The Vietnam State Securities Commission has published an overview of a draft government decree that would set out administrative offences and sanctions for activity involving crypto assets and Vietnam’s pilot crypto-asset market. The draft is intended to support enforcement during the pilot phase and once the market becomes operational under the Government’s pilot framework. The draft decree defines categories of violations covering crypto-asset offerings and issuance, organisation of crypto-asset trading markets, obligations of crypto-asset service providers, foreign investors’ money transfers, and anti-money laundering, counter-terrorist financing and proliferation financing controls, alongside other breaches. Primary sanctions would be a warning or a fine, with maximum fines of VND 200 million for organisations and VND 100 million for individuals, and individuals fined at half the organisational level where the same violation is committed. Depending on severity, additional sanctions and remedial measures would include time-limited withdrawal of the right to use relevant licences, time-limited suspension of offerings/issuance or market-service activities, mandatory correction, removal or publication of information, mandatory provision of accurate and complete information, disgorgement of illegal gains, and removal or partial or full shutdown of websites, software, trading systems and other devices used to commit the violation. A dedicated chapter allocates sanctioning and record-making powers across officials in the finance sector (including SSC inspection and leadership roles), the police, banking authorities, provincial finance departments and provincial-level People’s Committees, and sets principles for dividing jurisdiction, applying suspensions and remedial measures, and publicly disclosing sanctions.

Original source View in tracker