Experts point out important breakthroughs of the Hanoi Convention

Having directly participated in the discussions at the Hanoi Convention's Signing Ceremony and Summit on October 25-26, Mr. Jarek Jakubcek, Global Director of Law Enforcement Training at Binance, stated that the Convention has outlined a specific framework for action in combating transnational cybercrime. The event also highlighted Vietnam's significant contributions in this increasingly complex field.

Breakthroughs in the Hanoi Convention

Mr. Jarek Jakubcek is a veteran expert in the cryptocurrency field and also has extensive experience in law enforcement at Binance. In 2024, he, along with over 650 compliance experts from various departments at Binance, trained over 1,300 investigators from more than 80 countries at the Binance Law Enforcement Day event.

At the signing ceremony and high-level conference of the United Nations Convention against Cybercrime (Hanoi Convention) on October 25-26, Binance representatives participated, contributed ideas, shared experiences, and engaged in discussions on both days.

“The Hanoi Convention on Cybercrime marks a historic milestone for the global cybersecurity community, notable for both its scale and importance. The event was organized very professionally, demonstrating dedication and warmth deeply rooted in Vietnamese culture. The side discussions focused on practical aspects such as law enforcement coordination, cross-border cooperation, asset recovery, and public-private partnerships. These discussions clearly demonstrate a shift from theory to concrete action. This is a significant breakthrough of the event,” said Mr. Jarek Jakubcek.

Mr. Jarek Jakubcek discussed with representatives from the United Nations Office on Drugs and Crime (UNODC) and the Criminal Investigation Department of the Royal Thai Police the impact of the Hanoi Convention on tracing and investigating cryptocurrency crimes. (Photo: PV/Vietnam+)

According to Binance experts, the Hanoi Convention is not just a political declaration but a concrete framework for action that helps make cross-border investigations faster and more effective. Previously, sharing digital evidence across borders was a major obstacle to justice when cybercrime was transnational in nature.

A significant and timely breakthrough of the convention is the standardization of specialized, fundamental terminology for cybercrime in the field of digital currencies. This helps eliminate legal ambiguities in legal documents and clearly defines types of digital and virtual assets in the definition of property. "It can be said that the Hanoi Convention is like a 'steel shield' helping to prevent cybercrime in the emerging and complex field of cryptocurrencies," Mr. Jarek Jakubcek shared.

International experience and lessons for Vietnam

According to Mr. Jarek Jakubcek, the Hanoi Convention on Cybercrime marks a historic milestone for the global cybersecurity community. Vietnam has demonstrated an exemplary and proactive role in promoting the Hanoi Convention, showing strong diplomatic leadership and substantive commitment.

However, major changes may not be visible in the short term. The Convention will enter into force 90 days after being ratified by 40 countries. It is expected to officially come into effect and begin to have an impact by the end of 2026 or 2027.

This impact may not be immediately apparent to the public because the process for reporting cybercrime remains unchanged. The greater benefits will be clearly demonstrated in the handling of cross-border crime between law enforcement and judicial agencies.

According to Binance experts, the next step in the fight against cross-border crime is for Vietnam to expedite the ratification of the convention, while also ensuring the resources for effective implementation. Vietnam is on the right track in strengthening international and regional cooperation.

“Like many other countries, resources for investigating cybercrime are always limited, so it is crucial to allocate them wisely and prioritize cases with a significant impact. In my experience, Vietnamese law enforcement agencies can closely cooperate with the private sector, leverage available data to effectively address criminal activities, and invest heavily in tools and training to enhance investigators’ skills,” Mr. Jarek Jakubcek shared.

Mr. Jarek Jakubcek, Global Director of Law Enforcement Training at Binance, shared his experience in combating cryptocurrency crime at the Hanoi Convention's Open Signing Ceremony and Summit, held on October 25-26 in Hanoi, Vietnam. (Photo: PV/Vietnam+)

At the Hanoi Convention's signing ceremony and summit, representatives from the Central Bureau of Investigation (CIB) of Thailand shared their experience in the "Skyfall" operation targeting transnational criminal networks using cryptocurrency to circulate and conceal illicit funds.

During the operation, Binance's investigative team worked closely with Thai police, providing intelligence that helped track the flow of funds, shortening the time to identify suspects and recover assets. As a result, the operation executed 28 arrest warrants and seized over 46 million baht (equivalent to 37 billion VND). The success of Skyfall serves as the clearest evidence of the power of public-private partnerships that Vietnam can learn from.

"Preventing crime is always easier than investigating. Vietnam should continue to strengthen prevention programs and community education. Prevention is the most effective approach. Disseminating knowledge and warnings to over 100 million people, along with a rapidly developing digital economy, will help Vietnam reduce response costs and significantly mitigate risks to the economy," Mr. Jarek Jakubcek shared.

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