Vietnam's Securities Regulator Warns Industry to Avoid Crypto Activities

Vietnam's securities regulator has warned industry companies and funds in the country to avoid activities related to cryptocurrencies.

Jul 26, 2018 at 3:05 p.m. UTC
Updated Sep 13, 2021 at 8:13 a.m. UTC

Vietnam's securities regulator has warned industry companies and funds in the country to avoid activities related to cryptocurrencies.

In an announcement this week, Viet Nam News reported Wednesday, the State Securities Commission (SSC) said firms should avoid issuance, transactions or brokerage of cryptos, adding that they must observe laws on money laundering.

The warning relates to an April 2018 Prime Minister's Directive on strengthening the management of activities related to cryptocurrencies. Vietnam banned the use of cryptos in payments in October 2017, as CoinDesk reported, despite suggestions earlier that year that the prime minister might legally recognize bitcoin for that purpose.

Back in April, the country's central bank, the State Bank of Vietnam, also banned commercial banks and payment service providers from making transactions with cryptocurrencies, arguing that such activities could increase the risk of money laundering, terrorism financing and tax evasion, Viet Nam News states.

In a further move aimed to restrict crypo activities in the country, the central bank last week supported a move to block, at least temporarily, the import of mining devices into the country.

The suspension was initially proposed by the Ministry of Industry and Trade in June, which argued that, since cryptocurrency miners are not on the list of prohibited imports, it has become difficult for local authorities to enforce current restrictions on cryptocurrencies.

Ho Chi Minh City image via Shutterstock

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