Legal Counselling

When are gamblers entitled to convert their tokens into foreign currency or Vietnamese dong?

10:15, 28/07/2014

Recently, the State Bank of Vietnam has issued Circular No. 15/2014/TT-NHNN on the management of foreign exchange for the gambling business for foreigners.

Circular No. 15/2014/TT-NHNN of the State Bank of Vietnam has specified certain notes on token used in gambling business for foreigners. To be specific:

- The face value of token is released in Vietnamese dong or one of convertible foreign currencies. The gambling businesses must convert face value of token into Vietnamese dong or other foreign currencies. The exchange rate must comply with the exchange rate posted by authorized banks where gambling businesses open their special foreign currency accounts.

- Gamblers are entitled to convert their tokens into foreign currency or Vietnamese dong in case they have not used it up or won the cash prizes paid in the token money at these gambling businesses as well as to use this converted sum to perform various foreign exchange transactions as regulated in Article 3 of this Circular.

View details at Circular No. 15/2014/TT-NHNN of the State Bank of Vietnam, effective from September 06, 2014.

- Thu Ba -

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