Managing the digital asset market to prevent fraud and money laundering

On October 2, in Hanoi, the Vietnam Blockchain and Digital Asset Association (VBA) coordinated with the Ministry of Finance, the Ministry of Science and Technology, the State Bank of Vietnam and the State Securities Commission (SSC) to organize the forum "Digital asset market: From trend to breakthrough".

Scene at the forum

At the event, Mr. Vu Quoc Huy, Director of the National Innovation Center, said that the global digital economy is witnessing a strong shift, in which crypto assets are emerging with an unprecedented growth rate.

Data from Chainalysis shows that on-chain transaction value in the Asia- Pacific region increased from 81 billion USD in July 2022 to 244 billion USD by the end of 2024, tripling in just 30 months, making the region the fastest growing market in the world.

Vietnam currently ranks third in the region with crypto asset inflows exceeding $220 billion, up 55% year-on-year, reflecting strong demand for money transfers, savings and digital services.

However, most activities still take place on international exchanges, causing tax losses and affecting the prevention of money laundering, terrorist financing, and high-tech crimes, requiring the construction of a transparent, controlled domestic market and protection of the interests of related parties.

Mr. Phan Duc Trung, Chairman of VBA, Chairman of 1Matrix Company said: "We are in the era of tokenization (digital assets operating on the blockchain platform). This is a breakthrough in financial innovation, comparable to the birth of mutual funds in the 1970s and exchange-traded funds (in the 1990s)".

However, with the right legal frameworks in place, the impact of this trend will become much more widespread as it allows any type of asset to be digitized and traded on the blockchain.

Mr. To Tran Hoa, Deputy Head of the Securities Market Development Department (SSC), emphasized that Resolution 05/2025/NQ-CP on piloting the crypto asset market issued by the Government on September 9, 2025 is an important foundation for the formation of a domestic crypto asset market.

The representative of the State Securities Commission said that this pilot mechanism not only paves the way for innovation, but also acts as a “filter” to eliminate potentially risky models. Thanks to that, the market can operate transparently, creating trust for domestic and foreign investors, and at the same time helping Vietnam integrate with international standards in crypto asset management.

Lieutenant Colonel Nguyen Thanh Chung, Department of Cyber ​​Security and High-Tech Crime Prevention (Ministry of Public Security) informed that from December 2019 to May 2024, the police discovered nearly 20,000 cases and more than 17,000 fraudsters appropriating property on the internet, causing a loss of more than VND 12,000 billion. In 2024 alone, the amount of damage caused by fraud was over VND 4,200 billion.

In particular, the exchange and purchase of crypto assets between individuals on the internet is also organized in the form of a "black market" with a scale of several thousand to several hundred thousand USDT (cryptocurrency with value guaranteed by USD at a ratio of 1:1), even in some cases, transactions amount to millions of USDT per day.

According to Lieutenant Colonel Nguyen Thanh Chung, the above transactions are not controlled by state management agencies, negatively affecting monetary security; large amounts of money flow abroad without being monitored. Many individuals and organizations earn high profits but do not declare and pay taxes, causing losses to the state budget.

Lieutenant Colonel Nguyen Thanh Chung suggested that it is necessary to quickly complete the legal framework to handle violations of the law in the field of crypto assets; strengthen coordination between state management units from licensing to the end of the pilot.

FLOODING WATER

Source: https://www.sggp.org.vn/quan-ly-thi-truong-tai-san-so-de-phong-chong-toi-pham-lua-dao-rua-tien-post815979.html