Vietnam Rolls Out New Crypto Laws in Pilot Program, Following Indonesia’s Footsteps
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Vietnam has launched administrative crypto rules that impose fines up to VND 50 million (about $1,900) for trading on unlicensed platforms. From September 1 domestic investors must use platforms approved by the Ministry of Finance and face varying administrative penalties under a pilot decree. The move follows Indonesia’s creation of state backed infrastructure to capture crypto tax revenue and signals rising regulatory and compliance pressure on crypto, DeFi, CEX and DEX activity that could curb adoption.
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- 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 trad…
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