How to transfer foreign currency won from prize-winning electronic games | Dentons
There is an increase of business of prize-winning electronic games for foreigners these days, especially casinos in Vietnam. This form of business is springing up and providing many types of exciting prize-winning games, such as slot machines, sic bo, …
Following Decree 121/2021/ND-CP to set out the rules to enhance the management of business of prize-winning electronic games for foreigners, the State Bank has now stipulated some additional regulations to regulate matters related to foreign exchange in Circular 09/2022/TT-NHNN (“Circular 09”). Circular 09 sets out mechanisms which allows players to transfer prize-winning cash abroad along with a number of special requirements governing the enterprises providing prize-winning electronic games, specifically as follows:
About the act of transferring prize-winning money abroad
In case a player receives prize-winning money in foreign cash, the player can choose to (i) sell it to a bank for Vietnamese money, (ii) transfer the foreign currency abroad, (iii) bring the foreign currency abroad after receiving a confirmation letter from the bank, or (iv) put the foreign currency into a foreign currency payment account.
In case a player receives prize-winning money through transferring, this foreign currency can be transferred from the account of the electronic games business to the player’s payment account in Vietnam or abroad.
For the transference of money or the confirmation letter request above, the electronic game business can act on behalf of the player if it is authorized. Therefore, businesses can note the application of this regulation to increase professionalism, providing a full service for players to attract customers for businesses.
Responsibility of prize-winning electronic game businesses
Furthermore, every quarter, businesses are required to submit reports to the Foreign Exchange Management Department of the State Bank, no later than the 10th day of the first month of the following quarter. The report must clearly state the situation of foreign currency revenues and expenditures and other foreign exchange activities in accordance with the form in Appendix 03 issued with Circular 09.
Prize-winning electronic game businesses should pay attention to listing and publicly announcing the exchange rate between the token money in the electronic game and the Vietnamese dong as well as foreign currencies. Businesses also need to implement the regime of recording, statistics and keeping adequate documents when doing this business.
Circular 09 also requires businesses to develop internal regulations on management and control over foreign currency revenue and expenditure with the following contents:
- The procedures of foreign currency revenue and expenditure;
- The procedures of controlling the foreign currency revenue and expenditure, ensuring regulations on preventing money laundering and ensuring the safety of collected cash when doing business;
- Functions, duties, and authorities of related departments and individuals.
Businesses need to pay attention to this content to avoid being administratively fined for not complying with the obligations that Circular 09 has stipulated.
