First Ever Cryptocurrency Exchange in Vietnam

Vietnam is one of the countries that have been lagging behind in terms of adopting cryptocurrency and blockchain technology. A blockchain firm based in Switzerland, Kronn Ventures AG is determined to change this by launching a cryptocurrency exchange platform in Vietnam.

Premier Cryptocurrency Exchange in Vietnam

Kronn Ventures AG has already signed a memorandum of understanding with Linh Thanh Group; a distribution company in Vietnam that will help it establish the exchange platform. The two have agreed to work together to create the first crypto trading platform in the country, but they are yet to reveal how the platform will be functioning.

In a recent interview, Linh Thanh representative stated that working together with Kronn Ventures would result in a robust exchange platform that will meet the needs and expectations of crypto traders in the country. This is based on the fact that the company is ranked among the top blockchain tech companies in Switzerland.

Vietnam cryptocurrency exchange

It has also been revealed that the company I s working closely with King’s College in London to carry out Artificial Intelligence experiments in the facility. The experiment report will help the two companies to fine tune the trading platform by predicting user’s behaviour and expectations.

Kronn Ventures has been busy establish partnerships that will help it expand its clientele base and authority in the industry. Already, it has formed a coalition with five countries who are in the developing category namely, Sri Lanka, Vietnam, Cambodia, and Philippines. The main goal of this coalition is to establish a blockchain based international wiring system that is secure and efficient for all users.

Legality of the Cryptocurrency Exchange in Vietnam

The State Securities Commission of Vietnam (SSC) recently banned all cryptocurrency related activities in July last year. The securities watchdog ordered all industries in the country not to get involved in any cryptocurrency transaction, brokerage activities, or issuance.

The Prime Minister of Vietnam, Nguyen Xuan Phuc directed the central bank and other ministries involved in monitoring the financial industry to ensure that the new directive is adhered to fully. The law enforcement agencies were also required to oversee all activities related to cryptocurrencies such as bitcoin.

Early last year, it was reported by Vietnamese media houses that the national government had requested the Ministry of Justice to prepare a comprehensive cryptocurrency review by the end of the month. That report was not submitted until November 2018 and it proposed three distinct legal directions namely:

  • Legalization under strict conditions
  • Complete prohibition of cryptocurrencies
  • Lax crypto laws

At the time, the lawmakers were focussed on creating a legal framework that would help streamline usage of cryptocurrencies and blockchain technology.

Final Thoughts

Despite the strict regulations and working environment in Vietnam, Kronn stated that it had secured a license from the relevant agencies to launch the cryptocurrency exchange. We hope that the exchange platform will be successfully launched. Read more trending cryptocurrency news here.