FROM SEPTEMBER 1, 2026: ADMINISTRATIVE PENALTIES FOR VIOLATIONS IN THE FIELD OF CRYPTO ASSETS OFFICIALLY APPLIED

Decree No. 284/2026/ND-CP of the Government stipulating administrative penalties for violations related to crypto assets and crypto markets will officially take effect from September 1, 2026.

This is one of the notable documents in perfecting the legal framework for managing the crypto asset market in Vietnam, especially as the offering, issuance, trading, and provision of services related to crypto assets are increasingly gaining attention.

1. Penalties for violations of regulations on offering and issuing crypto assets

According to Article 6 of Decree No. 284/2026/ND-CP, organizations issuing crypto assets may be subject to various levels of penalties depending on the nature and severity of the violation.

Specifically, a fine from 70 million VND to 100 million VND shall be imposed on organizations issuing crypto assets that violate legal regulations on foreign ownership of assets underlying the issuance of crypto assets.

A fine from 100 million VND to 150 million VND shall be imposed on organizations issuing crypto assets that provide inaccurate, incomplete, or untimely information, causing misunderstanding for state management agencies, crypto asset service providers, or investors.

Notably, a fine from 150 million VND to 200 million VND shall be applied to some more serious violations, including:

• Offering or issuing crypto assets to unauthorized subjects;
• Offering or issuing crypto assets without fully meeting the prescribed conditions;
• Failing to disclose the prospectus for offering and issuing crypto assets and related documents as prescribed;
• Failing to comply with the information disclosed in the prospectus for offering and issuing crypto assets.

2. Not only issuers, but many market participants are also subject to penalties

Decree No. 284/2026/ND-CP not only focuses on crypto asset issuance activities but also establishes sanctions for many other market activities.

The groups of behaviors subject to penalties include:

• Violations of regulations on the organization and operation of crypto asset trading markets;
• Violations of responsibilities of crypto asset service providers;
• Violations of regulations on crypto asset transactions;
• Violations related to the illegal collection, storage, exchange, buying, selling, gifting, or public disclosure of crypto asset account data and information;
• Other violations as stipulated by the Decree.

The relatively specific sanctions for each group of behaviors show a trend in management shifting from building a legal framework to strengthening supervision mechanisms and handling actual violations.

3. What should businesses and investors be aware of?

With Decree No. 284/2026/ND-CP taking effect from September 1, 2026, organizations and businesses involved in issuing, providing services, or trading crypto assets need to pay special attention to compliance requirements.

For issuing organizations, meeting issuance conditions and ensuring the accuracy, completeness, and transparency of disclosed information are issues that need to be strictly controlled.

For crypto asset service providers, it is necessary to review operational procedures, transactions, information management, and account data to limit the risk of violations.

For investors, the establishment of a specific administrative penalty mechanism for the market also requires greater caution when participating in crypto asset offering, issuance, and trading activities.

OPLAW – Legal Update

The official effectiveness of Decree No. 284/2026/ND-CP from September 1, 2026 marks a significant step forward in building a management and supervision mechanism for the crypto asset market in Vietnam.

Businesses currently operating or planning to enter this field should proactively review operating conditions, issuance-transaction procedures, information disclosure obligations, and data management mechanisms to ensure compliance and limit legal risks.

Source: Decree No. 284/2026/ND-CP of the Government.

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