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Securities firms prohibited from cryptocurrency consulting service
The Saigon Times Daily
Thursday,  Feb 1, 2018,18:57 (GMT+7)

Securities firms prohibited from cryptocurrency consulting service

The Saigon Times Daily

HCMC – The State Securities Commission of Vietnam (SSC) has told securities companies not to get involved in virtual currency consulting, brokering, issuance and trading activities, Tuoi Tre newspaper reports.

SSC says some companies have cryptocurrency-related business activities in the financial technology sector such as capital mobilization through the initial coin offering (ICI) format – an unregulated means by which funds are raised for a new cryptocurrency venture, as well as other products like crowdfunding, peer-to-peer lending, and blockchain.

These new products have yet to be subject to regulations, so they entail many risks, according SSC.

Therefore, SSC demands that public companies in the fintech sector conform to current regulations on issuance, capital mobilization, and information disclosure of these products. Besides, SSC asks them to comply with regulations on anti-money laundering.

Earlier, the State Bank of Vietnam has banned the use of bitcoin and other cryptocurrencies as a means of payment.

The central bank said that cryptocurrencies are not a lawful means of payment in the country, and the issuance, supply, use of bitcoin and other similar virtual currencies as a means of payment is prohibited.

Illegal use of cryptocurrencies for payment is subject to penalties of between VND150 million (US$6,600) and VND200 million (US$8,800).

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