On August 9, during an extraordinary session of the National Assembly, discussions took place regarding a draft law aimed at amending several financial regulations, including the Law on the State Bank of Vietnam and the Law on Anti-Money Laundering. A key point of the discussion was the proposal to exempt banks from liability when they report suspicious transactions related to cryptocurrency.

Representative Trịnh Thị Tú Anh from Lâm Đồng province emphasized the importance of establishing clear mechanisms to protect those who report suspicious transactions, including banks. She highlighted the need for a structured approach to categorize the 15 indicators of suspicious transactions related to cryptocurrency, suggesting that they should be grouped logically rather than listed arbitrarily.

The draft law includes 15 indicators of suspicious transactions involving cryptocurrency, which aligns with international recommendations from the Financial Action Task Force (FATF). However, Tú Anh noted that the ability to detect these indicators requires advanced technical capabilities that many banks currently lack. She urged the State Bank of Vietnam to develop a shared technological infrastructure for monitoring, which would help banks comply with reporting requirements without having to invest in individual systems.

Another representative, Nguyễn Khánh Vũ from Quảng Trị province, supported the need for a legal framework that protects reporting individuals and organizations, including banks. He pointed out that without clear liability exemptions, banks might hesitate to report suspicious activities, potentially leading to missed opportunities to identify illegal transactions.

Vũ proposed that the government should establish technical criteria for identifying suspicious transactions, along with a timeline for banks to enhance their infrastructure and training. This would ensure that banks can fulfill their reporting obligations effectively while safeguarding legitimate customers.

The discussions reflect a growing recognition of the complexities involved in regulating cryptocurrency transactions and the necessity for robust legal protections for financial institutions that act in good faith to report suspicious activities.