Authorized agencies referred to risks related to Bitcoin and other virtual currencies and risks of using virtual currencies for criminal activities (money laundering, financial support for terrorism, illegal remittances, tax evasion and frauds). Virtual currency trading and the Initial Coin Offering (ICO) have threatened stability of the financial market, social order and caused huge risks for related organizations and individuals.
Thus, the PM has asked the State Bank of Viet Nam (SBV) to direct credit organizations and organizations providing intermediary payment services not to perform transactions related to illegal virtual currency trading and promptly announce illegal transactions as regulated.
The SBV coordinates with the Ministry of Public Security to detect and handle illegal use of virtual currencies for payment.
The Ministry of Finance guides public companies, securities companies, fund management companies, securities investment funds not to launch transaction and brokerage activities related to illegal virtual currencies and strictly abide by laws and regulations on anti-money laundering as well as joins hand with other relevant agencies to limit the imports of machines and equipment for virtual currency purposes.
The Ministry of Public Security coordinates with the Ministry of Industry and Trade and other related ministries and agencies to investigate, detect, prevent, and deal with violations related to financial mobilization and multi-level activities and fraudulent manner on the Internet via virtual money, impersonating investment and trading virtual currency.
The Ministry of Justice hosts and coordinates with other relevant ministries and agencies to soon complete the legal framework on management of virtual currencies and assets and joins hands with the Ministry of Finance to propose measures on ICO activities.
The Ministry of Information and Communications directs press agencies to strengthen information and communications works on risks, threats and implications of purchasing and investing in virtual currencies.
By Thuy Dung
