According to the latest proposal from the Ministry of Public Security, the legal framework for digital assets in Vietnam is being expedited. The expected fines are set to increase significantly for both individual investors and unauthorized service providers.
The Ministry of Public Security proposed raising the penalty limit to ensure deterrence, while some opinions want to tighten it even more.
For individual investors
Initial draft: fines of 10–30 million dong if transactions are not conducted through licensed organizations.
The Ministry of Public Security assesses that this level is not enough of a warning, so it proposes to raise it to 30–50 million VND for cases of intentional violations.
SSI also recommends a higher fine: 70–100 million VND.
For organizations providing cryptocurrency services.
Old regulation: fine of 100–150 million VND, along with suspension of activities for 1–3 months.
New draft: raise the maximum fine to 200 million VND.
SSI continues to propose: up to 1.5 billion VND for individuals and 3 billion VND for organizations.
Before anything, all I see are fines, the crypto community is having a tough year, I wonder if next year will be any brighter.
