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

This week, it was reported that Vietnamese Prime Minister Nguyễn Xuân Phúc has tasked the Ministry of Justice with assessing the nation’s legal framework for cryptocurrency, and issuing a report by August 2018. ETHNews previously covered the Vietnamese government’s 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.