Decree No. 284, which introduces administrative penalties for violations involving crypto assets and the crypto asset market, will take effect on September 1, potentially marking the end of unlicensed crypto exchanges operating in Vietnam.

The Government has issued Decree No. 284/2026/ND-CP on administrative penalties for violations involving crypto assets and the crypto asset market, with the regulation taking effect from September 1.

One of the decree’s most notable provisions is Article 9, which addresses violations of crypto asset trading regulations. Domestic investors who trade crypto assets without using a crypto asset service provider licensed by the Ministry of Finance, as required under Clause 2, Article 7 of Resolution No. 05/2025/NQ-CP, face fines ranging from VND30 million to VND50 million.

This means that from September 1, crypto investors will be required to conduct transactions through exchanges licensed in Vietnam.

So far, no crypto asset exchange has been licensed in the country. However, in March 2026, the Ministry of Finance sent documents to the Ministry of Public Security and the State Bank of Vietnam seeking their opinions on applications for licenses to provide crypto asset market services.

Five applications were assessed as valid: VIX Crypto Asset Exchange JSC; Loc Phat Vietnam Crypto Asset Exchange JSC; Vietnam Prosperity Crypto Asset Exchange JSC; Techcom Crypto Asset Exchange JSC; and Vietnam Digital Asset JSC.

Under Resolution No. 05, only organizations registered as Vietnamese enterprises and established and operating under the Law on Enterprises are eligible to participate in Vietnam’s pilot crypto asset market. Foreign organizations are currently not eligible to receive licenses.

Vietnamese investors currently have access to numerous international crypto exchanges. Binance is the most popular, followed by platforms including OKX, BingX, Bitget, Gate and MEXC.

Following the issuance of Resolution No. 05 and Decree No. 284, signs of change have already emerged among international crypto exchanges.

Binance was among the first. Since March 2026, many of its employees in Vietnam have withdrawn from local community support groups.

During the same period, the exchange advertised for a Vietnam country general manager, a remote position for which it preferred candidates with 10 years of experience.

According to the job description, the general manager would be responsible for overseeing sales operations, financial control, recruitment and team management in Vietnam.

Binance said it was seeking candidates with a bachelor’s degree in business administration or management, with an MBA preferred, as well as more than 10 years of experience in an equivalent senior management position.

Candidates were also expected to possess in-depth technical knowledge, particularly of digital assets, as well as legal experience and strong relationships with relevant stakeholders in Vietnam.

Binance’s move has been seen as an effort to strengthen cooperation and share experience in developing Vietnam’s crypto market, as the global exchange views the country as an important link in its strategy to expand and promote digital assets worldwide.

However, there has been no update so far on whether Binance has filled the Vietnam general manager position.

Another international exchange, OKX, made a notable move in April 2026 when it announced a “strategic investment” in Vietnam Prosperity Digital Asset Exchange JSC, or CAEX.

“OKX is participating as a strategic partner alongside domestic founding shareholders VPBankS and LynkiD, together with HashKey Capital,” according to the announcement.

Under the plan, OKX Ventures was to invest alongside other shareholders in April, helping CAEX meet the minimum charter capital requirement of VND10 trillion to participate in the Vietnamese Government’s controlled digital asset trading pilot program.

OKX aims to support the exchange across infrastructure, compliance, security, risk management and liquidity, helping CAEX scale sustainably and responsibly within Vietnam’s evolving regulatory framework.

Apart from these two exchanges, other international platforms such as BingX, Bitget, Gate and MEXC have so far made no notable moves ahead of Decree No. 284 taking effect on September 1.

Experts say these exchanges may still be monitoring developments and could ultimately block Vietnamese investors once the country’s new regulations come into force.

Le My