Vietnam’s securities watchdog bans crypto activity

July 26, 2018
Chris Wheal

Vietnam’s state news agency says the country’s stock market regulator will ban companies from all crypto activity. The State Securities Commission (SSC) claims the watchdog will ban “issuance, transaction or brokerage activities related to cryptocurrencies” in a circular.

Crypto activity has been a sensitive subject in Vietnam following two separate ICOs that saw more than 32,000 consumers conned out of savings, thought to be worth more than $600m, earlier in the year. 

One scheme, Ifan, promised “risk-free activity” while another scheme, Pincoin, boasted of profits of up to 40% via several bonus inducements skewed, it seemed, to early investors. Classic Ponzi techniques.

Vietnamese woman with conical hat – ordinary Vietnamese citizens have proved vulnerable to scams

Mining kit clamp down

The State Bank of Vietnam already banned commercial banks and intermediary payment service providers from making crypto-related transactions in April, warning of money laundering, terrorism financing and tax evasion worry.

The country’s central bank, has also suspended all imports of application-specific integrated circuit (ASIC) crypto mining kit.

According to Vietnam imported more than 15,000 mining machines from 2017 to April this year. Most of the machines were imported into Hanoi, Ho Chi Minh and Da Nang it says. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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