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Finance Ministry sounds warning over illegal cryptocurrency exchanges

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HCMC – The Ministry of Finance has warned the public about cryptocurrency platforms founded by individuals and organizations at home and abroad with unidentified legal representatives.

Cybercrime associated with cryptocurrency businesses over the years has emerged increasingly complicated, with numerous sophisticated scams. Recently, the police of Danang City issued a warning about a new trick being used by cybercriminals, wherein these suspects instructed local residents to visit the App Store and CH Play to download stock exchange mobile apps to make an investment.

Commenting on the issue, the ministry said today, March 2, that the State Securities Commission has been teaming up with the police to tackle similar cases linked to cryptocurrencies and securities in many localities nationwide.

The forces discovered that cryptocurrency trading platforms were operating more frequently, such as the Rforex exchange via the website www.rforex.com in Hanoi’s Ba Dinh District or the Emrfx exchange at www.emrfx.com in the north-central province of Nghe An.

The ministry added that only the Hochiminh Stock Exchange and the Hanoi Stock Exchange were allowed to operate stock trading activities in Vietnam. According to the Law on Securities, virtual currency is not considered a security.

Vietnam currently has no legal frameworks adjusting the issuance and trading of virtual currencies and properties and has yet to license any unit to monitor the issuance and trading of virtual currencies and properties, said a Finance Ministry representative.

The ministry had established a research team on virtual currencies and properties, aimed at conducting researching activities and suggesting management policies over the issue within the authority of the ministry.

The representative stressed that the ministry will ramp up efforts to raise public awareness about virtual currencies and properties and to increasingly issue warnings over the risks and consequences of getting involved in investing in and transacting virtual currencies and properties illegally.

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