TOKENS USED IN THE BUSINESS OF PRIZE-WINNING VIDEO GAMES FOR FOREIGNERS
The Circular No. 09/2022/TT-NHNN guiding the foreign exchange management of the business of prize-winning video games for foreigners is promulgated on July 12, 2022 by the State Bank of Vietnam.
Accordingly, the par value of tokens may be nominated in Vietnam dong or a freely convertible foreign currency. An enterprise shall convert the foreign-currency par value of tokens into Vietnam dong or another foreign currency. The exchange rate used for the conversion is that quoted on the transaction date by a licensed bank at which the enterprise opens its special-use foreign currency account. In case the transaction date falls on a day-off or public holiday, the exchange rate used for the conversion is that quoted on the day preceding the transaction date.
Besides, an enterprise granted a license by the State Bank shall open one special-use account for each type of foreign currency at one licensed bank for conducting the business activities at one facility for the business of prize-winning video games and may conduct foreign-currency collection and payment transactions as follows: Depositing foreign-currency cash into its account in case the foreign-currency cash amount collected from the sale of tokens and from gaming machines exceeds the prescribed cash balance; Collecting amounts transferred from players’ overseas accounts or foreign-currency payment accounts opened at licensed banks in Vietnam; etc.
Also in accordance with this Circular, such enterprises are permitted to purchase foreign currency amounts from licensed banks where they open their special-use foreign currency accounts in case the foreign-currency cash balance and the balance on the special-use foreign currency accounts and foreign-currency payment accounts are insufficient for paying out prize money or withdrawing foreign-currency cash to serve the business of prize-winning video games within the scope of collection and payment of foreign currency amounts and other foreign exchange activities of enterprises after producing papers and documents proving their lawful and valid transactions.
This Circular takes effect on September 01, 2022.
