The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Vietnam’s Ministry Concerned About the Risks Attached to Crypto Trading

veitnams

The Finance Ministry in Vietnam has declared that cryptocurrencies have no legal framework in the region. 

Cryptocurrency in Vietnam is not regulated yet. officials of the country’s finance department are concerned about unregulated crypto trading. They are warning the public about the risks attached to the crypto industry without the proper legal framework. 

Vietnam’s Ministry of Finance stated, “Vietnam has not adopted any legislation related to the issuance, trading, and exchange of virtual currencies and virtual assets.”

According to the Ministry, Vietnamese Security laws do not have any guidelines regarding digital currencies. Currently, there are only two exchanges in the country, Hanoi Stock Exchange and Hoshi Minh Stock Exchange that have been permitted to trade securities in the country.

The Ministry has developed a determined research group to fill the gaps in the legal framework of digital currency. The research group will investigate and analyse the crypto industry and then work towards establishing policies for cryptocurrency regulations in Vietnam. 

The Finance Ministry also highlighted the need to spread awareness about the industry. This will assist in preventing potential risks related to trading and investing. The threats linked with the illegal and fraudulent crypto schemes can also be diminished with awareness. 

The warning from the government came due to the increasing scepticism linked to this new and growing platform of a cryptocurrency called the Pi Network. This new platform is becoming popular in Southeast Asia. Some are concerned that the platform could be a pyramid scheme. A report by a blockchain expert at the Posts and Telecommunications Institute of Technology in Hanoi states, the Pi platform is lacking transparency to be a legal blockchain project. 

Cointelegraph has previously reported that the Vietnamese government has been, in recent years, somewhat reluctant to adopt the digital currency industry. However, it has endorsed blockchain technology which is underlying blockchain technology. Vietnam has already banned cryptocurrency as a form of payment in 2018. The authorities have continuously encouraged people to avoid the use of cryptocurrency. 

Related Posts

News

G20 Summit Agrees to Establish a Unified Global Crypto Framework to Prevent Digital Money Laundering

The G20 Summit signed to establish a global unified regulations framework to regulate digital tra...

G20 Summit Agrees to Establish a Unified Global Crypto Framework to Prevent Digital Money Laundering Explore More

News

OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry

Three US banking regulators, the Federal Reserve (Fed), Office of the Comptroller of the Currency...

OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry Explore More

News

13K Affected in Third-Party Data Breach at Anthem MaineHealth

A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

News

GIABA to Release Liberia’s AML and CFT Compliance Evaluation Report

The GIABA has finally released its findings about Liberia’s gains and challenges in the fight aga...

GIABA to Release Liberia’s AML and CFT Compliance Evaluation Report Explore More

News

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports

As people around the world are increasingly becoming vaccinated, the concern about the vaccine pa...

BBB Warns About the Potential Scams Fuelled by the COVID Vaccine Passports Explore More

News

China’s securities watchdog commits to clean up financial markets

SHANGHAI – China’s security watchdog vowed a number of measures to clean up its financial m...

China’s securities watchdog commits to clean up financial markets Explore More

News

UK watchdogs launch ad-scam alert system to control online fraud

The United Kingdom Advertising Standards Authority (ASA) and the Internet Advertising Office (IAB...

UK watchdogs launch ad-scam alert system to control online fraud Explore More

News

Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens

The Department of Homeland Security (DHS) is taking back its decision to implement a policy that ...

Homeland Security Takes Back Its Plans of Facial Recognition for US Citizens Explore More

News

Russian Government to Fight Cybercrimes for Digital Economy

A report by TASS news agency states that the Russian government plans to develop a center to figh...

Russian Government to Fight Cybercrimes for Digital Economy Explore More

News

Philippines AML Council Adds POGO to its Non-Compliance List

In its efforts to fight money laundering and terrorist financing, AMLC has added third POGO to th...

Philippines AML Council Adds POGO to its Non-Compliance List Explore More

News

Coincheck customers fall victim to a data breach

In 2018, Coincheck, the Japanese firm, fell victim to probably the largest cryptocurrency hack in...

