VerifyVASP Co-Hosts Vietnam SSC Training Program

VerifyVASP is grateful for the chance to co-host with the State Securities Commission of Vietnam (SSC) and Tether a one-day training program on end-to-end anti-money laundering, counter the financing of terrorism and counter-proliferation financing (AML/CFT/CPF) compliance architecture for crypto.

The program is designed for full-stack compliance for VASPs/ VASP supervision, bringing together industry partners from Recoveris, LSEG, Solidus Labs and Sumsub, and deep-dive into the key AML/CFT/CPF requirements prescribed by the Financial Action Task Force (FATF) from upstream Travel Rule implementation to downstream asset recovery.

As CEO ShihYun Chia noted, Vietnam is at a critical juncture amid the rapid growth of the crypto sector. It presents immense opportunities for innovation and economic growth. That said, this opportunity comes with a significant responsibility: ensuring robust oversight, maintaining market integrity, and protecting investors. He emphasised Public Private Partnerships (PPP) such as this event as an important pillar towards effective and objective-based compliance of Travel Rule that will contribute towards jointly combating fraud and other illicit activity.

Tanna Chong, Head of Public Policy, gave a walk through on the FATF requirements pertinent to the Travel Rule, the regulatory landscape and key factors for public authorities to consider when the requirements are locally imposed on VASPs.

Alex Kim, Founder and CEO of Upbit Global, shared the VASP’s perspective of Travel Rule implementation.

VerifyVASP believes that -

1. Good Travel Rule implementation, including pre-transaction verification, starts from counterparty due diligence and subsequent data collection. All these provide good quality data that brings traceability, fulfilling Recommendation 16’s core objective of payment transparency and facilitating Law Enforcement Agencies’ asset recovery efforts.
2. Partnerships are key to managing the emerging risks of crypto-related crime. On this, we are particularly thankful to the high-level attendance from SSC, led by Mr. Bùi Hoàng Hải (Vice Chairman of SSC) and Mr. Tô Trần Hòa, Permanent Deputy Director General of Crypto Asset Management Department.
3. Technical assistance helps build regulatory capacity. As market landscape tends to move faster than regulation, the public sector needs to stay abreast with the typologies, international regulatory trends, and write the rules that are actually effective. This is a tall task, but we believe in the value of knowledge sharing and how by joining forces with industry partners, this can be made more effectively and efficiently.

We are grateful for the fruitful day of training and candid exchanges with the Vietnamese authorities. We are committed in this work and welcome public sector colleagues to get in touch with us ([email protected]) for similar Public Private Partnerships. By joining forces, we can make the digital asset industry a safer and better place.