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Vietnam's securities watchdog bans many cryptocurrency-related activities
Last Updated: 2018-07-26 17:56 | Xinhua
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Vietnam's State Securities Commission has required relevant companies and funds not to engage in any issuance, transaction or brokerage activities related to cryptocurrencies.

The commission has 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, Vietnam News Agency reported Thursday.

The ban is based on a prime ministerial directive dated earlier this year on strengthening the management of activities related to Bitcoin and other cryptocurrencies. The use of such currencies as a means of payment is prohibited in Vietnam.

Earlier in April, the State Bank of Vietnam, the country's central bank, also banned commercial banks and intermediary payment service providers from making transactions involving cryptocurrencies, warning that such activities may increase the risks of money laundering, terrorism financing, trade fraud and tax evasion.

To improve the management of cryptocurrencies in Vietnam, local relevant ministries, including the two ministries of Finance and Industry and Trade, and the central bank have also agreed to suspend the import of cryptocurrency mining machines.

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