According to the latest proposal from the Ministry of Public Security, the legal framework for cryptocurrency in Vietnam is being expedited. The expected fines are significantly increasing for both individual investors and entities providing illegal services.
The Ministry of Public Security proposed raising the maximum fine to ensure deterrence, while some opinions want to tighten it even more.
For individual investors
Initial draft: fines of 10–30 million dong if transactions are not conducted through licensed organizations.
The Ministry of Public Security assesses that this level is not enough warning, so it proposes to raise it to 30–50 million dong for cases of intentional violation.
SSI also recommends a higher fine: 70–100 million dong.
For organizations providing cryptocurrency services
Old regulation: fine 100–150 million dong, along with a suspension of activities for 1–3 months.
New draft: raise the maximum fine to 200 million dong.
SSI continues to propose: a maximum of 1.5 billion dong for individuals and 3 billion dong for organizations
Nothing yet and all we see is fines, crypto folks are having a tough year, I wonder if next year will be any better.