Transactions of 400 million VND or more must be reported to the State Bank, whether in cryptocurrency or non-cryptocurrency

Deputy Prime Minister Le Minh Khai issued Decision No. 11/2023/QD – TTg stipulating the reporting levels for large value transactions. This new Decision will supersede Decision 20/2013/QD – TTg.

According to the decision, from December 1, 2023, large transactions above VND 400 million must be reported to the State Bank of Vietnam. Currently, Resolution No. 20/2013/QD-TTg stipulates that the amount of large transactions is VND 300 million.

Those responsible for reporting transactions worth more than VND 400 million include:

1. Reporting to financial institutions licensed to engage in one or more of the following activities:

– accept deposits;

– loan;

– finance lease;

– payment services;

– payment intermediary services;

– Issuance of negotiable instruments, bank cards, money orders;

– bank guarantees, financial commitments;

– provision of foreign exchange services, currency instruments on the money market;

– Stock Brokers; Securities Investment Consulting, Securities Underwriting;

– Management of securities investment funds; management of securities investment portfolios;

– life insurance business;

– change.

2. Reporting entities refer to organizations and individuals that engage in relevant non-financial businesses as prescribed by law and engage in one or more of the following activities:

– gaming transactions with prizes, including: video games with prizes; games on telecommunications networks and the Internet; casinos; lotteries; wagering;

– real estate business, excluding real estate leasing and subletting and real estate consulting services;

– trade in precious metals and precious stones;

– Business accounting services; provision of notarization services; provision of legal services for lawyers and legal practitioners;

– Provision of services for the establishment, operation and management of businesses; provision of director and company secretarial services to third parties; provision of legal agreement services.

In addition, under Section 37 of the Anti-Money Laundering Act 2022, reporting entities must report within 01 working days from the date of the transaction reported electronically and within 02 working days from the date of the transaction. The case of written reports.

With regard to cryptocurrencies, so far, our country has no specific regulatory framework for this field. However, under the new regulations, Vietnam’s cryptocurrency community must also report to the State Bank when making remittances of VND 400 million or more.

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Source: Wire Transfer

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