The State Securities Commission (SSC) has required relevant companies and funds not to engage in any issuance, transaction or brokerage activities related to cryptocurrencies.
The central bank also banned commercial banks and intermediary payment services providers from making transactions involving cryptocurrencies. (ꦯPho꧋to: VNA)
Hanoi (VNS/VNA) - TheState Securities Commission (SSC) has required relevant companies and funds notto engage in any issuance, transaction or brokerage activities related tocryptocurrencies.
Under an announcement released early this week, SSC banned public companies,securities companies, fund management companies and securities investment fundsfrom taking part in the activities, and required them to obey legal regulationson anti-money laundering.
According to SSC, the announcement was issued based on the Prime Minister’sDirective No 10/CT-TTg dated April 11, 2018 on strengthening the management ofactivities related to bitcoin and other cryptocurrencies. The use of suchcurrencies as a means of payment is prohibited in Vietnam.
Earlier in April, the State Bank of Vietnam also banned commercial banks andintermediary payment service providers from making transactions involvingcryptocurrencies, warning that such activities may increase the risks of moneylaundering, terrorism financing, trade fraud and tax evasion.
To improve the management of cryptocurrencies in Vietnam, local relevantministries, including the ministries of Finance and Industry and Trade, andSBV, have also agreed to suspend the import of cryptocurrency mining machines.-VNS/VNA
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The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud.
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