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Sunday, September 25, 2022

Cryptocurrency proposed for addition to anti-money laundering law

The Saigon Times

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HCMC – National Assembly (NA) deputies have proposed adding cryptocurrency and virtual assets to the draft of the anti-money laundering law.

The State Bank of Vietnam (SBV) will send the Government a draft regulation on anti-money laundering through cryptocurrency, which can fit in with the draft anti-money laundering law, SBV Governor Nguyen Thi Hong told a conference attended by full-time NA deputies on September 7.

Duong Van Phuoc, a member of the NA deputies delegation of Quang Nam Province, warned cryptocurrency could be used to launder money as Vietnam has emerged as a major cryptocurrency market.

Large-scale gambling and money laundering through cryptocurrency have been rampant in the country; however, Vietnam has not issued regulations on the issue, he added.

The addition of virtual assets and cryptocurrency to the anti-money laundering law is not only meant to address the recommendations of international organizations but also to ensure financial security in the country, said Hong of the central bank.

Nguyen Tao, a member of Lam Dong Province’s NA deputies delegation, suggested the law on anti-money laundering should cover sensitive areas, such as virtual asset service providers and cryptocurrency lending agencies.

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