Securities watchdog tightens cryprocurrency management

The central bank also banned co妹妹ercial banks and intermediary payment services providers from making transactions involving cryptocurrencies. — Photo VNA

HÀ NỘI — The State Securities Co妹妹ission (SSC) has required relevant companies and funds not to engage in any issuance, transaction or brokerage activities related to cryptocurrencies.

Under an announcement released early this week, SSC banned public companies, securities companies, fund management companies and securities investment funds from taking part in the activities, and required them to obey legal regulations on anti-money laundering.

According to SSC, the announcement was issued based on the Prime Minister’s Directive No  一0/CT-TTg dated April  一 一,  二0 一 八 on strengthening the management of activities related to bitcoin and other cryptocurrencies. The use of such currencies as a means of payment is prohibited in Việt Nam.

Earlier in April, the State Bank of Việt Nam also banned co妹妹ercial banks and intermediary payment service providers from making transactions involving cryptocurrencies, warning that such activities may increase the risks of money laundering, terrorism financing, trade fraud and tax evasion.

To improve the management of cryptocurrencies in Việt Nam, local relevant ministries, including the ministries of Finance and Industry and Trade, and SBV, have also agreed to suspend the import of cryptocurrency mining machines. — VNS