bank and Ministry of Public Security to supervise exchanges operating within this pilot framework. These moves indicate that Vietnam is gradually moving towards building a managed digital asset ecosystem that aligns with global development trends while ensuring financial safety and protecting investors.
