Recent reports suggest that Vietnam is well on its way to its first official cryptocurrency exchange, as Linh Thanh Group and KRONN Ventures AG have signed a memorandum of understanding to establish one. The license for the exchange has also been approved. It was in the month of October, last year, that Swiss blockchain company KRONN Ventures AG had formed a consortium with financial committees represented by five countries: Vietnam, Philippines, Cambodia, Bangladesh, and Sri-Lanka. The idea was to build an ecosystem of blockchain innovators in Asia.
This initiative, may well have led to the most high-profile addition to KRONN Ventures AG’s efforts. Linh Thanh Group, which is the largest distribution company in Vietnam, has partnered KRONN, and their plan is to establish the first authorized cryptocurrency exchange in Vietnam. They have, as per the press release, already obtained the regulatory license to make this a reality.
The partnership brings together Linh Thanh Group’s massive distribution network and the digital infrastructure already produced by KRONN Ventures. Though a formal date for launch has neither been decided nor announced, it seems that the platform is not going to go live until at least the late second half of this year.
This initiative of an authorized cryptoexchange in Vietnam, has resulted in some other Asian countries expressing concern about their own crypto opportunities, which might face a decline in times to come. However, the Linh Thanh Group has said that the effect of its partnership will be felt not only in Vietnam but throughout the region.
Despite the bearish market, investments in blockchain technology remain high. Feeling this growing pressure, developing Asian countries have been following the money: Vietnam has been investing in blockchain more aggressively within the past year. The announced partnership is the country’s most high-profile move in the cryptocurrency sector to date.