Vietnam Enhances Anti-Money Laundering Laws in Digital Asset Industry

Strengthening Compliance Measures against Money Laundering and Terrorist Financing

In a proactive move to prevent financial crimes, Vietnam’s top financial regulatory body, the State Securities Commission (SSC), has issued new guidelines to enhance the country’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws in the digital asset sector.

Background

• The State Securities Commission (SSC) is responsible for overseeing Vietnam’s securities market.
• Circular 55/2023/TT-BVHNQH was issued in March 2023.
• Effective from April 1, 2023.

Measures Taken

Increased Scrutiny for Digital Asset Service Providers (DASPs)

• KYC and customer due diligence on all transactions and customers.
• Effective identity verification for customers.
• Reporting of any suspicious transactions to the SSC.

International Cooperation

• Collaboration with foreign-based counterparts.
• Development of a national financial intelligence unit (FIU).

Implications

• Safer and secure digital asset market.
• Protection of investors.
• Safeguarding of the country’s financial system.

Quote: “These new measures will help us better tackle money laundering and terrorist financing risks.” - SSC Spokesperson

Positive Development

• Deterring criminal activities.
• Building trust and confidence amongst investors and stakeholders.
• Establishing Vietnam as a credible and progressive player in the digital asset industry.