The Ministry of Finance and the State Securities Commission are soliciting public opinion on a new draft Decree on administrative sanctions for violations in the field of crypto assets. This is XEM an important step in the process of perfecting the legal framework for the digital asset market in Vietnam - a field that has grown strongly but has not had a unified legal corridor for many years.
According to the draft, violations will be subject to warnings or fines of up to VND200 million for organizations and VND100 million for individuals. One of the contents that has attracted much attention is the regulation on penalties for domestic investors conducting "illegal" transactions, that is, buying and selling cryptocurrencies without going through organizations licensed by competent authorities. For this behavior, the expected fine ranges from VND10 to VND30 million. The provision of clear sanctions for cryptocurrency transactions is XEM an effort to limit risks for investors, while creating a foundation for a more transparent trading environment in the future.
A special point in the draft is the provision to transfer the case to the criminal prosecution agency if signs of crime are detected. This means that acts of fraud, illegal Capital mobilization, ponzi scheme organization or market manipulation through crypto assets can be prosecuted criminally, instead of just stopping at the administrative penalty level as before.
In Vietnam, the increasing number of crypto projects operating in a non-transparent manner, along with the situation of individual investors trading through foreign platforms, has made the need for management more urgent than ever. Many experts believe that the issuance of the Decree on penalties will not only help prevent risks and legal loopholes, but also create a premise for the State to move towards building an official crypto asset market, where businesses can apply for operating licenses and investors are better protected.
