Vietnam has been very anti-crypto lately, which doesn’t look good for those dealing with these new assets in the country. One of the biggest nearby country, Thailand, has been going through a similar process before when banning all banks from offering service to crypto related businesses back in February, only to come out with a full-on regulatory framework including ICOs and exchanges a few months later.

Vietnam has started a similar process that hopefully might result in a similar outcome. First news came out in June that the country’s Finance Ministry is planning a complete ban on the import of cryptocurrency mining equipment, stating problems with the lack of transparency and the ability to regulate properly, and the law is now in action.

Now news came out that the State Bank of Vietnam banned commercial banks and all related service providers from serving cryptocurrency businesses. This is also very similar to what India has been doing to try and push back Cryptocurrency adoption in the country, so we could conclude that this is a growing trend (hopefully) before regulation.

The State Securities Comission (SSC) also banned public companies, security companies, fund management companies and investment funds from taking part in any crypto related activity until they comply with local AML regulations.