You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

July 27, 2026

Vietnam’s New Crypto Sanctions to Impact Offshore Exchanges

Subscribe to Updates

A new decree on penalties for violations related to the crypto asset market creates compliance risks for offshore crypto asset exchanges in Vietnam that do not hold, and practically cannot obtain, a Vietnamese license, and for Vietnamese users who continue to transact on those platforms.

Decree No. 284/2026/ND-CP (Decree 284), issued by the government of Vietnam on July 16, 2026, formally establishes an administrative penalty framework for violations related to crypto assets and the crypto asset market. The decree takes effect on September 1, 2026, and will remain in force for the duration of the five-year pilot program under Resolution No. 05/2025/NQ-CP, which is scheduled to end in September 2030.

Direct Penalties on Vietnamese Users

The most immediate commercial risk to offshore platforms is that their Vietnamese users now face direct personal liability for using their exchanges. Vietnamese users who trade crypto assets outside of a Ministry of Finance-licensed service provider face fines of up to VND 50 million (approximately USD 1,900). Vietnamese users trading in crypto assets that are offered or issued to foreign users face higher penalties of up to VND 100 million (approximately USD 3,800).

It is expected that Vietnamese users will be more willing to migrate away from offshore platforms now that there is a risk of real enforcement against them.

Penalties on Unlicensed Service Providers

Violations of providing crypto asset services or advertising crypto-related services without a license face fines of up to VND 200 million (approximately USD 7,700). Operating a crypto asset trading market without proper authorization falls within the same highest penalty bands.

Organizations that violate issuance, provision, or disclosure rules may face fines of up to VND 200 million.

Although the maximum administrative fine per violation is capped at VND 200 million for organizations and VND 100 million for individuals, these are per-violation caps, and repeated violations are treated as aggravating circumstances, allowing authorities to escalate penalties within statutory ranges.

Supplementary Sanctions and Remedial Measures

Beyond monetary fines, Decree 284 empowers authorities to impose a range of supplementary and corrective measures that can cause significantly more operational harm to an offshore exchange than the headline fines alone. These include:

  • Temporary suspension of activities for defined periods (more applicable to unlicensed local exchanges)
  • Disgorgement of unlawful gains derived from noncompliant activities
  • Confiscation of assets used in or connected to violations
  • Orders to remove, suspend, or rectify noncompliant platforms, systems, or information
  • Mandatory corrective disclosures
  • Orders requiring the return of investor funds

With the maximum per-violation administrative fine for organizations set at approximately USD 7,700, the fines themselves could be viewed as modest by global standards. However, there is a greater potential for risk due to user attrition, platform blocking, banking channel closure (as Vietnamese banks gain explicit grounds to refuse transactions), disgorgement of profits from serving Vietnamese users without authorization, and criminal referral for AML violations and unlicensed operations. Additionally, an enforcement action by Vietnamese authorities may attract scrutiny from regulators in the exchange’s home jurisdiction or other markets where it operates.

Outlook

Decree 284 takes effect on September 1, 2026. All Vietnamese users must migrate their trading activities to licensed local exchanges within six months after the first local exchange is licensed or face penalties. Offshore exchanges should get ahead of this and plan accordingly.

