Maximum fine of 3 billion VND for organizations violating crypto assets

The Ministry of Finance and the State Securities Commission are seeking comments on the draft Decree amending and supplementing a number of articles of Decree No. 156/2020; Decree No. 128/2021 and Decree No. 158/2020 of the Government regulating administrative sanctions for violations in the field of securities and the securities market as well as the derivatives market (Amended Decree). In particular, the Ministry of Finance supplements regulations on administrative sanctions for violations related to crypto assets and the crypto asset market.

Organizations violating crypto asset transactions will be fined up to 3 billion VND as in the stock market

PHOTO: DAO NGOC THACH

The draft provides a number of regulations on prohibited acts such as using inside information to trade crypto assets; manipulating the crypto asset market... Specifically, a fine of VND 1.5 billion - VND 2 billion will be imposed on organizations providing crypto asset services or providing crypto asset issuance platforms without a license; Providing services related to crypto assets without going through a licensed service provider in Vietnam; Advertising and marketing related to crypto assets without being licensed to provide services to organize crypto asset trading markets in Vietnam. At the same time, organizations will also be fined from VND 1.5 billion to VND 2 billion for organizing crypto asset trading markets without a license...

The Decree also specifies that organizations will be fined up to VND3 billion and individuals will be fined up to VND1.5 billion for other violations in the securities sector and violations of regulations on crypto assets and the crypto asset market. Additional penalties include suspension of crypto asset service provision for 3-5 months for violating organizations. Remedial measures include forcing the return of illegal profits gained from the violation.

The maximum administrative fine in money applicable to violations in the field of crypto-assets and crypto-asset markets in the above draft is equal to the maximum fine applicable to violations in the field of securities such as acts of stock market manipulation.

According to the drafting agency, the Government 's Resolution on the pilot implementation of the crypto-asset market in Vietnam is the first legal document regulating the operation of the crypto-asset market in Vietnam. It is necessary to have regulations to handle administrative violations of violations related to crypto-asset and the crypto-asset market. However, there are currently no regulations on administrative sanctions in the Government's Decrees for violations related to crypto-asset and the crypto-asset market. Therefore, it is necessary to supplement regulations on related violations, fines, and authority to handle violations.

Source: https://thanhnien.vn/phat-tien-toi-da-3-ti-dong-to-chuc-vi-pham-ve-tai-san-ma-hoa-185250514145426216.htm