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.
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. (Photo: FORTUNE/VNA)Hanoi (VNA) – 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.
Under the SBV’s directive, financial institutions and intermediary payment service organisations must intensify inspections, promptly report suspicious transactions with close connections to digital currencies and address violations.
They were ordered to set up plans to prevent illegal transactions and report to the SBV’s Payment Department before June 30.
Meanwhile, the SBV’s units must work with ministries and branches to carry out legal framework and solutions to handle illegal acts of using cryptocurrency as a means of payment.
Local branches of the SVB across the nation are required to raise public awareness of the risks of cryptocurrency investment and trading as well as legal regulations on cryptocurrency.
Cryptocurrency is an illegal non-cash payment method in Vietnam.
Police in Ho Chi Minh City are working with relevant agencies to investigate an alleged cryptocurrency fraud involving more than 32,000 people and a sum of 15 trillion VND (666 million USD).-VNA
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