Related Professionals

Industries

Fintech

Technology

Practices

Banking and Finance

Location

RELATED INSIGHTS​ 

April 21, 2026
Thailand’s Personal Data Protection Committee (PDPC) has launched a public consultation period on a draft notification setting out criteria for data subject access requests (DSARs). The draft notification addresses practical uncertainties in handling DSARs by introducing standardized procedural requirements for data controllers. The consultation period runs from April 16 to May 15, 2026. The notification will enter into force 30 days from the date of its publication in the Government Gazette. Key Features of the Draft Notification The draft notification covers the following key areas: Scope of information subject to access. Data controllers must enable data subjects to access at least the following upon request: (1) personal data collected directly from them; (2) personal data obtained from other sources; and (3) the source of personal data obtained from other sources without consent. Information required under section 23 of the PDPA and information that must be recorded pursuant to section 39 of the PDPA—such as the categories of personal data collected and purposes of processing—must also be made available. Submission channels and formal requirements. Data controllers must provide at least in-person and postal channels for DSARs, while electronic or other channels are optional. Requests may be made either directly by the data subject or through an authorized representative, and must be signed and include sufficient identifying information, a preferred response method, and DSAR details. Identity verification documents (and proof of authority if the request is through a representative) are required, and additional documentation may be requested for verification or communication purposes. Data controllers may use different verification methods for DSARs submitted via electronic or other channels, provided this does not create undue obstacles to the exercise of data subject rights. Verification and response timelines. Data controllers must complete preliminary verification within seven business days of receiving a request. If a
Read More
April 10, 2026
Thailand has introduced new regulatory guidance requiring digital platform operators to adopt structured, transparent, and fair fee practices. On March 16, 2026, the Electronic Transactions Development Agency (ETDA) published Announcement No. DPS 2/2569, titled “Guidelines for Transparency and Fairness in Digital Platform Service Fee Determination,” issued under the Royal Decree on Digital Platform Service Business Operations B.E. 2565 (2022). The guidelines establish a framework governing how digital platform operators should set, disclose, and adjust fees charged to users and related service providers such as logistics and payment providers. Although framed as best-practice guidance rather than legally binding rules with explicit penalties, the guidelines carry regulatory weight under the royal decree and represent a significant step toward structured governance of digital platform fee practices in Thailand. The guidelines establish various transparency principles and divide fees into two distinct categories—compulsory and additional—with specific governance principles for each. Transparency Principles The guidelines recommend that digital platform operators adopt several transparency measures to ensure that users can fully understand the costs of using a platform. Fee catalog. All fees should be consolidated into a single, accessible location, which should include the fee name, definition, scope of covered services, calculation methodology, rate, billing period, and calculation examples. Minimum service disclosure. Operators should disclose the minimum service that users can expect, such as baseline visibility, product listing capabilities, access to transaction data, and back-end dashboard access. Price structure disclosure. Operators should disclose the categories of costs underlying their fees, such as system maintenance, cybersecurity, and operational costs. While exact cost figures need not be made public, operators should be able to provide numerical data to regulators upon request. Clear fee formulas. Fee calculations should be simple and easy to understand—for example, percentage of net sales, cost per order, or cost per product listing. Operators should
Read More
April 10, 2026
As digital commerce continues to reshape consumer behavior in Thailand, the Office of the Consumer Protection Board (OCPB) has been taking steps to review and update key regulations for online platforms. The OCPB has had a particular focus on addressing the risks posed by e-marketplace businesses—from misleading product information to fraudulent online transactions. Some of the regulator’s current legislative efforts related to Thailand’s labeling regulations as well as potential changes to the country’s law on direct sales and marketing. Proposed Changes to Consumer Protection Labeling Regulations On February 24, 2026, the OCPB convened a public hearing to review the Notification of the Committee on Labels re: Specification of Goods as Controlled Label Goods B.E. 2565 (2022) and its annex issued under the Consumer Protection Act. The closed-door session, which started the OPCD’s process of seeking feedback on the proposed changes, brought together representatives from government agencies, business operators, and consumer groups. The OCPB explained that its review of the labeling regulations aims to address regulatory gaps arising from evolving commercial practices, particularly the expansion of e-commerce and cross-border transactions. Authorities highlighted recurring issues involving product information that is unclear, incomplete, or potentially misleading in digital sales channels. The proposed revisions are intended to improve consumers’ access to accurate and complete product information, ensure that label disclosures remain relevant amid the growth of e-commerce, and strengthen protections against deceptive or misleading digital advertising. The review is being undertaken pursuant to the Consumer Protection Act B.E. 2522 (1979). As part of the initiative, the OCPB signaled a potential update to the categories of “controlled label products” as well as enhanced disclosure obligations for business operators, with the broader aim of promoting greater transparency, reinforcing operator accountability, and aligning Thailand’s labeling framework with current market conditions. The OCPB secretary general emphasized that
Read More
April 9, 2026
As part of its ongoing public consultation process for the development of new practical guidelines under the Personal Data Protection Act B.E. 2562 (2019) (PDPA), Thailand’s Personal Data Protection Committee (PDPC) held a two‑day public hearing on April 1–2, 2026. The hearing followed an online questionnaire and stakeholder engagement activities conducted in March 2026 and reflects the PDPC’s continued efforts to develop guidance that aligns international regulatory standards with Thai operational realities. The public hearing provided a forum for participants from both the public and private sectors to exchange views with the PDPC on the proposed guidance so that it responds to the needs of the business community while supporting effective and balanced enforcement of the PDPA. The PDPC emphasized that the consultation process is part of a wider policy objective to build trust in the convenient, secure, and internationally aligned exchange of data. Structure of the Consultation Process According to the PDPC, the initiative to develop the draft PDPA guidelines is being implemented through three core phases: Review of international best practices. The PDPC has conducted a comparative review of data protection guidance and regulatory approaches in jurisdictions with internationally recognized standards, including Singapore, the United Kingdom, the European Union (EU), and Japan. These materials are intended to serve as a reference point for developing practical recommendations across key subject areas under the PDPA. Identification of practical issues and challenges. To ensure that the guidelines respond to real‑world compliance challenges in Thailand, the PDPC has gathered views from a broad range of stakeholders across the public sector, the private sector, and the general public. This phase included focus group discussions and questionnaires aimed at identifying areas to provide organizations with greater clarity and consistency on regulatory expectations. Preparation of draft guidelines. Insights from the comparative study and stakeholder
Read More