Proposal to establish a rare metals trading floor

(NLDO) - The Ministry of Industry and Trade proposed to build a rare metals trading floor in the International Financial Center in Vietnam.

The Ministry of Industry and Trade is drafting a Decree regulating policies on import and export of goods, distribution of goods and services, commodity exchanges, and operations of commodity exchanges in the International Financial Center in Vietnam.

Precious metal exchanges must establish measures and procedures to prevent money laundering and smuggling.

It is expected that members of the International Financial Center will be allowed to establish trading floors and trading platforms operating in the International Financial Center in the following fields: Commodity and commodity derivatives trading floor; Carbon credit trading floor; Cultural and artistic product trading floor; Precious metal trading floor; Green financial product trading floor; Specialized trading floor; Other new types of trading platforms according to development needs.

Notably, regarding rare metal trading floors, the Ministry of Industry and Trade stipulates that they are allowed to operate when there is a process for managing payment, custody, and transfer of assets through financial institutions and custodian banks that meet safety standards according to legal regulations.

Precious metals exchanges need anti-money laundering and anti-smuggling procedures

For large value transactions or for shipments of precious metals, the trading floor and organizations and individuals participating in the transaction are responsible for verifying the origin of the precious metals; registering with specialized management agencies according to the provisions of law; and reporting and updating information on transactions according to the reporting regime prescribed by the International Finance Center.

The exchange must establish measures and procedures to prevent money laundering, smuggling and fraud in precious metal transactions; review and report unusual transactions and coordinate with competent authorities to handle them.

The new digital trading platform and specialized trading floor will be officially operated after completing the testing phase (sandbox) under the guidance of the Executive Agency of the International Financial Center in coordination with specialized management agencies.

According to the Ministry of Industry and Trade, the development and promulgation of the Decree is extremely urgent due to practical requirements in the context that Vietnam is implementing the construction of the International Financial Center (IFC) to deeply integrate into the global financial and trade chain.

The proposed policies are innovative, superior and more flexible than current legal regulations, aiming to attract the world's leading financial institutions, businesses and investors to participate in the Financial Center.

Source: https://nld.com.vn/de-xuat-lap-san-giao-dich-kim-loai-quy-hiem-196250816124628391.htm