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Official Gazette

Monday, December 5, 2022

Strict forex regulations devised for the prize-winning video game industry

Updated: 17:26’ - 02/04/2022
The State Bank of Vietnam is working on a draft circular on forex management regulations applicable to prize-wining video game activities for foreigners, with a view to facilitating enterprises operations while preventing illegal money transfer.

Team conducts inspection of video game machines for foreigners__Photo: Internet

Accordingly, enterprises providing prize winning video game services to foreigners would have to open one special-use account for each type of foreign currencies at a licensed bank. Enterprises would be allowed to transfer foreign currencies from such special-use foreign-currency accounts to their foreign-currency payment accounts and vice versa if the special-use foreign-currency account balances are not enough to pay out prize money.

Under the draft, enterprises would calculate the foreign-currency cash amount necessary to pay out prize money and convert unused tokens into foreign-currency cash for players and on that basis, determine a daily foreign-currency cash fund. In case the foreign-currency cash amount received in a day exceeds the cash fund level, enterprises would have to remit the excessive amount into their special-use foreign currency account opened at a licensed bank on the subsequent working day.

As for players, the draft circular says that players would be allowed to receive prize money in foreign currencies in cash or via bank transfer. In case of receiving foreign-currency prize money in cash, players could sell such foreign-currency amounts to licensed banks for Vietnam dong, deposit such amounts at their foreign-currency payment accounts opened at licensed banks, or transfer such amounts abroad via licensed banks. Meanwhile, if receiving prize money via bank transfer, such amounts would be transferred to players’ foreign-currency payment accounts from enterprises’ special-use foreign currency accounts.- (VLLF)


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