Altcoin News: The First Regulated Cryptocurrency Exchange Will Be Launched in Vietnam

March 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The largest distribution company Linh Thanh Group cooperates with the Swiss blockchain start-up KRONN Ventures in order to create the first regulated cryptocurrency exchange in Vietnam.

Earlier, at the end of last year, KRONN Ventures, based in Zug, brought together representatives of the financial committees of Vietnam, the Philippines, Cambodia, Bangladesh, and Sri Lanka to create an international cable system based on blockchain technology. In addition, KRONN has worked with King’s College London on artificial intelligence research.

Now, according to a press release, KRONN Ventures and Linh Thanh Group will create a world-class cryptocurrency exchange in Vietnam. This is quite possible since the Swiss Zug is the leading center of cryptocurrency and blockchain in the world. It is reported that the company signed a memorandum of understanding and received a license to create a cryptocurrency exchange in the country.

This initiative is probably due to the desire of developing Asian countries to keep up after the cryptocurrency market completes the correction and starts moving up.

“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,” states the press release.

Vietnam has not yet decided on the regulation of digital currencies and it is not yet known how the new exchange will fit into local legislation. However, in November last year, it was reported that the country was considering new regulatory options. In August last year, Vietnam completely banned the import of mining equipment, and last summer the country’s regulator warned companies not to participate in cryptocurrency transactions.

Author: Marko Vidrih