Vietnam to fine traders using unlicensed crypto platforms from Sept. 1

Vietnamese authorities have set administrative penalty standards that will allow fines of up to 50 million dong ($1,900) for parties trading on unlicensed cryptocurrency platforms starting Sept. 1, Cointelegraph reported. Fines of up to 200 million dong ($7,700) will also apply to unlicensed crypto issuance or violations of anti-money laundering rules. Vietnam began accepting applications for crypto exchange licenses in January and had signaled broader regulation in May.