What Are The Penalties For Advertising Unlicensed Assets?

Long Phan Consulting has received numerous inquiries from fintech enterprises and media organizations regarding penalties for advertising unlicensed assets after Decree No. 284/2026/ND-CP officially takes effect. This is the first legal document that introduces specific sanctions for crypto asset activities in Vietnam, issued within the pilot framework under the Law on Investment. This article analyzes the penalty levels, remedial measures, and the practical application timeline of these regulations.

Important Notes:

• A fine ranging from VND 180 million to VND 200 million applies to organizations that advertise or market crypto assets without obtaining a license, according to Point b Clause 4 Article 7 of Decree No. 284/2026/ND-CP.
• Individuals committing the same violation are subject to a fine equal to 1/2 of the fine imposed on organizations, equivalent to VND 90 million to VND 100 million.
• The specific remedial measure for advertising violations is mandatory removal and correction of the published information. Confiscation of exhibits or revocation of licenses does not apply because these measures are only associated with the unlicensed provision of crypto asset services under Point a Clause 4.
• According to comments from a representative of the State Securities Commission at a technology conference held in August 2026, the sanctions under Decree No. 284/2026/ND-CP will only be practically applied once the Ministry of Finance grants a license to the first crypto asset service provider.

Legal Basis for Penalties for Advertising Unlicensed Assets

Before turning to the specific fine levels, businesses first need to understand where this provision sits within Vietnam’s crypto asset legal framework, since this is a relatively new area that is easily confused with related documents.

Position of Decree 284/2026/ND-CP in the Pilot Legal Framework

On July 16, 2026, the Government issued Decree 284/2026/ND-CP regulating administrative penalties for violations relating to crypto assets and the crypto asset market. This decree accompanies Resolution 05/2025/NQ-CP dated September 9, 2025, on the pilot crypto asset market in Vietnam, which runs for a five-year pilot period from its effective date.

In other words, Resolution 05/2025/NQ-CP sets the conditions and obligations for organizations participating in the market, while Decree 284/2026/ND-CP prescribes the penalties for breaching those obligations, including the obligation to advertise or market crypto assets only after obtaining a license.

Content of Point b, Clause 4, Article 7 of Decree 284/2026/ND-CP

Article 7 of Decree 284/2026/ND-CP sets out the fine levels for violations relating to organizing a crypto asset trading market. Clause 4 of Article 7 provides for a fine of VND 180,000,000 to VND 200,000,000 for one of the following acts:

• Providing crypto asset-related services without a License to Provide Crypto Asset Trading Market Organization Services (Point a).
• Advertising or marketing crypto assets without a License to Provide Crypto Asset Trading Market Organization Services (Point b).

Legal basis: Point b, Clause 4, Article 7, Decree 284/2026/ND-CP; Resolution 05/2025/NQ-CP dated September 9, 2025.

>>>See more: Digital Assets: Latest Legal Regulations

Monetary Fines for Penalties for Advertising Unlicensed Assets Without a License

The monetary fine is the most direct and easily understood sanction, but businesses need to distinguish clearly between the level applied to organizations and the level applied to individuals to avoid misjudging their risk exposure.

Fine for Organizations: VND 180-200 Million

An organization that advertises or markets crypto assets without a license is fined from VND 180,000,000 to VND 200,000,000. This fine applies to both domestic and foreign organizations that advertise or market crypto assets to investors in Vietnam.

Fine for Individuals: Half the Organizational Fine

Under the general principle in Decree 284/2026/ND-CP, the fine levels set out in Chapter II apply to organizations. Where an individual commits a violation identical to that of an organization, the fine is half the organizational level. Applied to advertising or marketing crypto assets without a license, an individual is fined from VND 90,000,000 to VND 100,000,000.

Legal basis: Point b, Clause 4, Article 7, and the principle on applying fines to individuals versus organizations under Decree 284/2026/ND-CP.

