Perfecting regulations on virtual assets to combat money laundering

Mr. Nguyen Doan Hung - Vice Chairman of VBA, former Vice Chairman of the State Securities Commission - said that the Prime Minister has just issued Decision 194 on the national action plan on preventing money laundering, terrorist financing and financing the proliferation of weapons of mass destruction.

This plan aims to remove Vietnam from the "grey list" of the Financial Action Task Force (FATF). The Government assigned the Ministry of Finance to preside over research and develop a legal framework to prohibit or regulate virtual assets and virtual asset service providers, to be completed before May 2025.

Lawyer Tran Quoc Bao, Pantheon Law Firm, said that cryptocurrency trading activities in Vietnam through exchanges are quite active, with popular cryptocurrencies such as Bitcoin, Ethereum... Therefore, a legal framework is needed to manage this type of asset as well as those participating in the transaction.

Mr. Phan Duc Trung, Permanent Vice President of VBA, emphasized that digital assets are a global trend with a total value expected to account for 10% of global GDP, reaching 16,000 billion USD by 2030. Banning virtual assets is not feasible, instead, it is necessary to quickly issue management regulations in accordance with FATF's anti-money laundering standards to remove Vietnam from the "gray list".

Source: https://nld.com.vn/hoan-thien-quy-dinh-ve-tai-san-ao-de-chong-rua-tien-196240313213114517.htm