What are responsibilities of branches of State Bank of Vietnam (SBV) in foreign currency management in the business of prize-winning electronic games in Vietnam?

What are responsibilities of branches of State Bank of Vietnam (SBV) in foreign currency management in the business of prize-winning electronic games in Vietnam?

Pursuant to Article 10 of the Circular 09/2022/TT-NHNN stipulating responsibilities of branches of State Bank of Vietnam (SBV) in foreign currency management in the business of prize-winning electronic games in Vietnam as follows:

1. Guide permitted banks and local enterprises to fully comply with this Circular and relevant law provisions.

2. Inspect, examine, and supervise the expenditure, collection of foreign currency and other foreign currency-related activities of local enterprises issued with the License by SBV. If violations of regulations on License issuance and this Circular are discovered, local SBV branches of provinces and cities shall take actions or request competent authorities to take actions as per the law.

3. Cooperate with relevant agencies, organizations, and individuals in implementing anti-money laundering measures in the business of prize-winning electronic games as per the law.

What are responsibilities of permitted banks in foreign currency management in the business of prize-winning electronic games in Vietnam?

Pursuant to Article 11 of the Circular 09/2022/TT-NHNN stipulating responsibilities of permitted banks in foreign currency management in the business of prize-winning electronic games in Vietnam as follows:

1. Inspect and control documents, instruments presented by players and enterprises to deposit foreign currency cash in accounts, transfer foreign currency, and confirm the foreign currency carried abroad by players using form under Appendix No. 1 attached hereto.

Confirmation of carrying foreign currency abroad is valid for only 30 days from the date of issue.

2. Keep documents and instruments relating to foreign currency-related transactions in accordance with this Circular and relevant law provisions.

3. Promptly discover violations of this Circular committed by enterprises or players and report to SBV branches of provinces and cities where the venues of prize-winning electronic games intended for foreigners of enterprises are located.

4. Adequately comply with this Circular, regulations on anti-money laundering, and relevant law provisions.

5. Sell foreign currency to enterprises in accordance with Clause 7 Article 12 hereof.

What are rights and responsibilities of enterprises in foreign currency management in the business of prize-winning electronic games in Vietnam?

Pursuant to Article 12 of the Circular 09/2022/TT-NHNN stipulating rights and responsibilities of enterprises in foreign currency management in the business of prize-winning electronic games in Vietnam as follows:

1. Publicly post exchange rate between tokens and VND, other foreign currencies.

2. Verify payout, winnings, exchange tokens for players using form under Appendix No. 2 attached hereto, provide relevant documents and instruments, assume legal responsibilities for the winnings, payout, and money converted from unused tokens which serve as the basis for permitted banks to confirm the carrying and transfer of foreign currency abroad, deposit foreign currency in accounts of players in accordance with Article 3 hereof.

Confirmation of payout, winnings, exchange of tokens for players is for a single use and valid for only 30 days from the date of issue.

3. Fully present documents and instruments to permitted banks when depositing cash foreign currency to specialized foreign currency accounts and when selling, transferring foreign currency.

4. Record, archive, and keep documents as per relevant law provisions.

5. Develop Regulations on management and internal control for foreign currency revenues and expenditure in the business of prize-winning electronic games intended for foreigners which must contain the following: procedures for making payment and expenses in foreign currency; procedures for controlling sources of foreign currency revenues and expenditure in a manner that conforms to regulations on anti-money laundering and guarantees safety for cash collected during business process; functions, tasks, and powers of relevant departments, individuals.

6. Strictly comply with the License, this Circular, regulations on anti-money laundering, and relevant law provisions.

7. Purchase foreign currency from permitted banks where enterprises open their specialized foreign currency accounts in case cash reserves and foreign currency balance in their specialized foreign currency accounts and foreign currency checking accounts are insufficient to pay or allow cash withdrawal of foreign currency for business purposes within the scope of foreign currency expenditure, collection and other foreign currency-related activities of enterprises under Article 5 hereof after presenting documents and instruments securing the legitimacy of the transactions.

Best regards!