Vietnam boosts crypto market oversight capabilities
The programme focused on international experience and solutions for compliance, supervision and law enforcement as Vietnam moves to develop a comprehensive legal framework for the crypto asset market.
SSC Vice Chairman Bui Hoang Hai said the Government is gradually perfecting a regulatory framework that encourages innovation while managing risks and creating a transparent and secure market aligned with international standards.
He stressed that alongside improving regulations, strengthening enforcement capacity and coordination among regulators, law enforcement agencies and the private sector is essential to ensuring effective implementation.
Aaron Chua, Tether’s Head of Legal and Licensing for Asia-Pacific, said effective management and enforcement in the crypto asset market requires close cooperation among regulatory bodies, law enforcement agencies, blockchain analytics firms, virtual asset service providers (VASPs) and stablecoin issuers. Each plays a distinct role in detecting and tracing illicit transactions, freezing assets and supporting asset recovery.
According to Chua, Vietnam is well positioned to establish effective cooperation mechanisms from the outset, adding that Tether is ready to support Vietnamese authorities through dialogue, experience sharing and capacity building. Diederik Van Wersch, Chainalysis’ ASEAN Regional Director, noted that Vietnam has a high level of crypto asset adoption, offering significant opportunities for innovation while creating greater demands for oversight and risk management.
Although blockchain transactions can move rapidly across borders, the technology’s transparency also provides regulators with new tools for monitoring, investigation, enforcement and cross-border cooperation, he said.
Experts from Tether, Chainalysis, the Blockchain Association Singapore (BAS), MetaComp, XREX and OKX also discussed Financial Action Task Force (FATF) standards, compliance programmes for VASPs, fund tracing and forensic investigations for asset recovery, and measures to combat illicit peer-to-peer (P2P) transaction networks.
Other topics included cross-border law enforcement cooperation and procedures for stablecoin issuers to respond to requests from competent authorities and implement emergency asset freezes.
The programme helped update professional knowledge and strengthen the capacity of regulatory and law enforcement agencies while promoting cooperation among stakeholders.
The initiative is expected to support Vietnam’s efforts to develop and operate a transparent, secure and efficient crypto asset market in line with international practices and standards./. VNA
