Vietnam proposed to impose fines on unlicensed digital asset platforms.

PANews, November 26 news, according to Techinasia reports, the Vietnamese Ministry of Finance has proposed imposing fines on individuals and organizations trading digital assets on unlicensed platforms, and it has publicly released a draft decree seeking opinions. The draft stipulates that individuals involved in violations of digital asset trading may face penalties of up to 30 million Vietnamese dong (1200 USD), while organizations may be fined up to 200 million Vietnamese dong (7584 USD). For violations of foreign ownership regulations, providing misleading disclosure information, or failing to report information to regulatory authorities, fines will range from 70 million (2654 USD) to 200 million Vietnamese dong (7584 USD). Providing products to ineligible investors, conducting non-compliant insurance business, and failing to make necessary disclosures will face the maximum penalties. In addition, the draft stipulates that domestic individuals using unlicensed platforms may be fined between 10 million (379 USD) and 30 million Vietnamese dong (1138 USD). Unauthorized advertising, conducting business without a license, and operating outside the scope of the license may incur fines up to 200 million Vietnamese dong (7584 USD). Foreign investors involved in fund transfer violations or false trading declarations will face penalties of up to 100 million Vietnamese dong (3815 USD). Service providers who fail to verify investor identities may be fined between 5 million (1900 USD) and 7 million Vietnamese dong (2680 USD).