Vietnam's securities regulator has warned industry companies and funds in the country to avoid activities related to cryptocurrencies.
In an announcement this week, Viet Nam News reported Wednesday, the State Securities Commission said firms should avoid issuance, transactions or brokerage of cryptos, adding that they must observe laws on money laundering.
The warning relates to an April 2018 Prime Minister's Directive on strengthening the management of activities related to cryptocurrencies.
Vietnam banned the use of cryptos in payments in October 2017, as CoinDesk reported, despite suggestions earlier that year that the prime minister might legally recognize bitcoin for that purpose.
Back in April, the country's central bank, the State Bank of Vietnam, also banned commercial banks and payment service providers from making transactions with cryptocurrencies, arguing that such activities could increase the risk of money laundering, terrorism financing and tax evasion, Viet Nam News states.
In a further move aimed to restrict crypo activities in the country, the central bank last week supported a move to block, at least temporarily, the import of mining devices into the country.
The suspension was initially proposed by the Ministry of Industry and Trade in June, which argued that, since cryptocurrency miners are not on the list of prohibited imports, it has become difficult for local authorities to enforce current restrictions on cryptocurrencies.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Vietnam's Securities Regulator Warns Industry to Avoid Crypto Activities
Published on Jul 26, 2018
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.