Regulation 212-QD/TW expands the scope of penalties for Vietnamese Party members under the Law on Digital Assets
Article 42 of the new regulations expands the title from "violations in the financial and banking sector" to "violations in the financial, banking, and securities sector" and adds crypto assets to the list.
9/8/20264 min read
Three levels of sanctions based on the severity of the violation.
Regulation 212-QD/TW establishes a tiered system of sanctions based on the nature and severity of the offense.
At the lowest level, party members engaging in insider trading may face a reprimand. This is the lightest form of disciplinary action in the Party's four-tiered system, which includes reprimand, warning, dismissal, and expulsion.
At an intermediate level, stock market manipulation can lead to dismissal from office, meaning that party members holding positions will be removed from their current roles but will remain party members.
At the highest level is expulsion, the most severe form of punishment equivalent to termination of party membership. Actions in this category include the illegal trading of digital assets, assisting illegal cryptocurrency exchanges, and providing accounts or e-wallets for illegal activities.
Point G, Clause 3, Article 42 stipulates
Clause g, paragraph 3, Article 42 specifically stipulates that Party members who commit acts of forging, circulating, stealing, buying, selling, collecting, or illegally exchanging credit card information, bank accounts, cryptographic assets, or digital assets belonging to others on the internet shall be disciplined by expulsion from the Party.
A noteworthy technical aspect of this regulation is that it places crypto assets and digital assets on par with credit card information and bank accounts within the same category of protected assets. This classification reflects the view that crypto assets fall under the category of financial assets requiring protection under similar regulations as traditional banking assets, rather than being a separate category requiring a different framework.
Clause 3 of Article 42 also stipulates expulsion from the Party for members who illegally issue, provide, or use payment instruments, and forge documents of agencies or organizations.
Illegal Cryptocurrency Exchanges and Multi-Level Marketing Schemes
A new offense added to point i, clause 3, Article 42 is directly participating in or encouraging others to participate in unlicensed multi-level marketing activities or illegal financial and cryptocurrency exchanges. The disciplinary action applied to this offense is expulsion.
Grouping illegal cryptocurrency exchanges with unlicensed multi-level marketing schemes is a meaningful classification. It reflects the assessment that both models are characterized by fundraising from a network of participants without a protective legal framework, and that the main risk lies not in the technology itself but in the fundraising and benefit distribution structure.
The regulations also include lending, renting, or opening bank accounts, bank card information, or e-wallets for others to use for illegal purposes, which are also subject to expulsion. Including e-wallets in the same category as bank accounts shows that the regulations were drafted with an understanding of the role of e-wallets in...
Position in Vietnam's Legal Architecture of Digital Assets
Regulation 212-QĐ/TW does not exist in isolation but is part of a series of parallel legal actions being implemented in 2026.
Decision 1413/QD-TTg includes crypto assets in the financial market reform strategy until 2045, along with experimental approaches including digitized securities, tokenization of real assets, and central bank digital currencies. It is a document outlining development directions.
The draft amendment to the Law on Prevention and Combatting Money Laundering, which the Governor of the State Bank of Vietnam submitted to the National Assembly in August, establishes a monitoring barrier for money flows from December 1, 2026, with 15 suspicious indicators specifically for cryptocurrency transactions and includes cryptocurrency services in the reporting group. This is a supervisory document.
Regulation 212-QĐ/TW is an internal Party disciplinary document, applicable only to approximately 5 million Party members, not the entire population. These three documents operate at three different levels: guiding market development, monitoring the flow of money throughout society, and disciplining members of the ruling political organization.
Assessment and Conclusion
Regulation 212-QĐ/TW includes eight important new points compared to Regulation 69-QĐ/TW, of which the content on securities and digital assets is only one. The other points include the addition of the responsibility to organize apologies and restore rights when wrongful disciplinary actions are taken, a regulation prohibiting appointments and transfers of officials who are under investigation or facing accusations, a requirement to notify and forward disciplinary actions within 5 days, sanctions for using AI to falsify images and voices (potentially leading to dismissal) and expulsion for data destruction, and a separate provision on discipline in the education sector.
The fact that crypto assets appeared alongside sanctions on AI-generated image and voice falsification suggests that Regulation 212 was drafted with the goal of updating the Party's disciplinary framework to reflect violations arising from new technologies in general, rather than as a specific move targeting the digital asset market.
Disclaimer: The content in this article is for informational, research, data analysis, and reference purposes only regarding the cryptocurrency market. All opinions, assessments, forecasts, or opinions reflect the author's perspective at the time of publication and do not constitute investment advice, solicitations for buying or selling, trading recommendations, advertising, marketing, or promotion of any financial products, services, or cryptocurrencies. Mentions of projects, tokens, protocols, exchanges, wallets, or cryptocurrency service providers (CASPs) are for research, analysis, or informational purposes only and should not be construed as endorsements, recommendations, or guarantees in any way. HCCVenture does not broker, advertise, market, promote, or connect users in Vietnam with any cryptocurrency services from CASPs. HCCVenture does not accept asset custody, investment mandates, manage assets, or execute transactions on behalf of clients. All investment decisions are made entirely through the reader's own research (DYOR), evaluation, and responsibility; HCCVenture is not liable for any losses or damages arising from the use of or reliance on the information presented in this article.
Compiled and analyzed by HCCVenture
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