Vietnam Puts Stop to Crypto Trading

Jul 26, 2018 at 22:04

Amid recent warnings against traders from engaging in cryptocurrency, the State Securities Commission of Vietnam may have put a halt on these activities.

Viet Nam News, the country’s official state news agency, reported that the country’s stock market watchdog has “required relevant companies and funds not to engage in any issuance, transaction or brokerage activities related to cryptocurrencies.”

However, a document containing the order could not be found on the agency’s official website.

The ban was said to follow an April 11 order from Vietnam’s Prime Minister Nguyen Xuan Phuc which directed ministries, law enforcers and the country’s central bank to enhance its handling of “activities related to bitcoin and other cryptocurrencies.”

The State Bank of Vietnam last week conceded to proposals to suspend imports of Application-specific integrated circuit (ASIC) cryptocurrency mining equipment. Last April, the bank even banned commercial banks and intermediary payment service providers from conducting crypto-related transactions.

The administration’s stance stemmed from a nationwide scam earlier this year. The fraud involved two initial coin offerings launched by startups that robbed $660 million from 32,000 Vietnamese citizens.