Headlines 28/08/2017 09:29 SA

Regulations on control of money laundering through sales of virtual currencies under construction

Minh Long

The Prime Minister issues the Decision No. 1255/QD-TTg dated August 21, 2017 on approval of the Proposal to establish a comprehensive legal framework for administration of virtual property, virtual currencies and electronic money.

Upon issuing this Decision, the Prime Minister defines delegated responsibilities and roadmap for implementation that relevant Ministries or sectoral regulatory authorities must observe to ensure that comprehensive legal framework will be completely established in September 2019, including the following obligations:

- The Ministry of Public Security recommends measures to prevent, control and impose penalties for criminal offences relating to frauds, money laundering and terrorism financing and other crimes relating to virtual property and virtual currencies.

- The Ministry of Justice recommends measures to prevent, control and impose penalties for administrative violations relating to virtual property and virtual currencies.

Furthermore, the Ministry of Justice undertakes the task of reviewing and assessing the current state, receiving any difficulty or complaint arising from actualization of the legislation on virtual property and virtual currencies in Vietnam, and studying and investigating international experience related to this subject matter.

Additionally, the Government will prepare and improve legislative documents, and revise and supplement relevant laws on virtual property, electronic money and virtual currencies.

The Decision No. 1255/QD-TTg will enter into force from the signature date.

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