Vietnam and Austria Partner on Crypto Oversight

Vietnam and Austria have agreed to cooperate on the development of a regulatory framework for crypto‑asset service providers. The partnership was formalised during a meeting in Vienna between Vietnam’s Deputy Minister of Finance Nguyen Duc Chi and the head of Austria’s Financial Market Authority (FMA), Mariana Kuhnel.

Key points of the bilateral discussion

• Vietnam aims to issue the first licences for crypto‑asset platforms under a pilot framework in 2026.
• The two sides will exchange expertise on financial supervision, risk management and anti‑money‑laundering measures.
• The FMA proposed joint initiatives through the International Organisation of Securities Commissions (IOSCO) and regular technical workshops.

Vietnam’s pilot crypto framework

The State Securities Commission (SSC) is drafting a supervision mechanism that focuses on investor protection, transaction risk management and compliance with Financial Action Task Force (FATF) recommendations. The framework also considers restructuring stock‑trading boards to improve transparency for small‑ and medium‑sized enterprises (SMEs), which represent about 99% of Vietnamese businesses.

Implications for SMEs

Vietnam plans to update domestic policies to enhance governance, compliance and digital transformation for SMEs, with the goal of expanding their access to credit and capital markets.

Austria’s regulatory role

The FMA, established in 2002, oversees banks, insurers, investment firms, stock exchanges and crypto service providers in Austria. Kuhnel highlighted that while many rules originate at the EU level, the FMA is responsible for implementation and enforcement.

Next steps

Both countries intend to convert shared technical expertise into concrete joint activities, beginning with online workshops and coordinated IOSCO efforts.