Vietnam’s Ministry of Finance warns of risks in cryptocurrency trading

On March 3, Vietnam’s Ministry of Finance warned that it will closely monitor cryptocurrency transactions and warn about the risks and consequences of illegal transactions and investments.

High-tech crimes related to cryptocurrencies are occurring in sophisticated forms. Trading in cryptocurrencies is becoming increasingly common in many parts of the country. The National Securities Commission regularly works with the police to tackle illegal trading of cryptocurrencies and securities through platforms such as Rforex. The National Securities Commission said these platforms often ask individuals and organizations to invest in securities, cryptocurrencies and binary options that are not legal in Vietnam.

The Ministry of Finance said that currently only the HCM City Stock Exchange and the Hà Nội Stock Exchange are allowed to organize securities trading in Vietnam. According to established laws, cryptocurrencies are not types of stocks, and there are no regulations on the issuance and trading of cryptocurrencies and virtual assets. The National Securities Commission warned investors to be cautious when investing in cryptocurrencies and virtual assets, and asked listed companies, securities companies, fund management companies and investment funds not to provide trading and intermediary services for cryptocurrencies.