Remedial Measures Specific to Advertising Violations

Alongside monetary fines, Decree 284/2026/ND-CP also prescribes remedial measures. Businesses should note that the remedial measure for advertising differs from the one for unlicensed service provision, even though both fall under Clause 4, Article 7.

Mandatory Removal and Correction of Violating Advertisements

For advertising or marketing crypto assets without a license (Point b, Clause 4), the violating organization or individual must remove and correct the published information. This measure restores the accuracy of information already released to the market and does not involve confiscation of assets.

Distinction From Sanctions for Unlicensed Service Provision

By contrast, providing crypto asset-related services without a license (Point a, Clause 4) carries heavier sanctions: confiscation of exhibits and means used in the violation, mandatory repayment of illegal profits, mandatory removal of the website, software, trading system, and related equipment, and mandatory repayment of the value of exhibits that have been consumed, dissipated, or unlawfully destroyed.

This distinction matters in practice. An organization that only publishes advertising or marketing content, without directly organizing trading, will not have its exhibits confiscated or its license revoked, but it must still remove and correct all published content.

Legal basis: Clause 6, Article 7, Decree 284/2026/ND-CP (remedial measures).

Other Penalties Under Article 7 to Avoid Confusion

Article 7 of Decree 284/2026/ND-CP prescribes fines not only for advertising violations but also for several other acts relating to organizing a crypto asset trading market. The table below helps businesses correctly locate the fine level for each group of violations and avoid applying the wrong clause.

Legal basis: Clauses 1, 2, 3, 4, and 5, Article 7, Decree 284/2026/ND-CP.

Authority to Sanction Unlicensed Crypto Asset Advertising

Identifying the correct competent authority helps businesses respond and explain their position proactively during an inspection, instead of only waiting for a notice.

State Securities Inspectorate and Regional State Bank Inspectorate

Under Article 14 of Decree 284/2026/ND-CP, the Head of the Inspection Team established by the Chief Inspector of the State Securities Commission and the Head of the Inspection Team established by the Chief Inspector of the regional State Bank of Vietnam may each impose a fine of up to VND 100,000,000 on an organization and up to VND 50,000,000 on an individual. They may also confiscate exhibits and means of violation and apply remedial measures within their authority.

Jurisdictional Allocation When a Case Exceeds the Penalty Threshold

Because the fine for advertising crypto assets without a license, VND 180-200 million for organizations, exceeds the authority of the inspection team heads described above, such cases must be transferred to a higher competent authority under the jurisdictional allocation principle in Chapter III of Decree 284/2026/ND-CP. This is why businesses facing the higher fine bracket typically deal directly with the competent authority at the State Securities Commission or the State Bank of Vietnam, rather than only with the initial inspection team.

Legal basis: Article 14 and Chapter III, Decree 284/2026/ND-CP.

Effective Date and Practical Scope of Application

This is the part many businesses overlook, yet it determines actual short-term risk. The decree taking effect does not mean every act of advertising is immediately penalized.

Decree Effective From September 1, 2026, but Conditional on a Licensed Trading Platform

Decree 284/2026/ND-CP takes effect from September 1, 2026, until Resolution 05/2025/NQ-CP expires. However, at a technology conference held in Ho Chi Minh City in August 2026, a representative of the Crypto Asset Trading Market Management Board under the State Securities Commission stated that sanctions relating to operating without a license, including sanctions against investors trading outside a licensed platform, will only apply in practice once the Ministry of Finance has issued a License to Provide Crypto Asset Trading Market Organization Services to the first organization. As of now, some businesses have received in-principle approval to prepare a trading platform, but no crypto asset trading platform has yet been officially licensed to operate.

The procedure to notify advertising products on billboards, businesses should factor in this principle when assessing urgency, but should not treat it as grounds to delay reviewing their advertising content, since the decree’s legal effect still runs from September 1, 2026, and the regulator may change its enforcement approach once the market is officially operational.

