😱 Vietnam🇻🇳: Ministry of Finance introduces penalties for retail trading on offshore cryptocurrency exchanges

😱 Vietnam🇻🇳: Ministry of Finance introduces penalties for retail trading on offshore cryptocurrency exchanges

The measure is intended to encourage the use of domestically authorized platforms. The new policy will take effect alongside Vietnam's digital asset regulatory framework, which is scheduled to enter into force on September 1.

▶️ Individual traders may face fines of up to USD 1,900.

▶️ Vietnamese investors trading cryptoassets intended exclusively for foreign counterparties may be fined up to USD 3,800.

▶️ Cryptocurrency companies may also face penalties of up to USD 7,600 if they:

▶️ provide or advertise services without a license.

▶️ fail to implement adequate customer identification (KYC) procedures.

▶️ unlawfully process cryptocurrency account data.

▶️▶️ Context: Vietnam's regulator has not yet issued operating licenses for exchanges that will participate in the country's regulated digital asset market. Reports indicate that five exchanges have received preliminary approval, although their identities have not been disclosed and such approval does not constitute a full operating license. As a result, most foreign cryptocurrency exchanges currently remain outside the country's licensing framework.

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