The Yangon Region Gold Entrepreneurs Association (YGEA) issued a special warning on June 12 to online gold sellers not to sell gold through savings book schemes,tally systems, and lucky draws.
The warning was issued to all gold traders, gold shops, and online gold traders in Yangon Region.
All gold entrepreneurs , gold shops, and online gold sellers are earnestly urged to apply for gold shop licenses. The special warning also states that it is necessary to apply for the following requirements to operate a gold shop: a mineral (gold) trading services license, a Yangon City Development Committee business license, a precious metal (gold) trading business recognition registration certificate, and business registration certificates issued to manufacturers, traders, and service providers.
They were also instructed to open gold shops on a daily basis to keep the gold price stable, to sell at the reference price, and to apply for the appropriate licenses. In addition, they were notified ahead of time that if the instructions were not followed, effective action would be taken, and they were very appreciative for their cooperation, according to the warning statement.
