Business 31 July 2018Ed Drake
Vietnam’s securities regulator announces industry ban on crypto
Vietnam’s stock market regulator, the State Securities Commission of Vietnam, has announced a ban on ‘cryptocurrency activity’ for companies operating under its watch, according to reports.
The regulator, which is responsible for regulating financial markets in the country, has ‘required’ companies within the industry to avoid “any issuance, transaction or brokerage activities related to cryptocurrencies,” Vietnam News reported.
The ban was circulated around regulated institutions, spelling out the regulator’s hardline approach to crypto-related activities. According to the media report, relevant companies in Vietnam are now de facto banned from taking part in crypto activities: “Under an announcement released early this week, SSC banned public companies, securities companies, fund management companies and securities investment funds from taking part in the activities…and required them to obey legal regulations on anti-money laundering.”
No official announcement confirming the decision has yet been made on the State Securities Commission of Vietnam’s website. However, its investor notice in May urged caution for investors in cryptocurrencies, while recommending financial and investment companies avoid cryptocurrency transactions until a legal framework was in place.
The ban follows on from a direct from the office of the country’s Prime Minister, Nguyen Xuan Phuc, which ordered authorities to crack down on “activities related to Bitcoin and other cryptocurrencies.” The order was prompted by high profile ICO scams, which stole as much as $660 million from over 32,000 people in Vietnam.
Earlier in the year, new laws were introduced which prohibited cryptocurrency payments in the country, with fines of up to $9,000 for noncompliance. An agreement has also been reached to ban imports of ASIC mining hardware, in a bid to stem the market for crypto mining there.
If confirmed, the latest development would only add to the burden of restrictions on cryptocurrency dealings in the country, effectively preventing both businesses and consumers from legitimately engaging with crypto.
With the securities regulator, the central bank and government ministries coalescing against cryptocurrency, it looks like Vietnam is set to continue to become a less welcoming place for those in the cryptocurrency space.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Business 32 minutes ago
Consensys announces partnership with LVMH, Microsoft
Consensys has just announced that they are partnering up with the luxury goods conglomerate LVMH and Microsoft for a blockchain-based platform.
Business 48 minutes ago
Crypto in Africa: SA backed digital currency, users get a new app
South Africa is looking at developing their own stable coin, and Kudi exchange is looking to expand their services to the continent.
Business 1 hour ago
World Bank, CommBank collaborate to enable secondary bond trading
The World Bank have joined with CommBank to create a first of its kind process that will be able to record secondary transactions on distributed ledgers.