Vietnam to get its first crypto exchange

The Linh Thanh Group, Vietnam’s largest distribution company has signed a memorandum of understanding (MOU) with Kronn Ventures AG, a Swiss blockchain company, to set up a crypto exchange in Vietnam, according to a press release.

It is believed that in addition to an exchange, the partnership will also involve the production of digital currency, and the companies have purportedly received a licence to do both. Furthermore, according to the press release, the new exchange will be the first authorised crypto exchange to operate in Vietnam.

As Cointelegraph comments, “The establishment of an authorised cryptocurrency exchange could be a large step for the industry in Vietnam, as the government has previously taken a hard line against digital assets.” In July 2018, the State Securities Commission, the country’s financial regulator, prohibited companies in the country to “engage in any issuance, transaction or brokerage activities related to cryptocurrencies.” The ban reportedly applied to public companies, securities companies, fund management companies and securities investment funds, and was issued as a result of official concerns over money laundering activities.

Other anti-crypto moves in Vietnam include a temporary ban on the import of crypto mining hardware that came into force in June last year. The reason given for the action was said to be the “very difficult” process of regulating newly mined digital currencies. The government was also anxious to protect its citizens from crypto scams, after an alleged $660 million scam in April 2018. The fraud on question concerned two ICOs led by a business based in Vietnam.

The Kronn press release also notes that the Swiss company has partnerships with other Asian countries: “In October 2018, KRONN Ventures AG formed a consortium with financial committees of five Asian developing countries including Vietnam, Philippines, Cambodia, Bangladesh, and Sri Lanka to build an international wiring system using blockchain technology that fits with the Asian environment.”

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