From July 1, new regulations on cryptocurrencies will apply

In particular, the concept of cryptocurrency was first mentioned in Decree 52/2024/ND-CP, which is the value of VND stored on electronic wallets and prepaid cards.

Specifically, Clause 12, Article 3 of Decree 52/2024/ND-CP stipulates that electronic money is the value of Vietnamese Dong stored on electronic devices provided on the basis of corresponding to the amount paid in advance by customers to banks, foreign bank branches, and payment intermediary service providers providing electronic wallet services.

According to Article 6 of Decree 52/2024/ND-CP, e-wallets and prepaid cards are means of storing cryptocurrencies.

Banks and foreign bank branches are allowed to issue and supply e-wallets and prepaid cards. The provision, issuance and use of e-wallets and prepaid cards shall comply with the regulations of the State Bank.

Payment intermediary service providers providing e-wallet services must ensure that the total balance on all payment guarantee accounts for e-wallet services opened at banks or foreign bank branches is not lower than the total balance of all e-wallets issued to customers; only allow the use of the service for e-wallets linked to the customer's own payment accounts and debit cards.

In addition, Decree 52/2024/ND-CP also defines: E-wallet service is a service provided by banks, foreign bank branches, and payment intermediary service providers to customers to deposit money into e-wallets, withdraw money from e-wallets and make payment transactions.

Currently, according to Decree 101/2012/ND-CP (amended by Decree 80/2016/ND-CP), e-wallet service is a service that provides customers with an electronic account identified by organizations providing intermediary payment services on information carriers (such as electronic chips, mobile phone SIM cards, computers, etc.), allowing the storage of a monetary value guaranteed by a deposit value equivalent to the amount transferred from the customer's payment account at the bank to the payment guarantee account of the organization providing e-wallet services at a ratio of 1:1.

Clause 2, Article 36 of Decree 52/2024/ND-CP has the following transitional provisions: Organizations providing payment intermediary services licensed to provide electronic money transfer support services (as prescribed in Clause 5, Article 3 of Circular 39/2014/TT-NHNN dated guiding payment intermediary services) stated in the License to provide payment intermediary services before the effective date of Decree 52/2024/ND-CP (ie July 1, 2024), this service shall continue to be performed according to the agreement between the parties.

Decree 52/2024/ND-CP also stipulates prohibited acts such as disclosing and providing information about payment account balances, bank card balances, e-wallet balances and payment transactions of customers at payment service providers and payment intermediary service providers not in accordance with relevant laws.

Opening or maintaining anonymous or impersonated payment accounts or e-wallets; buying, selling, renting, leasing, borrowing, lending payment accounts or e-wallets; renting, leasing, buying, selling, opening bank cards (except for anonymous prepaid cards); stealing, colluding to steal, buying, selling payment account information, bank card information, e-wallet information.

Source: https://www.nguoiduatin.vn/tu-1-7-ap-dung-quy-dinh-moi-ve-tien-dien-tu-a664904.html