- Vietnam has launched a new set of administrative rules to guide its crypto industry.
- The new rules comprise varying financial penalties for various offences for participants.
- Indonesia built a unique state-backed infrastructure designed to capture tax revenue.
A new law in Vietnam has imposed a penalty of up to VND 50 million, equivalent to $1,900, on crypto traders and investors who patronize unlicensed platforms. The government introduced a decree introducing administrative penalties for violations involving crypto assets.
According to Vietnam’s new law, domestic crypto investors are bound to use only platforms approved by the country’s Ministry of Finance, beginning from September 1. Defaulters will be charged and required to pay the already-mentioned penalty.
Details of Vietnam’s Crypto Laws
Other aspects of the latest decree condemn investors trading crypto assets authorised to be offered only to foreign investors with higher penalties, ranging from VND 70 million to VND 100 million, equivalent to between $2,662 and $3,803.
Besides crypto traders and investors, unlicensed service providers in Vietnam also risk administrative penalties. According to the new law, any such service provider operating or advertising crypto products and services without proper authorization will be fined between VDN 180 million and VND 200 million, equivalent to $6,845 and $7,606.
Other aspects of the new law extend to crypto asset issuers who issue crypto products to ineligible investors, operate without meeting regulatory requirements, or fail to publish a required prospectus. Those who provide information inconsistent with an approved prospectus will also face the wrath of the law.
Indonesia’s Crypto Laws Initiative
Although Vietnam has initiated its crypto law process, Indonesia remains a leader in the region regarding crypto regulation. The country is reportedly scrutinizing the crypto ecosystem to maximize its massive digital economy, prevent capital flight from local Web3 projects, and securely integrate digital wealth into its formal financial system.
Rather than banning cryptocurrency, Indonesia built a unique state-backed infrastructure designed to capture tax revenue and protect millions of domestic retail investors. The country currently boasts one of the fastest-growing crypto markets worldwide, harboring approximately 21.7 million retail crypto users, outnumbering its traditional stock market investors.
Meanwhile, the Vietnamese government stated that it plans to license no more than five crypto exchanges during the initial phase of its pilot program. According to the statement, the government wants to limit risks and assess market development before any broader rollout. One major condition is that eligible exchange operators must have charter capital of at least VND 10 trillion, equivalent to $382 million. Meanwhile, foreign investors may hold up to 49 per cent ownership in such businesses.
Related: Vietnam Plans to Officially Launch its Crypto Asset Market by Q3 2026
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