Vietnam is set to shortly have a fully-authorized cryptocurrency exchange, as two major firms in the country have recently signed a memorandum of understanding (MOU) for the production of a crypto trading platform, after obtaining a license for it.
The Linh Thanh Group, the largest distribution company in Vietnam announced that they are going to develop the trading platform along with Switzerland-based blockchain firm KRONN Ventures AG.
In October 2018, KRONN states that it formed a consortium with 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.”
Since Vietnam and its Linh Thanh Group became the first place for this deal, the other countries in the consortium are growing concerned that they will be deprived of the opportunity to kickstart the Asia-wide transnational wiring system using blockchain.
An official statement from the Linh Thanh Group has stated that working with KRONN Ventures will see both create “world-class cryptocurrency exchange,” as the latter is “known widely as a leader in blockchain technology in Switzerland.” It adds:
“The industry expectation is that by combining Linh Thanh Group's massive distribution network, which is the largest in Vietnam, with the world-class technology of KRONN Ventures, the impact will be widely felt not only in Vietnam but also in other surrounding Asian countries.”
Recently, regulators around the world have stepped up their scrutiny and push for compliance for online marketplaces that trade digital assets. The Vietnamese government had earlier seized the domain of the country’s oldest bitcoin exchange after it was accused of providing e-commerce services without registering with the government.
Despite the bearish market, investments in blockchain technology remain high. This global pressure has driven Asian countries like Vietnam to invest in blockchain more rapidly.