Vietnam has decreed administrative penalties for use of unlicensed cryptocurrency platforms, adding an enforcement framework to the country’s upcoming regulated market.

Decree No. 284/2026/NĐ-CP, issued on July 16, imposes fines of up to 50 million Vietnamese dong ($1,900) on investors who trade through unlicensed platforms, with fines of up to 200 million dong ($7,700) for unauthorized crypto offerings and serious anti-money laundering (AML) violations.

The rules also authorize authorities to suspend crypto-related activities, revoke licenses and confiscate assets.

The decree takes effect on Sept. 1.

Vietnam opened license applications for domestic crypto exchanges in January. Deputy Finance Minister Nguyen Duc Chi said in May the market could see its first regulated activities begin in the third quarter .

Vietnam ranked fourth globally in Chainalysis’ 2025 Global Crypto Adoption Index. Chainalysis separately estimated Vietnamese traders moved more than $220 billion in digital assets between July 2024 and June 2025.