On September 9, 2025, the Government issued Resolution No. 05/2025/NQ-CP on the pilot implementation of the tokenized asset market in Vietnam. Accordingly, the Government assigned the Ministry of Finance to take the lead in submitting to the Government a Decree providing for administrative sanctions in the field of tokenized assets (TSMH) and the tokenized asset market (TTTSMH).
The development of the Decree on administrative sanctions in the field of tokenized assets and the tokenized asset market aims to ensure the enforcement of Resolution 05/2025/NQ-CP when the market becomes operational; address administrative violations arising in the tokenized asset field and market during the pilot implementation period; and contribute to strengthening the effectiveness and efficiency of state management in the pilot rollout of the tokenized asset market.
The State Securities Commission (SSC) noted that many countries and territories (the U.S., EU, Australia, Japan, Thailand) have issued legal regulations—including administrative sanctions—for violations related to tokenized assets to control risks and establish a transparent legal framework for the market.
The draft Decree stipulates administrative violations, forms of sanctions, penalty levels, remedial measures, enforcement of administrative sanctions and remedial actions, and the authority to prepare violation records and impose administrative sanctions in the field of TSMH and TTTSMH.
Accordingly, administrative violations in the TSMH and TTTSMH sectors under this Decree include: Violations of regulations on offering and issuing tokenized assets; violations of regulations on organizing tokenized asset trading markets; violations of regulations on responsibilities of tokenized asset service providers; violations related to money transfers by foreign investors; violations of regulations on anti-money laundering, counter-terrorist financing, and prevention of the proliferation of weapons of mass destruction in the tokenized asset field and market; and other violations.
For each administrative violation in the TSMH and TTTSMH sectors, individuals and organizations committing violations are subject to one of the principal sanctions: a Warning or a Monetary Fine. The maximum fine for violations under the Decree is 200 million VND for organizations and 100 million VND for individuals. If an individual commits the same violation as an organization, the fine is half of the organization’s fine.
Depending on the nature and severity of the violation, individuals and organizations may also face one or more additional sanctions or remedial measures, including: suspension of the right to use licenses for tokenized asset trading market services for a fixed period; suspension of activities related to offering or issuing tokenized assets or providing tokenized asset trading market services; requirements to remove or correct information or publish information as required; mandatory provision of accurate and complete information; confiscation of illegal gains or revenues obtained from violations; requirements to remove or shut down part or all of websites, software, trading systems, or other equipment used to commit violations.
The draft Decree also includes a full Chapter specifying the titles authorized to impose administrative sanctions; the authority to apply different sanctions and remedial measures based on Decree 189/2025/ND-CP detailing the Administrative Sanctions Law, including: positions within the financial sector (Chief Inspector of the SSC, Chairman of the SSC, heads of inspection teams established by the Ministry of Finance or the SSC); positions within the People’s Public Security force; positions within banking authorities; Directors of provincial Departments of Finance; and Chairpersons of provincial People’s Committees.
Additionally, the draft sets out principles for determining and delegating sanctioning authority in the TSMH field; regulations on the authority to prepare administrative violation records; and guidelines for applying suspension of tokenized asset offering and issuance activities, suspension of tokenized asset trading market service activities, remedial measures, and public disclosure of administrative sanction decisions.
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