Coincheck customers fall victim to a data breach Explore More

News

Mega Bank Fined $10 Million in Fake Mortgage Case

Due to poor internal controls, 28 fraudulent mortgage applications went undetected.  The Financia...

Mega Bank Fined $10 Million in Fake Mortgage Case Explore More

News

Elon Musk proposes regulations on artificial intelligence

”Organizations developing artificial intelligence must be regulated”, says Elon Musk. This is not...

Elon Musk proposes regulations on artificial intelligence Explore More

News

CCPA in effect – Mozilla firefox will let users delete their collected data

The California Consumer Privacy Act came into effect on Wednesday, Jan 1. Being obliged by the ne...

CCPA in effect – Mozilla firefox will let users delete their collected data Explore More

News

Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission

Blue Star Planet which was trading as 10Bet to pay £620,000 ($746,716) after it was found guilty ...

Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission Explore More

News

Turkish President Announces New Crypto Bill to Legalize Virtual Assets

Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will...

Turkish President Announces New Crypto Bill to Legalize Virtual Assets Explore More

News

US Treasury Department Discloses Latest Beneficial Ownership Information (BOI) Guide

The Money Laundering Bureau of the US Treasury Department issued the latest guide to assist small...

US Treasury Department Discloses Latest Beneficial Ownership Information (BOI) Guide Explore More

News

Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering

AFP rolled out a dedicated crypto unit to combat monetary scams by fraudsters. According to AFP, ...

Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering Explore More

News

Global OCR market expected to reach $70 billion by 2030

The global OCR market is expected to grow at the CAGR of 15% from 2020 to 2030, reaching USD 70 b...

Global OCR market expected to reach $70 billion by 2030 Explore More

News

11 Arrested for the First Money Laundering Case Using Digital Yuan

Chinese security officials have arrested 11 suspects in the first Central Bank Digital Currency (...

11 Arrested for the First Money Laundering Case Using Digital Yuan Explore More

News

FIU to Audit Crypto Exchanges, Aiming to Reduce Money Laundering

Financial Intelligence Unit under Financial Services Commission to audit Korea’s cryptocurrency e...

FIU to  Audit Crypto Exchanges, Aiming to Reduce Money Laundering Explore More

News

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK Explore More

News

After China, Japanese Officials Considering to Introduce Digital Currency too

China has begun trials for its digital assets and issued 10 million yuan last week. The efforts o...

After China, Japanese Officials Considering to Introduce Digital Currency too Explore More

News

Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme

According to Federal prosecutors, a money-laundering scheme has been successful in funneling $11 ...

Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme Explore More

News

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority

Social media platforms approached the I&B ministry citing apprehension that they may face par...

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority Explore More

News

People’s Bank of China to Monitor Metaverse and NFTs

The Chinese financial watchdogs are all set to expand cryptocurrency crackdown as Gou Wenjun sugg...

People’s Bank of China to Monitor Metaverse and NFTs Explore More

News

South Korea to Penalize the Non-Compliant Crypto Companies

Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...

South Korea to Penalize the Non-Compliant Crypto Companies Explore More

News

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme

A Georgian billionaire, Bidzina Ivanishvili, has sued the Swiss bank, Credit Suisse over a Fraud ...

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme Explore More

News

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures

Turkey’s Regulatory Authorities stated they will develop rigid regulations for crypto service pla...

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures Explore More

News

Russian Central Bank Still Saying “No to Use of Crypto in Settlements”

Russia’s Central Bank has put another wrench in the pro-business Ministry of Finance’...

Russian Central Bank Still Saying “No to Use of Crypto in Settlements” Explore More

News

China’s Digital Currency Could Be Launched ‘Quite Soon’

Within the next 6 to 12 months, China could launch its own digital currency which may become a ch...

China’s Digital Currency Could Be Launched ‘Quite Soon’ Explore More

News

Hong Kong Arrests 13 in HK$53 million Money Laundering Case

13 people in Hong Kong have been arrested for money laundering and operating illegal gambling sit...