One-Year Statute of Limitations for Administrative Penalties

Under Article 5 of Decree 284/2026/ND-CP, the statute of limitations for administrative penalties relating to crypto assets and the crypto asset market is one year. This period may be extended by an additional one year for cases forwarded by a competent authority conducting criminal proceedings. If the organization or individual deliberately evades or obstructs the penalty process, the statute of limitations is recalculated from the time the evasion or obstruction ends.

Legal basis: Articles 5, 21, and 22, Decree 284/2026/ND-CP; statement of a State Securities Commission representative at the Ho Chi Minh City Tech Festival, Conviction 2026.

Risks for Businesses Advertising Crypto Assets Before Licensing

Beyond the administrative fine, businesses should also weigh the operational and reputational risks that come with it, particularly once advertising content has already spread widely.

Risk of Mandatory Public Correction Harming Brand Reputation

The mandatory removal and correction measure means a business must publicly acknowledge that its previous advertising content did not comply with regulations. For a sensitive financial product like crypto assets, where investor trust is critical, a public correction can directly affect brand reputation and fundraising progress, particularly for blockchain startups still building their user community.

Risk of Inconsistent Removal Across Multiple Publishing Channels

Crypto asset advertisements are often distributed simultaneously across many channels: websites, social media, KOLs, and content commerce platforms. When ordered to remove and correct information, a business must review and act consistently across every channel where the content was published, even though some content may have already been shared beyond the business’s direct control. For this reason, businesses should review their crypto asset advertising content before publication, rather than handling it only after being ordered to remedy the violation.

Legal basis: Clause 6, Article 7, Decree 284/2026/ND-CP (remedial measures).

Legal Compliance Consulting Services for Digital Assets, Technology, and Online Business Activities at Long Phan

Long Phan Consulting provides legal consulting and support services for businesses implementing technology-based business models, developing compliance strategies, and handling legal issues arising during operations, including:

• Consulting on legal requirements applicable to technology business models, fintech, digital platforms, and online service providers;
• Reviewing business models, products, and services to identify legal obligations that must be satisfied before implementation;
• Advising on regulations related to advertising, marketing, product communication, financial services, technology products, and conditional business sectors;
• Reviewing advertising content, articles, product introduction materials, communication campaigns on websites, social media platforms, and other distribution channels;
• Developing content review procedures, communication risk management processes, and legal compliance frameworks for marketing activities;
• Reviewing cooperation agreements, service contracts, partnership agreements, advertising contracts, agreements with KOLs/KOCs, and related parties;
• Advising on licenses, business conditions, and legal procedures related to specific business sectors;
• Consulting on data protection, customer information security, and compliance obligations when operating digital platforms, applications, or online services;
• Supporting businesses in preparing documents and explanations when requested by competent state authorities;
• Representing or assisting businesses in working with inspection authorities and specialized regulatory agencies during dispute or compliance proceedings;
• Advising on remedial solutions, content adjustments, removal, or correction of information to minimize legal risks;
• Conducting comprehensive reviews of business operations to identify potential violations before launching products or marketing campaigns.

Customers can send case documents via email info@longphanpmt.com or Zalo 0906.735.386 for an initial assessment.

Frequently Asked Questions About Penalties for Advertising Unlicensed Crypto Assets

To help businesses, individuals, and parties involved in promoting unlicensed crypto assets better understand the scope of application, penalty levels, and risk mitigation measures when advertising crypto assets, the following frequently asked questions should be considered under Decree No. 284/2026/ND-CP.

Conclusion

Advertising unlicensed crypto assets and the applicable penalties have been clearly regulated under Decree No. 284/2026/ND-CP, including fines of VND 180 million to VND 200 million for organizations and VND 90 million to VND 100 million for individuals, together with mandatory removal or correction of information. If businesses need support reviewing advertising content or assessing legal risks before launching crypto asset marketing campaigns, Long Phan Consulting is ready to assist via hotline 1900636389.