Finance ministry warns of cryptocurrency trading risks
Finance ministry warns of cryptocurrency trading risks
The Ministry of Finance will keep a close watch on the trading of cryptocurrency and provide warnings about the risks and consequences of illegal trading and investing. 
High-tech crimes related to cryptocurrency were taking place complicatedly in sophisticated forms, the ministry said.
Recently, police in the central city of Da Nang warned about a new scam via investment platforms downloaded from the App Store and CH Play which were issued by securities companies.
The ministry said that the trading of cryptocurrency was becoming more common in many localities nationwide.
The State Securities Commission works regularly with the police to tackle illegal trading of cryptocurrency and securities via platforms like Rforex at the address www.rforex.com and Emrfx www.emrfx.com.
The State Securities Commission said these platforms generally called for investment from individuals and organisations in securities, cryptocurrency and binary options which were not legal in Viet Nam.
The finance ministry said currently, only the HCM City Stock Exchange and Ha Noi Stock Exchange were allowed to organise the trading of securities in Viet Nam.
Under the established laws, cryptocurrency is not a type of stock and there are no regulations about the issuance and trading of cryptocurrency and virtual assets.
The State Securities Commission warned investors to be cautious when investing in cryptocurrency and virtual assets and asked public companies, securities companies, fund management companies and investment funds not to provide trading and intermediary services for cryptocurrencies.
In May 2020, the Ministry of Finance set up a group in charge of studying and proposing policies to manage virtual assets and cryptocurrency.
A recent survey by a global provider of market and consumer data Statistic showed Viet Nam ranked second among 74 surveyed countries in terms of cryptocurrency use, driven by remittance payments, with 21 per cent of respondents in Viet Nam saying they used or owned cryptocurrency in 2020.
