Asia Legal

Currently, the Government of Vietnam has not yet issued license to any investor wishing to do cryptocurrency business in Vietnam In a press conference on monetary policy and banking operations in the first quarter of 2019. Mr. Nghiem Thanh Son, Deputy Director of Payment Department of the State Bank of Vietnam (SBV) verbally affirmed that the State Bank of Vietnam has not yet issued any license to any company wishing to do cryptocurrency business in Vietnam. Running cryptocurrency business has been excluded by Vietnam in the Schedule of WTO Commitments, and in the absence of Vietnamese legislation on this kind of business, any investor wishing to do cryptocurrency business in Vietnam is requested to consult with and obtain the approval from various competent authorities in Vietnam, including Ministry of Planning and Investment, the Ministry of Finance, Ministry of Industry and Trade, the State Bank of Vietnam; and other relevant Ministry (if any) in accordance with clause dd, Article ...

In the first article, we answered the question “Is Forex trading regulated under the laws of Vietnam?”. Accordingly, Forex business is not regulated under the laws of Vietnam and the competent authority in Vietnam, i.e., the State Bank of Vietnam has not, so far, issued any further guidance or instruction on such kind of business in Vietnam. Today, in the second article, we will discuss the legal risks in doing Forex business in Vietnam without license. Doing Forex business in Vietnam without license: legal risks Doing Forex business has been excluded by Vietnam in the Schedule of WTO Commitments. Since Vietnamese legislation does not have specific regulations on this kind of business, any investor wishing to do Forex business in Vietnam must consult with and obtain the approval from various competent authorities in Vietnam, including Ministry of Planning and Investment, the Ministry of Finance, Ministry of Industry and Trade, the State Bank of Vietnam; and other relevant Ministry (if...