The government has issued Decree 284, introducing administrative penalties for violations involving crypto assets.

The decree, effective from Sept. 1, marks the first time Vietnam has imposed penalties on domestic investors who trade crypto assets outside service providers licensed by the Ministry of Finance.

Under the new rules, individuals trading crypto assets through organizations that have not been licensed by the ministry will face fines of between VND30-50 million.

Investors trading crypto assets that are authorized to be offered only to foreign investors could face higher penalties, ranging from VND70-100 million.

The decree also sets penalties for crypto service providers. Companies that fail to verify customers’ identities when…