The Ministry of Finance is proposing a coordination mechanism with the Ministry of Public Security and the State Bank of Vietnam to jointly supervise the activities of cryptocurrency exchanges and crypto assets within the pilot framework. This is to strictly control transactions, minimize financial risks and protect investors from market volatility.

According to Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission (Ministry of Finance), this proposal is included in the draft Resolution on the pilot issuance and trading of cryptocurrencies and crypto assets submitted by the Ministry of Finance to the Government on March 20.

According to the proposal, the Ministry of Finance will take the main responsibility for establishing the legal framework and supervising the financial activities of the exchanges. The State Bank of Vietnam will participate in assessing the impact of cryptocurrencies on the monetary system, monetary policy and controlling related payment transactions. Meanwhile, the Ministry of Public Security will be responsible for detecting and preventing violations of the law, including money laundering, terrorist financing and financial fraud.

The coordination of the three agencies in supervision from the early stage is expected to help limit legal loopholes and ensure transparency in digital asset transactions. At the same time, this also provides an opportunity for the regulatory authorities to have more time to research and develop appropriate management policies for the rapid development of the cryptocurrency market.

In the context of many countries implementing measures to control digital assets, Vietnam's proactive establishment of an inter-agency supervision mechanism not only helps protect the interests of investors but also lays the foundation for the sustainable development of the domestic blockchain industry.