Brian Jeffrey
Strengthening Oversight of Cryptocurrency Exchanges to Tackle Financial Crime
During a seminar held on December 18, specialists and law enforcement representatives stressed the need for stricter regulation of cryptocurrency exchanges to address issues like money laundering and global financial crimes.
The event, named “Enhancing capacity to combat financial crimes in cyberspace,” was organized by the Ho Chi Minh City Police Special Projects Division in partnership with the Vietnam Blockchain Association (VBA).
Colonel Le Quang Dao, Deputy Director of the Ho Chi Minh City Police, explained that the objective of the seminar was to uncover the tactics and trends employed by high-tech criminals. Additionally, it aimed to emphasize the need for policy revisions and to elevate public awareness regarding online scams.
Ngo Minh Hieu, Director of the Anti-Fraud Project, remarked, “Combating online fraud isn’t as challenging as it seems. People should take their time to validate information and report any suspicious behavior to the authorities to mitigate risks.”
Phan Duc Trung, the Permanent Vice Chairman of the VBA, suggested increasing education on blockchain technology and artificial intelligence (AI) for various community groups through workshops, forums, and digital training. He also highlighted the necessity of specialized training for law enforcement to better track and prevent fraudulent practices.
Trung additionally called for cooperation with international entities and global data sources to enhance investigative effectiveness, trace illicit transactions, and proactively thwart fraud.
Colonel and Associate Professor Nguyen Van Chanh from the People’s Police Academy stressed the importance of broad community education to enhance awareness and alertness against online scams among individuals of all ages.
The seminar brought attention to the difficulties linked with unregulated cryptocurrency exchanges, which often facilitate “pump-and-dump” schemes. Trung pointed out that many governments have intensified their efforts against such exchanges to limit financial crimes. In Vietnam, he urged officials to focus on preventive measures rather than reactive responses.
Experts from the Ho Chi Minh City police and cybersecurity sectors also explored techniques for identifying cryptocurrency origins, tracing financial movements, and enhancing collaboration in investigations to prosecute wrongdoers effectively.