Hong Kong Arrests 13 in HK$53 million Money Laundering Case Explore More

News

US Court Declares Bitcoin and ETH as Commodities, Dismissing Uniswap Lawsuit

A US court dismissed the Security Exchange Commission (SEC) lawsuit against the Uniswap protocols...

US Court Declares Bitcoin and ETH as Commodities, Dismissing Uniswap Lawsuit Explore More

News

AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High

According to the anti-money laundering council, the Philippines’ terrorist and terrorism fi...

AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High Explore More

News

FCA Fines Ghana International Bank Over £5 million for Money Laundering Failings

The Financial Conduct Authority (FCA) has imposed a £5,829,900 financial penalty on Ghana Interna...

FCA Fines Ghana International Bank Over £5 million for Money Laundering Failings Explore More

News

UK Publishes First National Risk Assessment of Proliferation Financing

The UK is at a high risk of proliferation financing for Korea and Iran, while UK financial instit...

UK Publishes First National Risk Assessment of Proliferation Financing Explore More

News

FATF Issues New BO Requirements to Address Pandora Papers

While addressing the Pandora Papers, the Paris-based global financial watchdog, FATF, has issued ...

FATF Issues New BO Requirements to Address Pandora Papers Explore More

News

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure

Maitland Luxembourg SA received a penalty of €226,000 over anti-money laundering and customer due...

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure Explore More

News

Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns

According to the US Ambassador to Cyprus Judith Garber, Cyprus has shown progress in dealing with...

Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns Explore More

News

The US publishes a list of North Korea’s supposed Crypto crimes

The US government, on Wednesday, outlined an aggressive set of countermeasures it said could hamp...

The US publishes a list of North Korea’s supposed Crypto crimes Explore More

News

AML and Crypto Fines Surge to £4bn in Regulatory Crackdown

The global AML fines surged 53% in 2022, while crypto fines rose over 90% as regulators cracked d...

AML and Crypto Fines Surge to £4bn in Regulatory Crackdown Explore More

News

Jamaica Passes a New Bill to Counter Money Laundering

The Senate has approved the Company (Amendment) Act 2023, which will enable Jamaica to meet inter...

Jamaica Passes a New Bill to Counter Money Laundering Explore More

News

Bank of Israel (BoI) Pushes Banks to Accept Crypto Profits

The Central Bank of Israel pushes local banks to un-restrict the cryptocurrency transaction gener...

Bank of Israel (BoI)  Pushes Banks to Accept Crypto Profits Explore More

News

Russian Central Bank Still Saying “No to Use of Crypto in Settlements”

Russia’s Central Bank has put another wrench in the pro-business Ministry of Finance’...

Russian Central Bank Still Saying “No to Use of Crypto in Settlements” Explore More

News

Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients

The Cambridge University Hospital admitted they mistakenly leaked over 22,000 pregnant women and ...

Cambridge University Hospital Breach Exposes Data of Cancer and Pregnancy Patients Explore More

News

US government favours a hands-off approach to AI’s regulation

The white house listed 10 principles that federal agencies should consider when drafting laws and...

US government favours a hands-off approach to AI’s regulation Explore More

News

FCA Takes NatWest to Court over Money Laundering Charges

The National Westminster Bank has been accused of neglecting the anti-money laundering regulation...

FCA Takes NatWest to Court over Money Laundering Charges Explore More

News

EU to add Panama, Bahamas, and others to money-laundering blacklist

The European Commission has included Mauritius, Panama, and ten other states to its list of count...

EU to add Panama, Bahamas, and others to money-laundering blacklist Explore More

News

UAE startup relies on Blockchain to flatten COVID-19 curve

In5, UAE based start-up incubator, is assisting to design blockchain-based techniques to suppress...

UAE startup relies on Blockchain to flatten COVID-19 curve Explore More

News

Estonian Cryptocurrency Exchange charged for concealing hack

Crex24, an Estonian cryptocurrency exchange, is accused of hiding a hack from its customers after...

