Vietnam: Fines imposed on enterprises committing violations of regulations on management of tokens

12:01, 05/08/2013

Recently, the Government of Vietnam has issued Decree No. 86/2013/NĐ-CP on the business of prize-winning electronic games for foreigners.

quản lý đồng tiền quy ước trò chơi điện tử, Nghị định 86/2013/NĐ-CP

According to Article 44 of Decree No. 86/2013/NĐ-CP of Vietnam’s Government, fines for violations of regulations on management of tokens are specified as follows:

1. A fine of between VND 40,000,000 and 50,000,000 is imposed on enterprises that use tokens which do not fully satisfy the technical conditions.

2. A fine of between VND 60,000,000 and 70,000,000 is imposed on enterprises that fail to register their tokens with state management agencies under regulations.

3. A fine of between VND 90,000,000 and 100,000,000 is imposed on enterprises that use tokens of other enterprises or other than those registered with state management agencies.

Concurrently, additional sanctions are as follows:

- Confiscation of all tokens, for violations specified in Clauses 1 and 3 of this Article;

- Deprivation of the right to use business eligibility certificates for between one (1) month and two (2) months, for administrative violations specified in Clause 2 of this Article.

View details at Decree No. 86/2013/NĐ-CP of Vietnam’s Government, effective from October 01, 2013.

Ty Na

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