Vietnam, and Austria discuss financial market supervision and crypto-asset regulation

Vietnam, and Austria discuss financial market supervision and crypto-asset regulation

Vietnam and Austria have discussed experience in financial market management and supervision, with a particular focus on cryptoassets, investor protection, and anti-money laundering measures.

Photo: SSC

On September 15, Vietnamese Deputy Minister of Finance Nguyen Duc Chi held a working session in Vienna with Mariana Kühnel, the newly appointed executive director of the Austrian Financial Market Authority (FMA), to exchange experience in financial market supervision, and discuss future cooperation.

The meeting was attended by Vu Le Thai Hoang, Vietnamese Ambassador to Austria; Vu Thi Chan Phuong, chairwoman of the State Securities Commission (SSC); and senior officials from the Ministry of Finance, SSC, Vietnam Stock Exchange, and Vietnam Securities Depository and Clearing Corporation.

Deputy Minister Chi thanked Kühnel and the FMA for their reception and praised the information shared on Austria’s efforts to modernise financial management and supervision in response to rapid developments in science and technology and the emergence of new asset classes.

The two sides devoted significant attention to the crypto-asset market. Chi said Vietnam had established a pilot legal framework for crypto-asset activities and expected the first crypto-asset service providers to be licensed and begin operations in 2026.

Ministry of Finance delegation. Photo: SSC

Phuong said the Vietnamese authorities were developing a supervisory framework for crypto-asset service providers and investor transactions, drawing on recommendations from the financial action task force.

The framework would focus on risk management, investor asset protection and anti-money laundering measures, she said. Vietnam also hopes to learn from the experience of the FMA and European Union financial regulators as it continues to develop its legal framework for the sector.

The two sides also discussed support for small and medium-sized enterprises (SMEs), which account for about 99 per cent of businesses operating in Vietnam.

The deputy minister said policies to support SMEs were being developed around improving corporate governance, financial capacity, regulatory compliance and digital transformation. These measures are intended to help businesses better meet requirements for accessing credit and the capital market.

Regarding the stock market, Phuong said Vietnam was studying the restructuring of trading boards, including those serving SMEs. The authorities are also seeking to improve the quality of listed securities, transparency and disclosure discipline, while strengthening supervision to prevent market manipulation and price manipulation.

Austrian FMA delegation. Photo: SSC

Responding to Vietnam’s proposals, Kühnel noted that many financial regulations are determined at European Union level, while the FMA is responsible for implementing and enforcing them in Austria.

For specific technical matters, she proposed that the two sides strengthen exchanges through the International Organisation of Securities Commissions, while also holding online technical meetings to allow experts from both sides to share information and discuss areas of mutual interest in greater depth.

Deputy Minister Chi agreed with the proposed approach and expressed his confidence that these channels would help translate the two sides’ exchange of experience and technical cooperation into practical activities in the coming period.

The meeting concluded with the deputy minister thanking Kühnel and FMA officials for their open discussions, which would contribute to strengthening links between the financial regulators of Vietnam and Austria.

The Austrian FMA is an independent, autonomous and integrated financial supervisory authority established in 2002 and headquartered in Vienna. It supervises banks, insurance companies, pension funds, securities firms, investment service providers, investment funds, stock exchanges, market infrastructures and crypto-asset service providers. Its responsibilities also include market supervision, investor protection, anti-money laundering and action against unauthorised financial activities.

VIR