The decree specifies administrative violations, sanction forms, fine levels, and remedial measures, as well as the authority to draft violation records and impose administrative penalties regarding crypto assets and the crypto asset market in Vietnam, pursuant to Government Resolution No05/2025/NQ-CP dated September 9, 2025 on piloting the crypto asset market in Vietnam.

One notable provision is Article 9, which covers violations of regulations on crypto asset trading. It stipulates fines of VND30 million to VND50 million for domestic investors who trade crypto assets not through crypto asset service providers licensed by the Ministry of Finance as prescribed in Clause 2, Article 7 of Resolution No. 05/2025/NQ-CP.

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

As of now, no crypto asset exchange has been licensed in Vietnam. However, in March 2026, the Ministry of Finance sent an official letter to the Ministry of Public Security and the State Bank of Vietnam seeking opinions on applications for licenses to provide services of organizing the crypto asset trading market.

Five applications were deemed 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 Assets JSC.

Under Resolution No05, 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 have not yet been licensed to do so.

Vietnam currently has numerous international crypto exchanges that facilitate domestic investors to participate in investment and trading, with Binance being the most popular, followed by OKX, BingX, Bitget, Gate and MEXC.

Shortly after Resolution No05 and Decree No284 were issued, international crypto exchanges began making moves.

The first was Binance. Since March 2026, many of the exchange's employees in Vietnam have withdrawn from domestic community support groups.

At the same time, Binance posted a job listing for a general manager for the Vietnam market working remotely, prioritizing candidates with 10 years of experience. According to the job description, the general manager will oversee sales operations, financial controls, recruitment, and team management in Vietnam.

Binance sought candidates holding a Bachelor's degree in business administration or management (MBA preferred), with over 10 years of equivalent executive management experience. Additionally, the role demands deep technical knowledge, particularly in digital assets, alongside regulatory expertise and strong local stakeholder relationships.

This move is seen as an effort to build collaborative momentum and share market insights, as the crypto giant identifies Vietnam as a crucial link in its global digital asset strategy. However, there has been no official update on whether Binance has filled this executive position.

Meanwhile, another global exchange, OKX, made a surprise announcement in April 2026 regarding a strategic investment a digital asset exchange company, named CAEX.

OKX joins as a strategic partner alongside founding domestic shareholders including VPBankS, LynkiD, and HashKey Capital. OKX Ventures planned to contribute capital in April alongside other shareholders to assist CAEX in meeting the minimum charter capital requirement of VND10,000 billion (approx. 380 million USD) to participate in the Vietnamese Government's controlled digital asset trading pilot program.

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

Apart from these two companies, other exchanges such as BingX, Bitget, Gate and MEXC have yet to make any moves in response to Decree 284, which will take effect on September 1.

Experts say these exchanges may be waiting to see how the regulations unfold, and they are likely to block domestic investors once Vietnam's new legal requirements take effect.

Under Article 7, regarding violations of regulations on organizing the crypto asset trading market, a fine ranging from VND70 million to VND100 million shall be imposed on registered crypto asset service providers that fail to disclose information about the official launch date of their crypto asset services on the Ministry of Finance's website and in three consecutive issues of either an online or print newspaper, within seven working days from the date the Ministry of Finance grants the market organization service license.

Le My