THE PRIME MINISTER ISSUES THE DIRECTIVE ON BITCOIN AND VIRTUAL CURRENCIES
On April 11, 2018, the Prime Minister issued the Directive No. 10/CT-TTg on enhancing the management of activities related to Bitcoin and other similar virtual currencies.
At this Directive, the Prime Minister emphasizes that Virtual currency investment and trading, capital mobilization through the initial coin offering (ICO), especially the use of virtual currencies to mobilize capital under the multilevel mode, have become more and more complicated, posing risks to threatening the stability of the financial market, social order and safety and likely to cause huge risks for participants.
Refrain from performing illegal transactions related to virtual currencies
The Prime Minister directs the State Bank of Vietnam to direct credit institutions and organizations providing intermediary payment services to refrain from performing illegal transactions related to virtual currencies; to further review and promptly report suspicious transactions related to virtual currencies in accordance with law; and coordinate with the Ministry of Public Security in detecting and handling acts of illegally using virtual currencies as a currency or mean of payment.
Restrict the import of, and manage, equipment and machinery used for virtual currency digging
The Ministry of Finance directs public companies, securities companies, fund management companies and securities investment funds to refrain from conducting listing and trading activities or performing trading brokerage serving related to virtual currencies in contravention of law and to comply with the law on anti-money laundering; to restrict the import of, and manage, equipment and machinery used for virtual currency digging; and study the reality and international experience so as to propose measures for handling capital mobilization through ICO.
Promptly handling violations related to investments in virtual currencies
The Ministry of Public Security is responsible in detecting, preventing and promptly handling violations related to capital mobilization, multilevel marketing and internet phishing using virtual currencies, impersonation of virtual currency investment or trading to appropriate others' assets.
Refrain information causing anxiety about virtual currencies and Bitcoin
The Ministry of Information and Communication shall direct information and press agencies to strengthen information and dissemination about risks, dangers and consequences posing those participating in virtual currency trading, transaction and investment in a prompt and accurate manner; and not provide information causing anxiety about virtual currencies and Bitcoin.
