SBV REQUIRES ENHANCING CONTROL OF VIRTUAL CURRENCY
The Directive No. 02/CT-NHNN on measures to enhance control of virtual currency-related transactions and activities issued by the State Bank of Vietnam on April 13, 2018.
At this Directive, the State Bank of Vietnam requires to strengthen the virtual currency, in particular:
Not provide the services related to virtual currency transaction
Credit institutions and organizations providing intermediary payment services may not provide payment services, perform card transactions, extend credit through cards, support the processing of payment, money transfer, clearing, settlement and currency exchange transactions; and effect cross-border payment and money transfer transactions related to virtual currencies for clients as such activities may give rise risks regarding money laundering, terrorist financing, and tax fraud and evasion.
Review and timely report on suspicious transactions related to virtual currencies
Credit institutions and organizations providing intermediary payment services shall further review and timely report on suspicious transactions related to virtual currencies; review lists of organizations and individuals engaged in virtual currency trading and exchange and organizations processing virtual currency trading and exchange transactions and work out handling measures to ensure compliance with the laws on prevention and combat of money laundering and terrorist financing and foreign exchange management.
Suggest legal framework for virtual currencies management
To proactively coordinate with related ministries and sectors in proposing and formulating a legal framework for managing and dealing with different types of virtual currencies and virtual assets and preventing abuse of the banking and payment systems for virtual currency trading or exchange or illegal use of virtual currencies as a payment instrument.
