The Yangon Region Gold Entrepreneurs Association (YGEA) announced that 34 gold shops, including Sein Nandaw Gold Shop, in Yangon Region have been granted mineral (gold) service licenses.Gold shops that were eligible to obtain a business license must go to the No. (2) Mining and Mineral (Gold) Service Office in Nay Pyi Taw to obtain the license in person bringing two copies of the license photos and the original national registration card.
The deadline for applications for a mineral (gold) service license was set at 3 months, from November 18, 2024 to February 17, 2025. It was learnt that during the specified 3-month period, over 1,000 applications for business licenses were taken out from the Initial Evaluation Committee on Yangon Region Mineral (Gold) Trading Service. When business is done with gold licenses properly, the price of gold will be stable and entrepreneurs will be able to enjoy legally permitted rights because they have paid taxes, said U Zaw Win, Chairman of the Initial Evaluation Committee on Yangon Region Mineral (Gold) Trading Service.
It is stipulated that individuals and companies that have obtained a business license must only trade at the reference price set by the Mineral (Gold) Reference Price Determination Committee. In addition, the regulations state that daily and monthly transaction records and balance sheets must be submitted, and that gold must not be stored or traded with the intention of destabilizing the gold market.
