Foreign exchange control on business activities of prize electronic gambling for foreigners in Vietnam

Foreign exchange control on business activities of prize electronic gambling for foreigners in Vietnam

Vietnamese Government issued Decree 86/2013/ND-CP dated 29 July 2013 on business activities of prize electronic gambling for foreigner. By aforesaid Circular, State Bank of Vietnam (SBV) provides guidance on foreign exchange control of business activities of electronic gambling for foreigners in Vietnam with following main contents:

1. Eligible players at business locations of electronic gaming for foreigners (Players) are permitted to receive prize money in foreign currency cash or prize money in a convertible foreign currency by transfer.

2. Enterprises conducting the business of electronic gaming for foreigners (Enterprises) is permitted to convert the par value of tokens into VND or other types of foreign currencies. The conversion rate shall be based on the exchange rate listed at the authorized bank where such enterprise has its specialized foreign currency account. Players are permitted to convert their tokens into foreign currency or VND when they do not fully use up their tokens or when they win a prize in tokens at an enterprise, and are permitted to use foreign currency received from such conversion in order to conduct the permitted transactions such as remitting such foreign currency cash overseas, deposit the foreign currency cash into its foreign currency payment account opened at an authorized bank, have an authorized bank certify such sum in order for the player to carry the foreign currency cash overseas.

3.  An enterprise licensed by the SBV must open one (1) specialized account for each type of foreigncurrency at one (1) authorized bank to serve the business activities of prize electronic gambling for foreigner. The revenue and disbursement of specialized account, transferring foreign currency between an enterprise”s foreign currency payment account and its specialized account transactions in foreign currency must be conducted in accordance with this Circular.

4. SBV is the competent agency to grant, renew, amend, extend and revoke the License for revenue and disbursement of foreign currency and other foreign exchange activities. Scopes of foreign exchange activities, the procedure for granting, renew, amendment, extension and revoke of the License of enterprise are provided in this Circular.

This Circular on foreign exchange control on business activities of prize electronic gambling for foreigners Foreign exchange control on business activities of prize electronic gambling for foreigners in Vietnam will take effective from 6th September 2014.

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