Vietnam to get first licensed crypto exchange

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Vietnam will get its first licensed crypto exchange after Linh Thanh Group, a large industry, real estate and trading conglomerate, and Kronn Ventures AG, a blockchain company from Switzerland’s “crypto valley” in the Canton of Zug, signed a memorandum of understanding to set such an exchange up in the country.

The collaboration is designed to facilitate the production of digital currency and the creation of a cryptocurrency exchange in Vietnam, to which the companies have supposedly received an appropriate license. According to a March 22 press release, the new exchange will be the first authorised crypto exchange to operate in Vietnam.

The step is interesting because the Vietnamese government has previously taken a hard line against digital assets. In July 2018, the country’s financial regulator, the State Securities Commission, forbade companies in the country to “engage in any issuance, transaction or brokerage activities related to cryptocurrencies.”

The ban reportedly applied to public companies, securities companies, fund management companies and securities investment funds, and was issued as a result of official concerns over money laundering activities.

Vietnam’s Ministry of Finance also proposed a temporary ban on crypto mining hardware imports in early June of last year, citing the “very difficult” process of regulating newly mined digital currencies and after a multi-million ICO scam occurred.

However, Kronn insisted in its release it had obtained an official license to operate the crypto exchange.

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Vietnam will get its first licensed crypto exchange after Linh Thanh Group, a large industry, real estate and trading conglomerate, and Kronn Ventures AG, a blockchain company from Switzerland’s “crypto valley” in the Canton of Zug, signed a memorandum of understanding to set such an exchange up in the country. The collaboration is designed to facilitate the production of digital currency and the creation of a cryptocurrency exchange in Vietnam, to which the companies have supposedly received an appropriate license. According to a March 22 press release, the new exchange will be the first authorised crypto exchange to operate in...

Reading Time: 1 minute

Auto Draft

Vietnam will get its first licensed crypto exchange after Linh Thanh Group, a large industry, real estate and trading conglomerate, and Kronn Ventures AG, a blockchain company from Switzerland’s “crypto valley” in the Canton of Zug, signed a memorandum of understanding to set such an exchange up in the country.

The collaboration is designed to facilitate the production of digital currency and the creation of a cryptocurrency exchange in Vietnam, to which the companies have supposedly received an appropriate license. According to a March 22 press release, the new exchange will be the first authorised crypto exchange to operate in Vietnam.

The step is interesting because the Vietnamese government has previously taken a hard line against digital assets. In July 2018, the country’s financial regulator, the State Securities Commission, forbade companies in the country to “engage in any issuance, transaction or brokerage activities related to cryptocurrencies.”

The ban reportedly applied to public companies, securities companies, fund management companies and securities investment funds, and was issued as a result of official concerns over money laundering activities.

Vietnam’s Ministry of Finance also proposed a temporary ban on crypto mining hardware imports in early June of last year, citing the “very difficult” process of regulating newly mined digital currencies and after a multi-million ICO scam occurred.

However, Kronn insisted in its release it had obtained an official license to operate the crypto exchange.

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