Headlines 11/09/2017 15:34 CH

Term of licenses for foreign currency receipts and payments in the electronic gaming business

Quỳnh Như

This is the highlighted content of the Circular No. 11/2017/TT-NHNN dated August 30, 2017 that deals with administration of foreign exchange in the business of electronic gambling games intended for foreigners.

This Circular provides new regulations on term of the license for foreign currency receipts and payments and other foreign currency transactions under which the term is equal to the residual duration of one of the following documents:

- The certificate of fulfillment of regulatory conditions for electronic gambling game business;

- The certificate of investment registration or the certificate of enterprise registration in which electronic gambling game business is permissible;

- Other documents issued by competent authorities that indicate permission for electronic gambling game business.

Additionally, unless an enterprise holds the certificate of fulfillment of regulatory conditions for electronic gambling game business and the certificate of investment registration, the certificate of enterprise registration, or other document stating competent authority's permission for electronic gambling game business specifies the business term, the term of the license will not exceed 10 years from the date of its entry into force.

The Circular No. 11/2017/TT-NHNN is set to commence its effect from October 15, 2017.

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