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The Vietnamese Prime Minister has approved a plan to review the countrys legal framework for cryptocurrency. This action lays the foundation for Vietnams legal recognition of virtual currencies like bitcoin and Ether.

This week, it was reported that Vietnamese Prime Minister Nguyn Xun Phc has tasked the Ministry of Justice with assessing the nations legal framework for cryptocurrency, and issuing a report by August 2018. ETHNews previously covered the Vietnamese governments consideration of this plan.

The Ministry of Justice will coordinate its evaluation with the State Bank of Vietnam, Ministry of Information and Communications, Ministry of Public Security, Ministry of Industry and Trade, and Ministry of Finance. Through this assessment, the Ministry of Justice will create proposals for legal standards and laws related to virtual property and virtual currency.

According to Viet Nam News, by June 2019, the ministries must finalize an application asking for the compilation of a legal framework on taxes for cryptocurrencies. Additionally, the ministries must submit proposals for the prevention and resolution of related violations by September 2019.

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles.

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Good Morning, Cryptocurrency! Vietnam To Create Legal Framework For Digital Assets – ETHNews