Vietnamese regulator warns companies from participating in cryptocurrency transactions

Vietnamese regulator — the State securities Commission of Vietnam (SSC) — has demanded that companies and funds did not participate in the issue, brokerage transactions or transactions related to digital currency. This measure applies to public companies, operators of securities market and investment firms. Also, they were encouraged to observe the rules of combating money laundering.

According to SSC, the statement is based on Directive No 10/CT-TTg, signed on April 11, Prime Minister Nguyen Xuan Phuc. The document stresses the need to strengthen control over the activities related to bitcoin and other cryptocurrencies.

Recall that this is not the first administrative measure aimed at limiting the cryptocurrency in the country. In April, the State Bank of Vietnam (SBV) has banned commercial banks and payment service providers and intermediaries to participate in transactions related to the cryptocurrency. The Central Bank said that such activities can increase the risk of money laundering, terrorist financing, fraud and shelter from taxes.

In October last year, the SBV announced that the bitcoin is «legal tender» in the country. In this regard, he proposed to ban the production, distribution and use of digital currencies and to enter for this criminal punishment and fines.

In addition, the Bank recently SBV together with the Ministry of Finance and Ministry of industry and trade, decided to suspend imports of mining equipment to Vietnam.

It should be noted that the negative attitude of the Vietnamese authorities and regulators to Cryptoprotected largely due to the large amount of fraud in this area. Recently, the country had to face one of the largest frauds in the history of the cryptocurrency industry, in which more than 30,000 people invested their money in projects and Ifan Pincoin who find themselves in financial pyramids.

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