Estonian Cryptocurrency Exchange charged for concealing hack Explore More

News

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe

The chairperson of the OSCE for North Macedonia addressed issues of corruption, money laundering,...

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe Explore More

News

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance.

A major Brazilian Bank in Paraguayan has been sanctioned by the Paraguayan government. Latin Amer...

Paraguay- Brazilian Bank Fined Heavily for Anti-money Laundering Non-compliance. Explore More

News

China Pledges “Zero Tolerance” for Financial Fraud

Top financial regulators in China pledged to introduce stricter controls following the recent dis...

China Pledges “Zero Tolerance” for Financial Fraud Explore More

News

China’s Financial Watchdogs All Set to Regulate FinTech Sector

China’s four years regime to clear all risks from the financial system have been extended to the ...

China’s Financial Watchdogs All Set to Regulate FinTech Sector Explore More

News

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering

Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering Explore More

News

Singaporean Banks Enhance Security to Combat Financial Crime

The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...

Singaporean Banks Enhance Security to Combat Financial Crime Explore More

News

Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years

60 HSBC accounts were used to launder USD 4.2 billion in Hong Kong.  An investigation carried out...

Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years Explore More

News

OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Sourcing Money Laundering

OFAC has imposed economic sanctions on cryptocurrency mixing service Tornado Cash for allowing cu...

OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Sourcing Money Laundering Explore More

News

IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC

New Delhi: On Tuesday, June 1st, the Internet and Mobile Association of India (IAMAI), announced ...

IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC Explore More

News

Coincheck customers fall victim to a data breach

In 2018, Coincheck, the Japanese firm, fell victim to probably the largest cryptocurrency hack in...

Coincheck customers fall victim to a data breach Explore More

News

RSA Revamps Digital Payments with Industry-centric Regulations

The federal bank in South Africa re-regulated guidelines for performing card transactions between...

RSA Revamps Digital Payments with Industry-centric Regulations Explore More

News

Amendments in Thailand’s Money Laundering Act to Include New Offenses

A proposed amendment in Thailand’s Money Laundering Act was approved by the cabinet to include ad...

Amendments in Thailand’s Money Laundering Act to Include New Offenses Explore More

News

11 Arrested for Illegal Offshore and Cross-Border Gambling Activities in Macau

11 people arrested along with businessman Alvin Chau in an investigation of bogus gambling scheme...

11 Arrested for Illegal Offshore and Cross-Border Gambling Activities in Macau Explore More

News

BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering

BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...

BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering Explore More

News

T-Mobile Suffers its Second Security Breach within Six Months

T-mobile US suffered its second data breach between late February and early March, affecting 836 ...

T-Mobile Suffers its Second Security Breach within Six Months Explore More

News

ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE

The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE’s Accountants &am...

ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE Explore More

News

PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach

On May 28, 2021, FINTRAC announced changes in Canada’s anti-money laundering regime under t...

PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach Explore More

News

US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance

Strategy imposed by the US Treasury to combat illicit finance targets Russian Obligarch as part o...

US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance Explore More

News

CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

CTFC charges a South African pool operator Steynberg for the largest fraud case in the region inv...

CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion Explore More

News

Beware: Vaccine-phishing scams have risen by 500 percent

Vaccine-phishing scams have increased by 530 per cent, as stated by a new study by Unit 42, the P...

Beware: Vaccine-phishing scams have risen by 500 percent Explore More

News

Founders of US Crypto Firm Charged with Assisting North Korean Hacking Group in Laundering Money

Two co-founders of the cryptocurrency firm Tornado Cash, Roman Semenov and Roman Storm, were char...

Founders of US Crypto Firm Charged with Assisting North Korean Hacking Group in Laundering Money Explore More

News

Singapore Proposes Additional AML/CFT Requirements for FIs

Monetary Authority Singapore has issued a consultation paper proposing the scope of AML/CFT to be...

Singapore Proposes Additional AML/CFT Requirements for FIs Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started