Headlines 20/07/2022 16:25 CH

Tokens used in the business of prize-winning electronic games for foreigners

My Nguyễn

Circular No. 09/2022/TT-NHNN dated July 12, 2022 provides guidance on foreign exchange management for the business of prize-winning electronic games for foreigners including amendments to regulations on tokens used in the business.

According to the Circular, tokens used in the business of prize-winning electronic games for foreigners are prescribed as follows:

- Denominations of tokens may be expressed in Vietnam dong or convertible foreign currency.

Each enterprise converts the denominations of tokens into Vietnam dong or other foreign currencies.

- The conversion rate is based on the exchange rate publicly listed on the transaction date of the permitted bank where the enterprise opens its specialized foreign currency account.

In case the transaction date is a holiday or public holiday, the conversion rate shall be based on the exchange rate of the preceding transaction date.

(According to Circular No. 15/2014/TT-NHNN , the conversion rate is currently based on the exchange rate listed of the permitted bank where the enterprise opens its specialized foreign currency account).

- Players are allowed to convert their tokens into foreign currencies or Vietnam dong in case they do not use them all or win prizes in form of tokens at the enterprise and use foreign currencies converted from the token prizes to carry out transactions prescribed in Article 3 of Circular No. 09/2022/TT-NHNN.

For more details, see Circular No. 09/2022/TT-NHNN which comes into force from September 01, 2022 and replaces Circular No. 15/2014/TT-NHNN dated July 24, 2014 and Circular No. 11/2017/TT-NHNN dated August 30, 2017.

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