Prevent money laundering from crypto assets, encourage safe innovation

The rapid development of blockchain technology and crypto assets is creating a global market worth more than 4,270 billion USD with more than 600 million users. By 2030, the scale is expected to exceed 10,000 billion USD, opening up great opportunities but also posing many risks of fraud, money laundering and high-tech crime.

Balancing crypto assets and risk control

On October 8, in Da Nang city, the State Securities Commission coordinated with the City People's Committee and the Vietnam Blockchain and Digital Assets Association to organize the Forum "Crypto Asset Policy Dialogue: From Risk Management to Market Creation". The event gathered many domestic and international organizations such as Tether, Military Commercial Joint Stock Bank (MB) and the Center for Research and Application of New Generation Technology.

Speaking at the Forum, Mr. To Tran Hoa, Deputy Head of the Market Development Department of the State Securities Commission, said that two new legal documents, Resolution No. 05/2025/NQ-CP of the Government and Resolution No. 222/2025/QH15 of the National Assembly , are the first basis for Vietnam to pilot the issuance, trading and management of crypto assets.

Mr. To Tran Hoa, Deputy Head of the Market Development Department of the State Securities Commission, spoke at the Forum. (Photo: Thanh Phong/Vietnam+)

Accordingly, the pilot period lasts 5 years, with a maximum of 5 licensed crypto asset service providers, must have a charter capital of 10,000 billion VND, of which 65% of capital belongs to domestic organizations and strictly comply with regulations on security, asset custody and anti-money laundering.

“After 6 months from the date the first crypto asset service provider is licensed, Vietnamese investors trading crypto assets without going through this organization will be handled depending on the nature and level of violation,” Mr. Hoa affirmed.

Ms. Nguyen Thi Minh Tho, Deputy Director of the Anti-Money Laundering Department under the State Bank of Vietnam , emphasized that Resolution No. 05/2025/NQ-CP is an important step to help Vietnam strengthen supervision and prevent money laundering.

According to Ms. Tho, Vietnam strictly manages organizations providing crypto-asset services. “Transactions of 1,000 USD or more must identify customers, track and store data for 10 years. This regulation aims to prevent illegal money flows and at the same time build trust for investors.”

Building trust in the digital asset market

According to Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, the digital asset market is facing many challenges. From 2019 to 2024, Vietnam recorded more than 20,000 digital asset fraud cases, causing losses of about VND 12,000 billion, of which VND 4,200 billion was in 2024 alone.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, spoke at the Forum. (Photo: Thanh Phong/Vietnam+)

“Innovative startups need to go hand in hand with compliance management. When the market is transparent and safe, innovation can develop sustainably,” Mr. Trung emphasized.

He suggested that Vietnam needs to deploy compliance management technology such as electronic identification, artificial intelligence to detect counterfeiting, big data analysis and blockchain transaction tracing systems to detect risks early.

Speaking at the Forum, Mr. Ho Quang Buu, Vice Chairman of the People's Committee of Da Nang City, said that the city is implementing a plan to develop the Vietnam International Financial Center, aiming at three main pillars: green finance, trade finance and digital finance.

“Da Nang is ready to provide human resources and support for new financial models, in which crypto assets are an important component. The city is committed to accompanying central agencies and the business community in building a transparent, safe and sustainable market,” Mr. Buu affirmed.

Vietnam is demonstrating an approach to development that goes hand in hand with risk control, focusing on financial security and investor confidence. The first steps with Resolutions 05 and 222 not only pave the way for technological innovation but also demonstrate the Government’s strong commitment to building a legal, safe and internationally integrated crypto asset market./.

(Vietnam+)

Source: https://www.vietnamplus.vn/ngan-chan-rua-tien-tu-tai-san-ma-hoa-khuyen-khich-doi-moi-sang-tao-an-toan-post1069024.vnp