What does the State Bank say about information on licensing virtual currency exchanges?

Mr. Nghiem Thanh Son, Deputy Director of Payment Department, State Bank of Vietnam

Mr. Nghiem Thanh Son, Deputy Director of the Payment Department, State Bank of Vietnam (SBV) informed that this agency has not yet licensed any virtual currency or cryptocurrency exchange. SBV also does not have the authority to license the trading activities of this exchange.

Previously, in 2017, the Prime Minister issued Decision No. 1255/QD-TTg approving the Project on Completing the Legal Framework for Managing and Handling Virtual Assets, Cryptocurrencies, and Virtual Currencies. In particular, the Prime Minister assigned the State Bank to research and develop legal documents related to cryptocurrencies. The Prime Minister also assigned the Ministry of Justice to develop a project and advise the Government on the issue of completing the legal framework for virtual assets and virtual currencies.

Mr. Son informed that the Ministry of Justice has completed the project and submitted it to the Government. The Government has assigned a number of relevant ministries and branches, including the Ministry of Finance, the Ministry of Justice and the State Bank of Vietnam to continue research to soon have an official legal framework for the operation of virtual currency and cryptocurrency exchanges.

Therefore, "the information that some exchanges are licensed by the State Bank is incorrect," the Deputy Director of the State Bank's Payment Department affirmed.