Vietnam Barred Local Companies From Cryptocurrency

July 30, 2018

The State Securities Commission of Vietnam (SSC) has barred local companies and funds from any operations with cryptocurrency.

SSC declared that Vietnamese organizations should avoid issuing cryptocurrencies, as well as making cryptocurrency transactions or acting as a broker in cryptocurrency deals. The Commission also reminded about the existing laws on combating money laundering and called companies for compliance with the legislation.

Earlier in April, the Prime Minister of Vietnam Nguyễn Xuân Phúc has signed a directive to strengthen the management of cryptocurrency activities in the country. The directive prohibited commercial banks and payment operators from cryptocurrency operations. The reason behind the issuance of the directive was the growing popularity of cryptocurrency among criminals.

Also not long ago the State Bank of Vietnam and the Ministry of Industry and Trade supported the idea of temporary halting the import of cryptocurrency miners.

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