Vietnam proposes fines for unlicensed digital asset platforms

Techub News, according to Techinasia, Vietnam's Ministry of Finance has released a draft decree for public comment, proposing fines for individuals and organizations trading digital assets on unlicensed platforms. Individuals could face fines of up to 30 million VND ($1,200), while organizations could be fined up to 200 million VND ($7,584) for violations related to digital asset transactions. The draft also stipulates fines ranging from 70 million VND ($2,654) to 200 million VND ($7,584) for violations such as breaching foreign ownership rules, providing misleading disclosures, or failing to report information to regulators. Issuing products to ineligible investors, insurance non-compliance, and failure to disclose information as required will face the most severe penalties. Domestic individuals using unlicensed platforms may be fined from 10 million VND ($379) to 30 million VND ($1,138). Fines for unauthorized advertising, unlicensed business activities, and operating beyond the licensed scope can reach up to 200 million VND ($7,584). Foreign investors violating fund transfer regulations or making false transaction declarations will face fines of up to 100 million VND ($3,815). Service providers failing to verify investor identities may be fined from 50 million VND ($1,900) to 70 million VND ($2,680).