Vietnam develops crypto-asset monitoring mechanism with FATF guidance

The leader of the State Securities Commission of Vietnam (SSC) was speaking at a meeting between a delegation from Vietnam’s Ministry of Finance and Austria’s Financial Market Authority (FMA) in Vienna on Tuesday.

The meeting was co-chaired by Vietnamese Deputy Minister of Finance Nguyen Duc Chi and Mariana Kühnel, executive director of the FMA.

Discussions focused on experience in financial-market regulation and supervision, as well as orientations for cooperation between the two sides.

Crypto assets were among the key issues discussed at the meeting.

Deputy Minister Nguyen Duc Chi said Vietnam had established a pilot legal framework for the sector and expected the first crypto-asset service providers to be licensed and begin operations in 2026.

Vu Thi Chan Phuong, chairwoman of the SSC, underlined that regulators are developing a supervisory mechanism covering both crypto-asset service providers and investor transactions.

The mechanism is being developed with reference to FATF recommendations, with a focus on risk management, investor asset protection and anti-money laundering measures.

Vietnam also seeks to draw on the experience of the FMA and other European Union financial regulators as it continues to refine its legal framework for crypto assets.

In response, Kühnel said that many financial regulations in Austria are determined at the European Union level, while the FMA is responsible for the implementation in Austria.

For specific technical matters, the FMA leader proposed strengthening bilateral exchanges through the International Organization of Securities Commissions (IOSCO), while also holding online technical meetings to enable experts from both sides to share experience.

Vietnam studies restructuring of stock-trading boards

Another issue discussed at the meeting was access to capital for small and medium-sized enterprises (SMEs).

Deputy Minister Chi said SMEs account for some 99 percent of all businesses operating in Vietnam.

Support policies are being further developed to strengthen businesses’ management, financial, compliance and digital-transformation capabilities, helping them better meet requirements for access to credit and capital markets.

Regarding the stock market, SSC chairwoman Phuong said Vietnam is studying a restructuring of trading boards, including those for SMEs.