Directive 10/CT-TTg on Bitcoin and other similar virtual currencies

DIRECTIVE

Enhancing the management of activities related to Bitcoin and other similar virtual currencies

Over the past time, management agencies have issued many warnings about risks related to Bitcoin and other virtual currencies (below referred to as virtual currencies), as well as risks of using virtual currency for crimes (money laundering, terrorist financing, illegal transfer of money, tax evasion and fraud, etc.) because virtual currencies are anonymous, virtual currency-related activities are conducted in a scattered manner and not subject to the management of any agency or organization. Virtual currency investment and trading, capital mobilization through the initial coin offering (ICO), especially the use of virtual currencies to mobilize capital under the multilevel mode, have become more and more complicated, posing risks to threatening the stability of the financial market, social order and safety and likely to cause huge risks for participants.

To minimize these risks and implications for the society and promptly detect, prevent and handle violation of law, the Prime Minister requests agencies to concentrate on implementing the following tasks:

1. The State Bank of Vietnam:

a/ To direct credit institutions and organizations providing intermediary payment services to refrain from performing illegal transactions related to virtual currencies.

b/ To direct credit institutions and organizations providing intermediate payment service to further review and promptly report suspicious transactions related to virtual currencies in accordance with law.

c/ To coordinate with the Ministry of Public Security in detecting and handling acts of illegally using virtual currencies as a currency or mean of payment.

2. The Ministry of Finance:

a/ To direct public companies, securities companies, fund management companies and securities investment funds to refrain from  conducting listing and trading activities or performing trading brokerage serving related to virtual currencies in contravention of law and to comply with the law on anti-money laundering;

b/ To study the reality and international experience so as to propose measures for handling capital mobilization through ICO.

c/ To assume the prime responsibility for, and coordinate with related agencies in, taking measures to restrict the import of, and manage, equipment and machinery used for virtual currency digging.

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