Cryptocurrency market update: Breakthrough as Vietnam licenses the first crypto exchange

The news that Vietnamese are going to have access to the first ever government licensed cryptocurrency exchange continues to reverberate across the crypto sphere. A licensed crypto exchange comes as a result of a Memorandum of Understanding signed between the Link Thanh Group; the largest distributor in the country and KRONN Ventures AG a blockchain-based firm based in Switzerland.

In a press release, KRONN shared its intentions for the South-East Asian market:

“In October 2018, KRONN Ventures AG formed a consortium with financial committees of 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.”

KRONN states in the press release that it expects that neighboring countries will benefit from the development as well. The current license gives the company the mandate to operate in Vietnam in spite of the authorities banning crypto activities. In 2018 Vietnam investors lost at least $658 million in an ICO scam. This dealt a great blow to crypto activities in the country as the government demanded the incident be investigated.