- Vietnam’s crypto market enters a new enforcement phase on Sept. 1, with fines targeting unauthorized services and trading.
- Five Vietnamese exchanges passed initial assessments but still need final licenses, security certification and VND 10 trillion capital.
- Domestic investors receive six months to move trading to licensed platforms after the first exchange receives regulatory approval.
Vietnam’s crypto enforcement rules take effect Sept. 1, bringing new fines while no exchange has received a final license. According to VietnamPlus, five companies passed an initial assessment, but still need security certification and VND 10 trillion in capital. Domestic investors get six months after the first license before licensed platforms become mandatory.
Five Firms Clear the First Assessment
At the Vietnam RWA Summit 2026, officials said five companies passed the exchange assessment. They include VIX Crypto Assets Exchange JSC, Loc Phat Vietnam Crypto Assets Exchange, Vietnam Prosperity Crypto Assets Exchange, Techcom Crypto Assets Exchange and Vietnam Digital Assets JSC.
However, none has received a final license from the Ministry of Finance. Each applicant must meet Level 4 information-system security requirements and maintain VND 10 trillion, about $383 million.
At least 65% must come from institutional shareholders, while more than 35% must come from at least two qualifying organizations. According to Wu Blockchain, the group includes three bank-affiliated firms, one stockbroker and one major conglomerate.
September Fines Do Not Start Immediately
Decree No. 284/2026/ND-CP takes effect Sept. 1 and sets penalties for unauthorized services, advertising, customer identification, token issuance and investor information. It also covers anti-money-laundering controls and crypto account data.
Organizations trading outside licensed providers can face VND 30 million to VND 50 million fines. Individuals face half the organizational penalty. However, domestic investors will not automatically face these penalties on Sept. 1.
Dr. Tran Quy told VietnamPlus that the transition period starts after the first provider receives its license. Domestic investors then have six months to shift trading to licensed providers.
Resolution 05 sets the market rules
Resolution No. 05/2025/NQ-CP established the five-year pilot on Sept. 9, 2025. It allows Vietnamese companies to issue crypto assets backed by real-world assets. The framework excludes securities and fiat currencies from the tokenized asset category.
It also requires offerings, transactions and payments to use Vietnamese dong. Initially, assets can only reach foreign investors through licensed providers. Foreign ownership in licensed exchanges remains capped at 49%. Operations could begin in the third quarter of 2026, pending approval.
