A representative of the State Bank of Vietnam (SBV) affirmed thatvirtual gold trading was illegal and warned them of the extremely highrisks involved.
Vietnamnet online quoted Nguyen Ngoc Canh,Director of the SBV Foreign Exchange Management Department as sayingorganisations or individuals who establish a trading floor for gold andbuy or sell the precious metal using overseas accounts withoutpermission from Vietnamese authorities were violating Vietnam Law.
Accordingto Decree No 24/2012 /ND-CP on gold business activities, the PrimeMinister and the SBV have yet to grant a licence to any organisation orindividual for gold business activities, including gold exchange andgold trading using overseas gold accounts.
The SBV has warnedpeople to refrain from joining in gold trading through gold tradingfloors using overseas gold accounts. Violators will be administrativelycharged and fined from 50 VND to 100 million VND (2,350 USD to 4,690USD), and their gold and other paraphernalia will be confiscated.
Canhsaid that in the near future, the SBV would strengthen inspectionprocedures and work with concerned agencies for the timely detection andhandling of cases of virtual gold trading.
The SBV also warnedthat organisations or individuals found guilty of virtual gold tradingwould be required to report regularly to the hi-tech crime police, SBVand concerned agencies.
According to the foreign exchangemanagement department, virtual gold is viewed as speculation and pricemanipulation that destabilises the country's economy.
Between2008 and 2009, the operation of gold trading floors in the countrycreated great risks for investors and great losses to society.
Asa result, in December 2009, the Government asked the SBV to implementdrastic measures to stop all activities related to gold trading floorsor gold trading accounts.
Earlier, the police arrested six topofficials of the Hanoi–based Khai Thai Consultant Limited Company (KTIC)for "illegal business practices" on October 2.
The arrestedofficials include KTIC General Director Hsu Ming Jung (also called Saga)from Taiwan, KTIC Director Nguyen Manh Linh and three branch directors,as well as a chief accountant.
The Police Department forInvestigation of Social Order Crimes (C45), under the Ministry of PublicSecurity (MPS), has confiscated about 70 billion VND (3.3 million USD)after examining KTIC's branches and Jung's residence in Hanoi.
Investigatorsfrom the MPS Hi-tech Criminal Prevention Department (C50) had initiallyfound that KTIC was operating an illegal online gold and foreignexchange (forex) trading floor.
On September 26, C50 arrested thedirector and chief accountant of VGX Investment Joint Stock Company(VGX) for operating an illegal gold trading floor.-VNA
Vietnamnet online quoted Nguyen Ngoc Canh,Director of the SBV Foreign Exchange Management Department as sayingorganisations or individuals who establish a trading floor for gold andbuy or sell the precious metal using overseas accounts withoutpermission from Vietnamese authorities were violating Vietnam Law.
Accordingto Decree No 24/2012 /ND-CP on gold business activities, the PrimeMinister and the SBV have yet to grant a licence to any organisation orindividual for gold business activities, including gold exchange andgold trading using overseas gold accounts.
The SBV has warnedpeople to refrain from joining in gold trading through gold tradingfloors using overseas gold accounts. Violators will be administrativelycharged and fined from 50 VND to 100 million VND (2,350 USD to 4,690USD), and their gold and other paraphernalia will be confiscated.
Canhsaid that in the near future, the SBV would strengthen inspectionprocedures and work with concerned agencies for the timely detection andhandling of cases of virtual gold trading.
The SBV also warnedthat organisations or individuals found guilty of virtual gold tradingwould be required to report regularly to the hi-tech crime police, SBVand concerned agencies.
According to the foreign exchangemanagement department, virtual gold is viewed as speculation and pricemanipulation that destabilises the country's economy.
Between2008 and 2009, the operation of gold trading floors in the countrycreated great risks for investors and great losses to society.
Asa result, in December 2009, the Government asked the SBV to implementdrastic measures to stop all activities related to gold trading floorsor gold trading accounts.
Earlier, the police arrested six topofficials of the Hanoi–based Khai Thai Consultant Limited Company (KTIC)for "illegal business practices" on October 2.
The arrestedofficials include KTIC General Director Hsu Ming Jung (also called Saga)from Taiwan, KTIC Director Nguyen Manh Linh and three branch directors,as well as a chief accountant.
The Police Department forInvestigation of Social Order Crimes (C45), under the Ministry of PublicSecurity (MPS), has confiscated about 70 billion VND (3.3 million USD)after examining KTIC's branches and Jung's residence in Hanoi.
Investigatorsfrom the MPS Hi-tech Criminal Prevention Department (C50) had initiallyfound that KTIC was operating an illegal online gold and foreignexchange (forex) trading floor.
On September 26, C50 arrested thedirector and chief accountant of VGX Investment Joint Stock Company(VGX) for operating an illegal gold trading floor.-VNA
