Vietnam’s securities watchdog has required local businesses not to engage in transactions with cryptocurrencies. The announcement follows a directive issued by the country’s prime minister earlier this year aimed at tightening what Vietnamese regulators call the management of crypto activities.

Also read: China Releases Ranking of 31 Crypto Projects The State Securities Commission of Vietnam (SSC) has required relevant companies and funds not to engage in any issuance, transaction or brokerage activities related to cryptocurrencies. The measure, referred to by local media as a ban, affects public companies, securities companies, fund management firms and securities investment funds.

They have also been asked to obey anti-money laundering (AML) regulations. According to the SSC, the announcement is based on Directive No 10/CT-TTg signed on April 11 by Vietnam’s Prime Minister, Nguyen Xuan Phuc, Viet Nam News reported.

The document puts an emphasis on strengthening the management of activities related to bitcoin and other cryptocurrencies. The outlet also notes that the use of digital currencies is prohibited in Vietnam.

This is not the first administrative measure aimed at curbing crypto activities in the country. In April, the State Bank of Vietnam (SBV) banned commercial banks, payment services providers and intermediaries from making transactions involving cryptocurrencies. Read more from news.bitcoin.com…

thumbnail courtesy of bitcoin.com