Swiss-Based Blockchain Company To Launch The First Ever Crypto Exchange In Vietnam

The Swiss-based blockchain company Kronn Ventures AG is about to launch the first ever crypto exchange in Vietnam so we are about to find out more in our latest blockchain news below.

The Swiss company signed a memorandum with Linh Thanh Group which is a Vietnam-based distribution company in order to establish the first crypto trading platform in the country. Both of the companies agreed to create their own cryptocurrency that will be a native one for their exchange but they didn’t explain further how this could benefit the platform. Thanh explained in a written statement:

 “Working together with Kronn Ventures would lead to a world-class cryptocurrency exchange. Kronn is known widely as a leader in blockchain technology in Switzerland. It is also collaborating with King’s College in London for the AI research facility collaborations.’’

Kronn has a noticeable and growing presence in the cryptocurrency market of Vietnam so this event comes naturally especially since the Zug company formed a coalition earlier of five countries including Sri Lanka, Philippines, Cambodia, Vietnam and Bangladesh in order to build a blockchain-based international wiring system in developing countries.

The announcement by the Swiss company followed the State Securities Commission of Vietnam ban on all crypto related activities. The country’s watchdog issued a warning last July where all of the industries were ordered not to take participation in the issuing, brokerage, transaction or other activities that are related to cryptocurrenices. The order came as a written directive by the prime minister of Vietnam. The PM Nguyen Xuan Phuc order the central bank of the country and the law enforcement agencies to oversee ‘’activities related to bitcoin and other cryptocurrencies.’’

Back in 2018 in January, the media in Vietnam reported that the government has discussed with the Ministry of Justice about submitting a crypto review at the end of the month but the ministry ended up submitting the report in late November 2018 with three legal directions. The first legal direction was to create soft crypto laws, the second was a total prohibition and the third direction was legalization under strict conditions. The Vietnamese lawmakers decided to create a legal framework for cryptocurrencies.

Kronn confirmed that they are looking to secure a license first before launching the exchange.