Vietnam to launch first official cryptocurrency exchange

Vietnam to launch first official cryptocurrency exchange

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When it comes to embracing cryptocurrency, Vietnam is finally catching up to its neighbors in Asia. The Southeast Asian country is about to welcome a new cryptocurrency exchange—the first in Vietnam.

Interestingly enough, it is a Switzerland blockchain-focused company, Kronn Ventures AG, that is behind the move. Kronn Ventures AG has officially signed a memorandum of understanding (MOU) with the Linh Tanh Group, considered to be Vietnam’s largest distribution company. The partnership will pave the way “for the production of cryptocurrency and the establishment of cryptocurrency exchange” in the Asian country. A license for the exchange has also been obtained.

Kronn Ventures AG is based in Zug, Switzerland, which is known as the “Silicon Valley” of cryptocurrency by the global crypto community. The area has attracted blockchain startups and companies of all kinds, leading to the nickname “Crypto Valley”. This follows a 2018 move where Kronn Ventures AG established a consortium with five Asian countries, The Philippines, Sri Lanka, Cambodia, Vietnam, and Bangladesh, in an attempt to build an “international wiring system.”

There are many that are wondering which Asian countries will become hubs for blockchain innovation, given the fact that China has cracked down on the cryptocurrency sector for some time now. The move even caused Binance, the world’s largest cryptocurrency exchange by daily volume, to establish outposts in other countries where the company feels that cryptocurrency regulators are more amicable. India has also been unclear with regards to cryptocurrency regulation, as well. China and India are the two most powerful and most populous countries in the continent.

Even though there are powerful countries in the continent that are unclear about cryptocurrency regulation, that hasn’t stopped the fact that blockchain jobs are more in demand in Asia than ever. When one considers that the cryptocurrency markets have lost hundreds of billions of dollars in its market capitalization from its height, many cryptocurrency proponents believe that this is meaningful.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.