The State Securities Commission of Vietnam (SSC), the country’s chief financial regulator, has introduced a ban on working with crypto-currencies for local companies and funds. From now on, Vietnamese business projects will not be able to make transactions or brokerage operations that are related to crypto-currencies. Representatives of the agency stressed that there are laws on the territory of the state that does not allow the use of assets through which illegal activities are possible, such as money laundering, financing of terrorism, etc. Digital assets are exactly those, in the opinion of SSC.
At the end of 2017, the Central Bank of Vietnam recognized digital currencies as an illegal financial asset, and against the backdrop of the situation with the local company Modern Tech, whose leadership disappeared with investors’ money after the ICO, the country’s authorities took up the crypto industry, tightening control over the digital assets market.
In April this year, the State Bank of Vietnam introduced a ban on working with crypto-currencies for commercial banks and payment systems on the territory of the country.
Also in June, the Vietnamese Ministry of Finance proposed to completely ban the import of mining equipment to the country, which, in the opinion of the agency, would allow strengthening market control. The initiative was immediately supported by the Central Bank and the Ministry of Industry.