Many countries on financial blacklist, Vietnam strives to comply with anti-money laundering regulations

At the Crypto Asset Policy Dialogue Forum held in Da Nang on the afternoon of October 8, a representative of the State Bank's Anti-Money Laundering Department said that the World Financial Action Task Force ranked Vietnam in the "gray zone" group, warning about anti-money laundering.

Experts warn about risks in the crypto asset market - Photo: BD

The Crypto Asset Policy Dialogue Forum in Da Nang with the theme From Risk Management to Market Creation was organized by the State Securities Commission in collaboration with the Vietnam Blockchain and Digital Asset Association.

The event gathered many organizations such as Tether, Military Commercial Joint Stock Bank (MB), Center for Research and Application of New Generation Technology...

Cryptocurrency pilot comes with anti-money laundering commitment

According to Ms. Nguyen Thi Minh Tho, Deputy Director of the State Bank's Anti-Money Laundering Department, Vietnam is in the "stream" of rapid transition of crypto-asset trends.

When participating in this market integration, Ms. Tho said that relevant world agencies set very strict requirements.

In particular, the World Financial Action Task Force (an international intergovernmental organization that develops and promotes policies against money laundering, counter-terrorism financing, and counter-proliferation of weapons of mass destruction) puts pressure and sets conditions requiring Vietnam to comply.

According to Ms. Tho, there are 17 contents that we must sign a commitment with this force, including some contents on the mechanism for managing virtual assets.

From these requirements, the relevant legal and policy frameworks need to be accelerated. Agencies, ministries and localities have issued many relevant documents. Despite great efforts, Vietnam is still in a "gray zone", mainly in the legal corridors.

Mr. To Tran Hoa - Deputy Head of Market Development Department, State Securities Commission - speaking on the afternoon of October 8 - Photo: BD

The Deputy Director of the State Bank's Anti-Money Laundering Department said that in the world, a number of countries have been put on the "blacklist" of the World Financial Action Task Force. These countries face various accusations regarding money flows.

"When promoting crypto assets, commitments on anti-money laundering and anti-terrorist financing are extremely important. There are only 17 contents, but the amount of work is really huge, requiring everyone to make efforts," Ms. Tho emphasized.

Vietnam actively participates in the crypto asset market

According to Mr. To Tran Hoa - Deputy Head of Market Development Department, State Securities Commission, the unit that builds and deploys the legal framework for the crypto asset market in Vietnam, there are two resolutions (of the National Assembly and the Government) that clearly demonstrate Vietnam's determination to promote crypto assets.

When issued, these resolutions have created a legal corridor, affirming the role of management agencies in monitoring, transparency and compliance with the law on crypto assets.

Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain and Digital Asset Association - said that the current global digital asset market capitalization is at 4,200 billion USD.

Experts and representatives of regulatory agencies share information about the crypto asset market - Photo: BD

With the current growth rate, according to Mr. Chung, it is expected that by 2030 the world will have 600 million crypto-asset users, and the market capitalization will reach 10,000 billion USD. Vietnam is estimated to have 5 exchanges.

Mr. Trung warned that the development of crypto assets always goes hand in hand with crime and fraud in cyberspace. Vietnam is among the world's hot spots, including crimes related to digital assets.

According to Mr. Trung, Da Nang possesses institutional advantages to pioneer the implementation of a domestic crypto asset market model.

Relevant agencies will coordinate with Da Nang to train human resources, support fraud investigation and standardization, and move towards an innovative and compliant market to attract domestic and foreign investors.

Da Nang wants to become the country's "digital finance laboratory"

At the forum on the afternoon of October 8, Vice Chairman of the People's Committee of Da Nang City Ho Quang Buu said that with a series of financial and commercial projects and being the first place in the country to pilot the project of converting crypto assets, Da Nang is aiming to become a "laboratory" for new financial models.

These models will include digital assets, digital currencies, digital payments, blockchain and artificial intelligence application solutions, along with the strong development of fund management activities to support financial technology startups.

The city will also encourage green financial products and initiatives, in line with the country's net zero emissions target and international sustainable development vision, and promote the potential of renewable energy and sustainable tourism.

Thai Ba Dung

Source: https://tuoitre.vn/nhieu-nuoc-vao-danh-sach-den-dac-nhiem-tai-chinh-viet-nam-no-luc-tuan-thu-quy-dinh-chong-rua-tien-20251008174031936.htm