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.
|Published||Vietlaw's Newsletter No. 570|