Commercial banks and intermediary payment service providers must intensify their inspections and promptly report any suspicious transactions related to cryptocurrencies.
This is the content of Directive No. 02 on measures to strengthen the control of transactions and activities related to cryptocurrencies which has been issued by the State Bank of Vietnam (SBV).
According to the directive, organisations that deal with the purchase and exchange of cryptocurrencies are also among those subjected to a review by banks to ensure that they comply with the laws on the prevention of money laundering, terrorist financing and foreign exchange control.
The SBV also requires banks and intermediaries that are providing payment services not to provide payment services, card transactions, money transfers, currency conversion, payment transactions, and cross-border money transfers related to cryptocurrencies as there may arise risks of money laundering, terrorism financing, trade fraud, and tax evasion.
The SBV has also assigned banks to actively coordinate with the relevant ministries and agencies to propose and develop a legal framework to deal with cryptocurrencies and virtual property, while preventing activities from taking advantage of the payment system to use cryptocurrencies as a means of payment in contravention of law.
Banks and intermediary payment service providers shall build their specific plans to implement the specific tasks and measures according to the directive and report their results to the SBV before June 30 this year.