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Central bank enhances inspections on cryptocurrency transactions

The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud.
Central bank enhances inspections on cryptocurrency transactions ảnh 1The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency. (Photo: FORTUNE/VNA)

Hanoi (VNA) – The State Bank of Vietnam (SBV) has ordered financialinstitutions and other organisations providing payment brokerage services notto conduct cross-border transactions in cryptocurrency for fear of moneylaundering, terrorism sponsoring, tax evasion and fraud.

Under the SBV’s directive, financial institutions and intermediary paymentservice organisations must intensify inspections, promptly report suspicioustransactions with close connections to digital currencies and address violations.

They were ordered to set up plans to prevent illegal transactions and report tothe SBV’s Payment Department before June 30.

Meanwhile, the SBV’s units must work with ministries and branches to carry outlegal framework and solutions to handle illegal acts of using cryptocurrency asa means of payment.

Local branches of the SVB across the nation are required to raise publicawareness of the risks of cryptocurrency investment and trading as well as legalregulations on cryptocurrency.

Cryptocurrency is an illegal non-cash payment method in Vietnam.

Police in Ho ChiMinh City are working with relevant agencies to investigate an allegedcryptocurrency fraud involving more than 32,000 people and a sum of 15 trillionVND (666 million USD).-VNA
VNA
#State Bank of Vietnam (SBV) #financial institutions #cross-border transactions #cryptocurrency #money laundering #terrorism sponsoring #tax evasion #fraud #intermediary payment service organisations #report suspicious transactions #means of payment #Vietnam News Agency #Vietnamplus
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