Vietnam and Singapore to build legal framework for capital markets and digital assets

Vietnam and Singapore to build legal framework for capital markets and digital assets

Vietnam and Singapore reached an agreement on March 12 to develop a legal framework for digital asset management.

Chairwoman of the State Securities Commission (SSC) Vu Thi Chan Phuong and deputy general director of the Monetary Authority of Singapore (MAS) Tuang Lee Lim signed the Letter of Intent.

The signing ceremony was witnessed by Party General Secretary To Lam and Singaporean Prime Minister Lawrence Wong, while Vietnamese Minister of Finance Nguyen Van Thang and other leaders of the two countries also attended the ceremony.

Vietnam's SSC chairwoman Vu Thi Chan Phuong and Singapore's MAS deputy general director Tuang Lee Lim

Recognising the importance of developing and regulating the digital asset market, the two countries have partnered to combat money laundering and terrorist financing through digital asset transactions, protecting the integrity and stability of the two financial markets.

Specifically, the MAS will help the SSC to build a legal framework for the development and management of the digital asset market in Vietnam. It will also exchange information and experience in anti-money laundering and counter-terrorism financing in the financial markets of the two countries, thereby enhancing Vietnam's capacity to monitor the development and trading of digital assets.

Lim said, “Singapore and Vietnam have a long-standing, multidimensional partnership in the capital markets, reinforced through bilateral commitments and cooperation at regional and international forums. The exchange of this Letter of Intent reflects our commitment to help each other protect the integrity and stability of our capital markets, as well as promote cross-border connectivity. The MAS and SSC will learn from each other and build a deeper relationship.”

In response, Phuong said that the Vietnam - Singapore relationship has been upgraded to a Comprehensive Strategic Partnership, and that economic, financial, and investment cooperation have become deep and effective. The signing of the letter is a new step forward, an important foundation for the two capital market management agencies to strengthen cooperation and contribute to the integrity of the financial markets of the two countries and the region.

"We believe and expect that this agreement will contribute to the stable, fair, transparent, and sustainable development of the capital and digital asset markets in both countries," Phuong added.

VIR