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Vietnam to fine retail crypto users up to $1,900 for offshore trades
Penalties will also apply to activities tied to unlicensed crypto services and improper customer identification, with company fines reaching up to $7,600, while Vietnam’s regulated exchange market is slated to begin September 1.
Vietnam will impose fines of up to $1,900 on retail users who trade crypto on unlicensed overseas platforms such as Binance, OKX, and Bybit, instead of using licensed local exchanges, according to Cointelegraph.
The outlet notes that Vietnam’s Finance Ministry has not yet issued any exchange licenses, even though the regulated digital asset market is scheduled to start on September 1, with five exchanges approved in principle.
Cointelegraph also reports higher penalties for domestic investors who trade crypto designated exclusively for foreign investors, with fines up to $3,800, and for crypto companies that provide or advertise services without a license, fail to properly identify customers, or unlawfully handle crypto account data, with fines up to $7,600.
In a separate Asia-focused item, Cointelegraph mentions a controversy involving Malaysia’s Network School and claims it may have been hosting Israeli citizens through second passports, alongside an investigation into compliance with related business and immigration rules.