VietlawOnline

light-check New regulations on paying winnings in foreign currency to foreigners playing prize-winning electronic games

Circular No. 09/2022/TT-NHNN dated July 12th, 2022 of the State Bank on guiding foreign currency management in the business of prize-winning electronic games intended for foreigners
Posted: 15/7/2022 7:50:10 AM | Latest updated: 27/7/2022 1:47:08 PM (GMT+7) | LuatVietnam: 5502 | Vietlaw: 570
VietlawOnline

This Circular provides for new regulations pertaining to foreign currency management in the business of prize-winning electronic games intended for foreigners, including:

- Receipt and use of winnings in foreign currency;

- Tokens and exchange rate for converting the tokens into foreign currencies;

- Foreign currency expenditure, revenue, and other foreign currency-related activities of enterprises;

- Opening and use of specialized foreign currency accounts to serve venues of prize-winning electronic games;

- Internal transfer of foreign currency between foreign currency checking accounts and specialized foreign currency accounts of enterprises engaging in the business of prize-winning electronic games intended for foreigners;

- Foreign currency cash reserves

- Payments via credit cards for buying tokens

According to Article 3 of this Circular, in case a player receives winnings in foreign currency in cash, he/she can sell the foreign currency to permitted banks for VND/transfer the winnings to foreign countries via permitted banks or carry the winnings abroad.

However, in case the player directly carries the foreign currency abroad, he/she must obtain the written confirmation by permitted banks to carry the foreign currency abroad. This written confirmation is valid for only 30 days from the date of issue.

This Circular takes effect from September 1st, 2022. To replace Circular No. 15/2014/TT-NHNNstatus3 dated July 24th, 2014 and Circular No. 11/2017/TT-NHNN dated August 30th, 2017.

Notes
Please be informed that the attachments are neither translated nor included in the English file.
Admin_05

Related documents

Penalty document

Unknown

Information

Effective Date 1-Sep-2022
ExpiredDate Unknown
Published Vietlaw's Newsletter No. 570

Files attachment

enflag pdficon TT09-12072022NHNN[EN].pdf

Timeline

Foreign Currencies - Gold

light-check New regulations on paying winnings in foreign currency to foreigners playing prize-winning electronic games
blue-check Conditions for foreign currency trading between the SBV and commercial banks from February 15th, 2022
blue-check From November 20th, 2021: FDI enterprises may apply for license to import gold material on the National Single-window Information Portal
blue-check Regulations on foreign currency transactions on foreign currency market
blue-check From January 15th, 2021: FDI enterprises are not required to submit the paper-based licenses for import of gold materials
blue-check From January 15th, 2021: Licenses for import of gold materials shall be granted through the National single window system
blue-check [Merged] - Procedures for approval for export and import of foreign currency cash through the border checkpoints of Noi Bai and Tan Son Nhat international airports
blue-check Amendments to forms and procedures for permission for exportation and importation of foreign currency cash of banks
blue-check Regarding import of gold material for processing
blue-check Regarding import of gold wires for manufacture of electronic components
blue-check Conditions for processing golf jewelry for foreign partners
blue-check It is required to report the import of gold for manufacture of electronic components to the SBV
blue-check FX broker does not belong to conditional business lines
blue-check Regulations on payment and money transfer related to transshipment of goods
blue-check Regulation on use of the Fund for implementation of national monetary policy
blue-check Regulation on mobilization of foreign currency funding for microfinance projects
blue-check Regarding guidelines on account receiving payment for a construction contract
blue-check Amendments to regulations on foreign exchange agents
blue-check Registration for changes of contents of foreign loans is required upon merge of enterprises
blue-check Regarding required documents upon making payment abroad by a foreign currency