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Vietnam’s Securities and Exchange Commission has ordered companies within the country to refrain from trading in crypto currencies. This announcement follows a policy issued earlier this year by the country’s Prime Minister. This further restricts the use of crypto currencies.

Securities and Exchange Commission urges companies to refrain from crypto activities

The Securities and Exchange Commission has encouraged companies not to engage in activities related to crypto currencies. This includes the publication of crypto currencies, transactions in digital currencies and stock exchange activities. Vietnamese media called this step a “crypto ban”. Furthermore, companies were asked to follow the laws against money laundering.

According to the authority, this decision is based on Directive No. 10/CT-TTg, which was signed by Vietnamese Prime Minister Nguyen Xuan Phuc on April 11. This was reported by Viet Nam News. The directive extends the powers of authorities to deal with crypto currencies such as Bitcoin. According to the news site, the use of digital currencies is prohibited in Vietnam.

Not the first measure against crypto currencies

This step is not the first measure taken against crypto currencies. In April, the country’s central bank banned commercial banks, payment service providers and intermediaries from carrying out transactions involving crypto currencies. The bank also issued a warning in which it wrote that such activities increase the risks of money laundering, terrorist financing, fraud and tax evasion.

The bank also confirmed that cryptos are not “legal tender”. It also sent a recommendation to the Hanoi government that the distribution, publication and use of digital coins should be prosecuted. She also demanded fines for violations.

Mining malware and fraud cases

In recent years, the mining industry in Vietnam has grown considerably. As a result, illegal mining by malware has also increased. However, this worried the government in Hanoi. As a result, nearly 150 government agencies, financial institutions and companies had to attend a course on cyber security to prevent the spread of mining malware.

Fraud cases played an important role in the Vietnamese authorities’ attitude towards crypto currencies. Only recently, the biggest crypto scam of all time took place there. Over 30,000 people were victims of a fraud system and invested in Ifan and Pincoin.

About Vietnam

The Socialist Republic of Vietnam is a state in Southeast Asia. It borders China, Laos, Cambodia and the South China Sea. Vietnam was divided after the Second World War and reunited only in 1975, when the Communist North defeated the South with its US allies. After decades of war and communist planned economy, Vietnam is today one of the poorest countries in Asia. In the one-party state of Vietnam, the Communist Party has pursued a liberal economic policy since 1986, known as doi moi (renewal). Since then, the country has been catching up economically.

Tropical monsoon climate. Main rainy season is from April to October, but with local differences. Summers are hot and humid (average annual temperature 25ÂșC, rainfall between 2000 mm and 3000 mm). The north is subtropical with greater contrasts between summer and winter.