Vietnam: Enterprise that fails to register its tokens with a regulatory body shall be fined from VND 50 million to VND 70 million

According to Article 52 of the Decree No. 03/2017/NĐ-CP of Vietnam’s Government, a fine of from VND 50,000,000 to VND 70,000,000 shall be imposed on any enterprise that fails to register its tokens with a regulatory body according to regulations. Concurrently, fines for violations against regulations on management of tokens are specified as follows:

- A fine of from VND 40,000,000 to VND 50,000,000 shall be imposed on any enterprise that uses tokens which do not fully satisfy the technical standards specified in this Decree.

- A fine of from VND 90,000,000 to VND 100,000,000 shall be imposed on any enterprise that uses tokens of another enterprise or other than those registered with the regulatory bodies.

- A fine of from VND 90,000,000 to VND 100,000,000 shall be imposed on any Vietnamese citizen playing in a casino who fails to exchange Vietnam dong for tokens or exchange remaining or winning tokens for Vietnam dong.

Additional penalties:

- A confiscation of all the tokens shall be imposed on violations of using tokens which do not fully satisfy the technical standards and using tokens of another enterprise or other than those registered with the regulatory bodies;

- A 03 to 06 - month suspension of the Certificate of eligibility for casino business shall be imposed on the administrative violation of failing to register its tokens with a regulatory body according to regulations and failing to exchange Vietnam dong for tokens or exchange remaining or winning tokens for Vietnam dong.

View more details at the Decree No. 03/2017/NĐ-CP of Vietnam’s Government, effective from March 15, 2017.

Ty Na

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