Swiss-Vietnamese commercial partnership could open first legal cryptocurrency exchange in the southeast Asian country.

A partnership between Linh Thanh Group, Vietnam’s largest distribution company, and KRONN Ventures AG, a Swiss blockchain company, may result in Vietnam’s first legal crypto exchange.

According to a statement from KRONN, the companies have signed a memorandum of understanding (MOU) for the production of cryptocurrency and the establishment of a cryptocurrency exchange in Vietnam. And, critically, they say they have already obtained a license from the Vietnamese authorities.

The development follows last October’s news that KRONN Ventures AG had formed a consortium with financial committees from five Asian countries consisting of Vietnam, the Philippines, Cambodia, Bangladesh and Sri Lanka, with a view to building an international wiring system using blockchain technology.

Apparently, following the Vietnam deal, the other countries in the consortium are now concerned they will lose the opportunity to kickstart the Asia-wide transnational blockchain-based wiring system.

KRONN Ventures is based in Zug, Switzerland – part of the so-called ‘Crypto Valley’ (see CRYPTO VALLEY SEES DRAMATIC GROWTH DESPITE ‘CRYPTO WINTER’) region that straddles Switzerland and Liechtenstein, as is known to be collaborating with London’s King’s College regarding AI research.

AYO.NEWS says:

If the joint KRONN-Linh Thanh venture really does have approval from Vietnamese authorities, this news marks a significant change for the previously crypto-hostile Vietnamese government. Until now cryptocurrencies were effectively outlawed, with the country’s financial regulator, the State Securities Commission, prohibiting businesses in the country from engaging “in any issuance, transaction or brokerage activities related to cryptocurrencies.” A temporary ban on the import of crypto mining machines has also been in place since summer 2018.