The Ministry of Natural Resources and Environmental Conservation has announced that gold traders must apply for licenses by February 17, and those found selling gold without a license will face legal action.

The ministry stated that gold trading businesses are required to apply for operational licenses, with the deadline for applications set for February 17.

Gold traders who fail to apply will be penalized under Section 5 of the Essential Goods and Services Law, according to the Ministry of Natural Resources and Environmental Conservation.

Gold shops must submit their applications to the initial screening committee, and applications can be collected from the Industrial Zone in Thaketa Township, Yangon Region. As of early February, over 1,000 applications have been issued, with more than 500 already resubmitted, said U Zaw Win, Yangon Region Minister for Natural Resources.

"Over 1,000, nearly 1,100 people have come to collect the applications. About 500 have submitted them. Around half are still pending," said U Zaw Win.

Additionally, gold shops with multiple branches must apply for separate licenses for each branch, supported by recommendations from the respective township administrative bodies, said U Zaw Lin Htet, Vice Chairman of the Kyauktada District Administration Council.

"If a shop operates in five locations, licenses must be applied for all five locations. After the 17th, the application process will be closed, and the regional authorities will conduct initial inspections of the submitted applications," said U Zaw Lin Htet.