The Vietnamese government confiscated the bitcoin.vn domain, which belonged to Bitcoin Vietnam Co., the oldest crypto-exchange, for 45 days. In addition, the Department of Radio, Television and Electronic Information under the Ministry of Information and Communications imposed a fine of 15 million VND (about $ 659) on Bitcoin Vietnam for conducting an illegal blog and another fine of 25 million VND (about $ 1,100) for an illegal organization social interaction, that provided users with ability to leave comments on the blog entries. This is reported by NewsBTC.
According to the law, which entered into force on January 1, 2018, the issue, distribution and use of virtual currencies in Vietnam are considered illegal. However, Bitcoin Vietnam continued to work, and now it faces criminal prosecution.
Under the provisions of Decree No. 96/2014/ND-CP dated 1b7 October 2014 on administrative handling of monetary and banking activities, issuance, distribution and usage of illegal payment instruments (including bitcoin and other virtual currencies) will be subject to administrative penalties. At the same time as from 01/01/2018, the acts of issuing, distributing and using illegal payment means as above shall be prosecuted for criminal liability under the Penal Code 2015 amended and supplemented in 2017.
Le Quang Tu Do
Vice Deputy, Ministry
Bitcoin Vietnam first reported that its main domain, bitcoin.vn, will be temporarily confiscated by the Vietnam Internet Information Center (VNNIC), on March 6.
VNNIC shall suspend operation of the domain name bitcoin.vn to be handled by the functional agencies according to the provisions of law. The suspension period is 45 days, from 15:00 on 05/03/2018.
Ministry of Information and Communications of Vietnam
Bitcoin Vietnam Co is given 10 days to bring its activities in line with the law, which it has already done. At the moment, the main domain of the cryptoexchange does not work, and it operates on the domain bitcoinvn. io.