New regulations on receipts of foreign currency of enterprises specializing in the gambling business in Vietnam

12:05, 15/09/2017

This is a notable content of Circular No. 11/2017/TT-NHNN of the State Bank of Vietnam providing amendments to the Circular No. 15/2014/TT-NHNN providing guidance on foreign exchange management for business of prize-rewarding electronic games for foreigners.

According to Circular No. 11/2017/TT-NHNN of the State Bank of Vietnam, gambling businesses who are granted the License by the State Bank must open 01 (one) special foreign currency account for each foreign currency at 01 (one) authorized bank and are entitled to carry out the receipts of foreign currency as follows:

- Deposit an amount of foreign currency cash into an account if the amount of foreign currency receipts cash earned from the sale of tokens and the gambling machines exceeds the cash balance;

- Receive money via bank transfer from the gambler’s foreign account or foreign currency checking account opened at a licensed bank in Vietnam;

- Receive a monetary sum via wire transfer that is deposited into the gambling business’s foreign currency account to afford the payment of winnings to gamblers or other cash payments and withdrawals.

View full text at Circular No. 11/2017/TT-NHNN of the State Bank of Vietnam, effective from October 15, 2017.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

53 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn