SBV Clarifies Proposal for KYC on Crypto Transactions from $1,000/Day
The draft supplement specifies cases requiring KYC for individuals without an account or crypto wallet, or those with one but no transactions for 6 consecutive months, who conduct one or more transactions with a total value from $1,000/day.
Many banks and businesses have provided feedback on this proposal:
• BIDV and Vietcombank suggest clarifying the party responsible for implementation to avoid overlapping obligations.
=> The SBV affirms that the supplementary regulation applies only to organizations providing encrypted asset services, not generally to credit institutions.
• First Commercial Bank proposes extending the non-transaction period from 6→12 months.
=> The SBV wants to retain the 6-month threshold to align with the definition of infrequent transactions in anti-money laundering regulations.
• CAEX wants clarification on whether individuals who have already completed KYC and continue regular transactions must undergo KYC again when transacting from $1,000/day.
=> The SBV has not responded specifically to this case, only stating that verification and information updates will follow general regulations.
• CAEX requests clear explanation of what constitutes an account and crypto wallet.
=> The SBV considers that existing documents already regulate this content, so no further explanation is needed.
The above content remains a draft and is not yet an effective new regulation.（Vietnam Crypto Exchange）