The Vietnamese Ministry of Finance has proposed heavy penalties for unlicensed digital asset platform transactions, with a maximum fine of $1,200 for individuals and $7,584 for institutions. This regulatory trend is spreading across Southeast Asia. Vietnam plans to issue its first batch of crypto exchange licenses in early 2026, but only for 5 platforms, with a high threshold requiring 100 trillion VND in capital. Behind the strict licensing system lies the different regulatory approaches countries are taking toward digital assets.