Many experts in finance, law, and blockchain technology are proposing the addition of criminal penalties for cryptocurrency trading on unlicensed exchanges, as the Vietnamese Ministry of Finance seeks feedback on a draft decree on administrative penalties for violations in the field of crypto assets. This is XEM as an important step to tighten the management of the crypto market, which has developed rapidly but also harbors many risks related to taxation, money laundering, and financial security.
According to the feedback, in addition to the current administrative penalties in the form of fines, consideration should be given to criminal liability for individuals or organizations that intentionally participate in or organize large-scale cryptocurrency transactions on markets outside the scope of state management. These activities often take place in the form of OTC transactions, black markets, or through unlicensed crypto exchange , with the aim of concealing money flows, evading taxes, or legitimizing illegal funds.
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Lawyer Vo Trung Tin, Vice President of the Ho Chi Minh City Blockchain Association, believes that simply imposing fines is insufficient to deter such behavior. He argues that repeated intentional violations and the organization of illegal digital asset transactions involving large sums of money should be XEM as criminal offenses, potentially leading to criminal prosecution. This would not only align with international practice but also accurately reflect the seriousness of abusing crypto for illicit purposes.
In fact, many countries have been tightening their controls on unlicensed exchanges. After President Donald Trump won the election in late 2024 and officially returned to the White House, the US government also sent clearer signals about classifying digital assets, requiring trading platforms to strictly comply with regulations on registration, tax reporting, and anti-money laundering. This shows that the global trend is leaning towards bringing the crypto market under a clear legal framework instead of allowing it to develop freely as in the previous period.
