First Crypto Exchange Gets Validated in Vietnam

Vietnam, a Southeast Asian country is launching its first licensed crypto exchange. And the credit goes to a recent “Memorandum of Understanding” between the KRONN Ventures AG, a blockchain company and the Link Thanh Group, the largest distribution group in Vietnam. The impact of collaboration between Linh Thanh Group’s massive distribution network – the largest in Vietnam – with the world-class technology of KRONN Ventures, is set to affect Vietnam and neighboring Asian countries positively.

According to KRONN, to build an international wiring system using blockchain technology for the Asian environment, KRONN Ventures AG formed a consortium with financial committees of five Asian developing countries including Vietnam, Philippines, Cambodia, Bangladesh, and Sri Lanka in October 2018. Since Vietnam and its Linh Thanh Group became the first one to crack a deal, other countries in the consortium have started feeling deprived of the opportunity to launch the Asia-wide transnational wiring system using blockchain.

Though the company has the license to operate but lawmakers in Vietnam have banned crypto related activities and are still debating on how to manage crypto in the long run. Vietnam has faced hard times because of cryptocurrency in the past. In 2018, the nation experienced one of the biggest cryptocurrency scams ever when a company took US$ 658 million from investors in a fraudulent ICO (same as Ponzi scheme). Following this rough phase, Vietnam’s financial regulator, the State Securities Commission (SSC), blocked companies in the country to engage in any issuance, transaction or brokerage activities related to cryptocurrencies.

Further, KRONN Ventures AG has successfully launching BitForex, a new global exchange based in Singapore. On its opening day, BitForex saw a sharp rise in its share value of 32 percent. After the recent deal with Vietnam’s largest distribution company, the Linh Thanh Group, the company is also expanding into other Southeast Asian countries, including both Korea and China.

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