Yangon Region Minister for Natural Resources U Zaw Win stated that gold shop owners must apply for licenses by February 17. Currently, around 500 applications have been submitted.

The minister made these remarks during the opening ceremony of the 20th free training session on anti-money laundering and counter-terrorism financing, organized by the Yangon Region Gold Entrepreneurs Association.

"The deadline is set for the 17th of this month. This decision comes from the central government. If you don’t apply (for a license), when the new law comes into effect, you won’t be allowed to operate without one. How will you run your business then? That’s why you should apply now. Also, inform nearby shops to apply as well," said U Zaw Win.

Gold shop owners must submit their applications to the initial scrutiny committee. Applications can be collected from the industrial ward in Thakayta Township, Yangon Region. So far, over 1,000 applications have been distributed, and more than 500 have been resubmitted, according to the minister.

"Over 1,000, nearly 1,100 people have collected the application forms. Around 500 have submitted them. About half are still pending," said U Zaw Win.

Additionally, U Zaw Lin Htet, Deputy Chairman of the Kyauktada District Administration Council, mentioned that gold shops with multiple branches must apply for licenses for each branch with the endorsement of the respective township administration bodies.

"If a shop has five branches, licenses must be applied for all five locations. After the 17th, license applications will be closed, and the submitted applications will be reviewed by the responsible officials of the regional government," said U Zaw Lin Htet.