Enhanced control over transactions, operations involving virtual currencies
(Updated at 15:16, 17/4/2018)
The State Bank of Vietnam requires that credit institutions and intermediaries providing payment services not to provide payment services, card transactions, etc. related to virtual currency transactions for customers.
The Governor of the State Bank of Vietnam (SBV) has issued Directive No. 02/CT-NHNN on measures to strengthen control over transactions and activities related to virtual currencies. This directive aims to implement the Prime Minister's instructions on strengthening the management of Bitcoin-related activities and other similar virtual currencies.
 
In this Directive, the Governor of the State Bank of Vietnam requires credit institutions (CIs), organizations providing intermediary payment services not to provide payment services, conduct card transactions, grant credit, support the processing, payment, money transfer, clearing and settlement, currency conversion, payment transaction, cross border money transfer related to virtual currency transactions for customers due to possible risks of money laundering, terrorist financing, fraud, tax evasion.
 
On the other hand, credit institutions, organizations providing intermediary payment services to enhance the review and timely reporting of suspicious transactions involving virtual currencies; to review organizations and individuals involved in virtual transactions, exchange of virtual currencies, organizations that deal with trading, exchanging virtual currencies; and to take measures to ensure compliance with the law on money laundering prevention, combating terrorist financing and foreign exchange control.
 
Units at the Head Office of the State Bank shall, on the basis of their functions and tasks, take initiative in advising, proposing and organizing the implementation of measures to intensify the control and handling of transactions and activities related to virtual currencies according to the relevant contents in this Directive.
 
At the same time, take initiative in coordinating with concerned ministries and sectors in proposing and developing legal framework and handling of virtual currencies, virtual assets; in preventing and combating activities of taking advantage of the banking system and payment system to purchase, sell, exchange and use virtual currencies as unlawful means of payment.
 
The Banking Inspection and Supervision Agency shall act as the focal point and coordinate with the Payment Department and relevant units of the SBV in advising and proposing to the Governor of the State Bank of Vietnam a virtual currency risk inspection for credit institutions, organizations providing intermediary payment services in case of necessity, risk or signs of law violation, etc.

Huong Nguyen
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