Vietnam: Amending the regulation on receipts, expenditures and other foreign exchange transactions of gambling businesses

According to new regulations of Circular No. 11/2017/TT-NHNN of the State Bank of Vietnam, receipts, expenditures and other foreign exchange transactions of gambling businesses are specified as follows:

- Receive foreign currency cash from the sale of tokens;

- Receive foreign currency cash from gambling machines that function as the staking tellers of foreign currency cash paid by gamblers;

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

- Spend foreign currency cash or send the amount of winnings via wire transfer to the winners;

- Reimburse foreign currency cash or send monetary sums via wire transfer to the gambler’s foreign currency demand accounts opened at authorized banks in Vietnam or to the gambler’s foreign accounts if the gambler’s tokens have not been used up;

- Reimburse a sum of foreign currency via wire transfer to the gambler’s foreign accounts in case foreign currency amounts that gamblers have transferred to the gambling business’s special foreign currency account from overseas have not been used up;

- Other foreign exchange transactions regulated in this Circular shall comprise the opening and use of their special foreign currency accounts; reserving their foreign currency cash balances; confirming the winnings that must be paid to gamblers.

View details 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