Organizations violating crypto assets can be fined up to 3 billion VND

The Ministry of Finance is seeking comments on the draft decree amending and supplementing a number of regulations on administrative sanctions for violations in the field of crypto assets in the draft Decree amending and supplementing a number of articles of Decree No. 156/2020/ND-CP, Decree No. 128/2021/ND-CP and Decree No. 158/2020/ND-CP.

According to the Ministry of Finance, to ensure the implementation of the Government 's draft resolution on piloting the crypto-asset market in Vietnam, the Ministry of Finance and the State Securities Commission have studied and supplemented regulations on administrative sanctions for violations of crypto-assets and the crypto-asset market, and supplemented related contents in the dossier for drafting the decree.

According to the Drafting Committee, regarding crypto assets and the crypto asset market, the Government's resolution on piloting the crypto asset market in Vietnam is the first legal document regulating this activity in the country, so it is necessary to have regulations to handle administrative violations of the law on crypto assets and the crypto asset market.

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Organizations violating crypto assets can be fined up to 3 billion VND. Illustrative photo.

However, there are currently no regulations on administrative sanctions in Government decrees for violations of crypto assets and the crypto asset market.

Therefore, it is necessary to add specific regulations on violations, fines and handling authority to Government decrees.

Accordingly, the draft resolution supplements a number of articles regulating administrative sanctions for violations related to crypto assets and the crypto asset market.

Specifically, organizations may be fined from VND 1.5 to 2 billion if they provide crypto-asset services or provide crypto-asset issuance platforms without a license; provide services related to crypto-assets without going through a licensed service provider in Vietnam; and conduct advertising and marketing related to crypto-assets without being licensed to provide services to organize crypto-asset trading markets in Vietnam.

The organization was also fined from 1.5 to 2 billion VND for organizing a crypto asset trading market without a license.

The draft decree also clearly states that there will be a maximum fine of up to VND 3 billion for organizations and a maximum fine of up to VND 1.5 billion for individuals who commit other violations in the securities sector and violations of regulations on crypto assets and the crypto asset market.

The additional penalty is the suspension of the provision of crypto-asset services for 3-5 months for the violating organization. The remedial measure is to force the return of illegal profits gained from the violation.

In addition, crypto asset service providers may be fined from VND300 million to VND2 billion for violations such as not verifying investor identities, misleading advertising information, not separating customer crypto asset management from self-trading...

For investors, the Ministry of Finance proposed a fine of 100-200 million VND if they do not open an account and transfer their crypto assets to storage and trading at organizations licensed by this agency.

Cryptocurrency receives new news from the Ministry of Finance, ministries coordinate to prevent risksThe draft Resolution on piloting the issuance and trading of crypto assets has been submitted. In addition to signals of greater openness to crypto assets, state agencies also raise many issues to limit the negative aspects of this type.

Source: https://vietnamnet.vn/to-chuc-vi-pham-ve-tai-san-ma-hoa-co-the-bi-phat-toi-3-ty-dong-2401173.html