The Ministry of Finance has just announced a draft amendment to Decrees related to sanctions in the securities sector, including new regulations on crypto assets.
According to this agency, there are currently no regulations on administrative sanctions for the crypto asset market, so the addition is necessary. The sanctions have many similarities with the stock market.
This is also the first time the Ministry has explained in detail about the behavior of manipulating the crypto asset market. In which, the draft lists 5 behaviors considered as manipulating the crypto asset market. First is using one or more accounts of oneself and others to continuously trade to create fake supply and demand. Second, colluding in trading without actual transfer of ownership or ownership only circulating among members of a group.
Manipulation also includes colluding with others to repeatedly place trading orders, directly or indirectly commenting on mass media to influence prices and supply and demand. The last listed behavior is spreading rumors or providing false information to the public to create false supply and demand.
The Ministry of Finance proposed a fine of VND1.5-2 billion for manipulating the crypto-asset market. If an organization providing crypto-asset services violates the law, it could have its operations suspended for 3-5 months.
In addition, crypto asset service providers may be fined from VND300 million to VND2 billion for violations such as not verifying investor identities, misleading advertising information, not separating customer crypto asset management from self-trading...
For investors, the Ministry of Finance proposed a fine of 100-200 million VND if they do not open an account and transfer their crypto assets to storage and trading at organizations licensed by this agency.
A Bitcoin coin symbol. Photo: Khuong Nha
Crypto assets are a type of digital asset that uses encryption technology or digital technology with similar functions to authenticate assets during the process of creation, issuance, storage, and transfer.
At the end of March, the Ministry of Finance submitted to the Government a draft Resolution on pilot issuance and trading of cryptocurrencies and crypto assets. In particular, this agency proposed a coordination mechanism with the Ministry of Public Security and the State Bank in managing the pilot cryptocurrency and crypto asset trading floors.
According to the representative of the Ministry of Finance, this type of asset is constantly developing, complex, and potentially risky for investors and the financial market. Therefore, in the initial pilot phase with a limited and controlled scale, the participation of the management agency in supervision will meet the needs of the market. This also gives them time to come up with appropriate policies to manage cryptocurrencies and crypto assets.
According to the Vietnam Blockchain Association (VBA), by the end of 2024, Vietnam will have about 17 million people owning crypto assets, ranking in the top 7 globally. Last year, Vietnam received more than 105 billion USD in cryptocurrencies, down from 120 billion USD in 2023. About 20 exchanges of this currency operate in Vietnam.
Duong Chung (According to Vnexpress.net)
Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/128490/Nha-dau-tu-thao-tung-tai-san-ma-hoa-co-the-bi-phat-2-ty-dong
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