Crypto News Today: Vietnam’s 17 Million Crypto Users Face New Licensing Crackdown

Vietnam’s new crypto enforcement regime takes effect September 1, introducing fines of 30-50 million VND ($1,140-$1,900) for domestic investors caught using unlicensed trading platforms, according to Decree No. 284/2026/ND-CP. The penalties mark the first enforcement teeth attached to a five-year regulatory pilot that began in September 2025 and is designed to run through 2030.

Five Companies Cleared the First Hurdle, None Are Crypto-Native

Five firms have passed Vietnam’s initial licensing assessment. 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. According to Wu Blockchain, the group breaks down as three bank-affiliated firms, one stockbroker, and one major conglomerate, with zero crypto-native companies represented among the initial approvals.

To move from initial clearance to a full operating license, each firm must meet two additional requirements set by Vietnam’s Ministry of Finance:

• Level 4 information system security certification
• Minimum charter capital of VND 10 trillion, roughly $383 million

A Framework Built on Tokenized Real-World Assets

The regulatory structure traces back to Government Resolution No. 05/2025/NQ-CP, signed September 9, 2025. Under the pilot, every tokenized asset traded on a licensed platform must be backed by a real-world asset and issued by a Vietnamese entity. Securities and fiat currencies are explicitly excluded from the tokenized asset category, and all settlements must be conducted in Vietnamese Dong.