Vietnam's SSC joins hands with Singapore to oversee digital assets

A bilateral cooperation agreement has been inked by Singaporean and Vietnamese securities authorities to enhance oversight of their respective digital asset ecosystems.

For integrity and stability, the State Securities Commission (SSC) of Vietnam and the Monetary Authority of Singapore (MAS) will strengthen their relationship in the capital market. Both organizations have agreed to share information and work together in the capital markets through a Letter of Intent (LOI).

The parties' shared commitment to regulating the digital asset industry is a crucial component of the LOI. Establishing a strong framework for digital assets is a primary goal for Vietnam's SSC. The Vietnamese regulator is eager to adopt Singapore's digital asset regulatory model. Vietnam's securities watchdog claims that in addition to taking advice from its neighbor, it is also learning from its bilateral counterpart's failures.

“We believe and expect that the signing of this LOI will create conditions for the capital market and digital asset market of the two countries to continue to develop more stably, fairly, transparently, and sustainably in the future,” said Vu Thi Chan Phuong, Chairwoman of SSC.

Singapore is eager to benefit from the collaboration with Vietnam, even if it seems to be ahead in digital assets and securities. In order to improve its blockchain technology framework and expand its use cases beyond finance, Singapore should benefit from Vietnam's expertise.

While adopting clear regulations within their national borders, both parties promise to increase cross-border connectivity in the region. Representatives from MAS and SSC confirm that a flourishing digital asset and securities ecosystem, characterized by a rise in service providers in both countries, will be the ultimate objective of the LOI.