Responsibility in management of foreign exchange for the gambling business in Vietnam (Source: internet)

Responsibility in management of foreign exchange for the gambling business in Vietnam (Source: internet)

Specifically, the Circular stipulates the rights and responsibilities of prize-winning game business enterprises as follows:

(1) Publicize the exchange rate between the face value of tokens and Vietnamese dong as well as other foreign currencies.

(2) Confirm the winning claims, payment of winnings and conversion of tokens for gamblers using the form in Appendix 02 of Circular 09/2022/TT-NHNN (rather than Appendix 06 of Circular No. April 15/2014/TT-NHNN);

Provide any relevant record and document as well as take legal responsibility for the validation of the winnings and the amount converted from tokens that have not been used up;

As a basis for the authorized bank’s confirmation of the transfer of foreign currency overseas or the depositing of foreign currency into the gambler's accounts as prescribed in Article 3 of Circular 09/2022/TT-NHNN

The confirmation of winning claims, payment of winnings and conversion of tokens for gamblers is only valid to be used once within 30 (thirty) days from the release date.

(3) Provide full of required documents and records for authorized banks when performing various banking transactions such as the depositing of foreign currency cash into the special account of foreign currency, the sale and transfer of foreign currency.

(4) Perform proper bookkeeping, statistical operation and custody of records in accordance with relevant legal regulations.

(5) Set up internal rules and regulations on controlling the receipts and expenditures of foreign currency in the gambling business for foreigners, which must at least include:

Processes for receipts and expenditures of foreign currency; control over receipts and expenditures of foreign currency in conformity with regulations on preventing and combating the money laundering as well as protecting safety for the cash earnings; functions, rights and duties of gambling business’s relevant divisions and individuals.

(6) Strictly adhere to regulations specified in the License, Circular 09/2022/TT-NHNN, and the laws on the prevention and fighting against the money laundering as well as relevant legislation.

(7) To purchase foreign currency from an authorized bank, the enterprise shall open a specialized foreign currency account in case the cash balance in foreign currency, the foreign currency balance on the specialized foreign currency account, and the payment account in foreign currency is not enough to meet the payment demand.

Or the demand for cash withdrawals and foreign currency withdrawals to serve the business of prize-winning electronic games according to the scope of foreign currency receipts and payments and other foreign exchange activities of the enterprise specified in Article 5 of Circular 09/2022 /TT-NHNN on the basis of presenting valid documents and documents to ensure legal transactions.

(Compared to current, enterprises are allowed to buy foreign currency at the place where they open a dedicated foreign currency account).

See Circular 09/2022/TT-NHNN for more information, effective September 1, 2022.

Chi Nhan

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