According to a published March 22nd press release, Swiss blockchain company KRONN Ventures AG has signed a memorandum of understanding (MOU) with Linh Thanh Group, Vietnam’s biggest distribution company, to start a cryptocurrency exchange. Their collaboration is meant to make the production of digital currency and the creation of a cryptocurrency exchange in Vietnam much easier. Both Swiss blockchain company KRONN Ventures AG and Linh Thanh Group have supposedly received an appropriate license for the exchange. The planned exchange, according to the press release, will lay claim to being the very first authorized crypto exchange ever to operate in Vietnam. An authorized cryptocurrency exchange being established is a huge potential step for the development of the industry in Vietnam since the country's government has taken a hard line against digital assets in the past whenever the issue came up for consideration. In July 2018, the State Securities Commission, which serves as Vietnam's official financial regulator, restricted any Vietnamese companies from engaging "in any issuance, transaction or brokerage activities related to cryptocurrencies.” Reportedly, the commission's ban was issued in response to official fears about money laundering activities. The issued ban applied to securities companies, public companies, securities investment funds, and fund management companies. A temporary ban on crypto mining hardware imports was proposed by Vietnam’s Ministry of Finance (MoF) in early June of 2018. The temporary ban called the process involved in regulating newly mined digital currencies “very difficult” and was issued to protect citizens from crypto scams similar to an alleged $660 million scam which occurred in April. An outfit based in Vietnam headed two initial coin offering projects involved in the April scam, and the announcements from the State Bank of Vietnam (the Vietnamese central bank) that it would be suspending the import of cryptocurrency mining hardware followed the proposal.
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