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.

3. The Ministry of Public Security:

a/ To assume the prime responsibility for, and coordinate with the Ministry of Industry and Trade and related ministries and sectors in, further investigating, detecting, preventing and promptly handling violations related to capital mobilization, multilevel marketing and internet phishing using virtual currencies as well as the use of  impersonation of virtual currency investment and trading to appropriate others’ assets.

b/ To further investigate and coordinate with related ministries                                                                                                                                                            and sectors in detecting, preventing and promptly handling violations related to money laundering or terrorist financing using virtual currencies and issuance, provision and use of virtual currencies as a currency or mean of payment in contravention with law.

4. The Ministry of Industry and Trade:

a/ To coordinate with the Ministry of Public Security in detecting, preventing and promptly handling violations related to capital mobilization, multilevel marketing and internet phishing using virtual currencies, impersonation of virtual currency investment or trading to appropriate others’ assets.

b/ To assume the prime responsibility for, and coordinate with related ministries and sectors in, detecting and promptly handling acts of illegally using virtual currencies as a mean of payment on e-commerce websites and apps.

5. The Ministry of Justice:

a/ To assume the prime responsibility for, and coordinate with related ministries and sectors in, promptly proposing and completing the legal framework on management and handling of virtual currencies and assets.

Click download to see the full text