On 14/7, the National Assembly Standing Committee provided feedback on the draft law amending and supplementing several articles of the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering, and the Law on Credit Institutions.

Presenting the proposal, Governor of the State Bank of Vietnam Pham Duc An stated that the draft anti-money laundering law adds "crypto asset services" to the group of reporting entities, while also specifying suspicious signs in this sector.

According to the draft, there are 15 signs of suspicious crypto asset transactions, such as: splitting transactions to fall below customer identification thresholds or reporting thresholds. Other signs include consecutive crypto asset deposit and withdrawal transactions shortly after account opening, or transferring assets to countries or territories with high risks of money laundering or terrorist financing without a reasonable explanation.

Governor of the State Bank of Vietnam Pham Duc An speaking at the meeting. *Photo: National Assembly E-portal*

Further suspicious signs include: continuous conversion of crypto assets or conversion to fiat currency under unfavorable price conditions. Also, multiple accounts or wallets transferring assets to a single address, or one account distributing assets to many different wallets in a short period. The use of crypto assets with enhanced anonymity features or transaction mixing services to conceal asset origins is also considered a suspicious sign.

The draft also flags as suspicious cases involving: transactions with wallets or crypto asset service providers previously flagged for fraud, online gambling, extortion, or stolen assets. Other instances include accessing platforms via anonymous tools, refusing or delaying to provide customer identification information, or an inability to explain the origin of assets.

Additionally, suspicious activities encompass: transactions with unregistered or unlicensed crypto asset service providers. This also extends to using exchanges in countries or territories identified as hotspots for transnational fraud. Asset sources originating from opaque crypto asset issuances are also categorized as signs requiring reporting.

According to the drafting agency, the law amendment aims to improve the legal framework for anti-money laundering in line with international standards, address legal gaps, and prepare for the Financial Action Task Force (FATF) assessment.

Reviewing the draft law, Head of the Economic and Financial Committee, Phan Van Mai, requested clarification on the concept of "crypto asset services" and the scope of services requiring reporting. He also urged further refinement of criteria for identifying suspicious transactions to ensure specificity and feasibility. The reviewing agency further proposed a clear coordination mechanism among the Ministry of Finance, the State Bank of Vietnam, and the Ministry of Public Security in inspecting and supervising anti-money laundering activities within the crypto asset sector.

Crypto assets are a type of digital asset utilizing cryptographic or digital technology for authentication during creation, issuance, storage, and transfer. This market will be piloted in Vietnam for 5 years, starting from 9/2025. The offering, issuance, trading, and payment of crypto assets will be conducted in VND. Before a separate tax policy is enacted, crypto asset transfers and business activities will be taxed like securities.

The government plans for a maximum of 5 enterprises to pilot establishing exchanges in the initial phase. This approach aims to control risks and assess impacts before expansion. Enterprises need a minimum charter capital of 10,000 billion VND, which is three times the minimum charter capital of a commercial bank and about 33 times that of an airline company. Foreign investors can hold a maximum of 49% of the capital.

Phuong Dung