Kronn Ventures issued a press release about the imminent intentions
Kronn Ventures AG, based in Zug (Switzerland) was closing operations. The Swiss company signed a memorandum of understanding with Linh Thanh Group; a distribution company based in Vietnam. The agreement means establishing the first trading platform and exchange of cryptocurrencies and tokens of the country. It emerged hence the statement that begins:
"ZUG, Switzerland, March 22, 2019, PRNewswire / - Linh Thanh Group, the company 's largest distribution Vietnam and Kronn Ventures AG, a company of blockchain of Zug, Switzerland, signed a memorandum of understanding (MOU) for the cryptocurrency production and the establishment of exchange cryptocurrencies in Vietnam. They have obtained a license for the establishment of an exchange of cryptocurrencies. "
In short, what colloquially known as an Exchange. The two also agreed to create a cryptocurrency/token for the exchange, without revealing how would the platform. Preventing realistic information about the technical part around the token or cryptocurrency; which favors speculation. Besides technical aspects, it could become the first exchange 100% compatible with cryptocurrencies based in Vietnam; representing a legal challenge. An official statement Linh Thanh Group commented:
"Working together with Kronn Ventures lead to an exchange of cryptocurrencies world class, as Kronn Ventures is widely known as a leader in technology blockchain in Switzerland, as well as a collaborator of King's College in London."
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Kronn Ventures should have foreseen the legal aspects
To move in this agreement correctly, it is advisable back to 2018. On January 5, 2018, the Vietnamese media reported publicly that the government had made a separate request to the Ministry of Justice; it was required to submit a review of the status of cryptocurrencies and tokens at the end of the month throughout the national territory. Also in July 2018, Prime Minister Nguyen Xuan Phuc ordered the central bank, some ministries and agencies of law enforcement to monitor "bitcoin-related activities and other cryptocurrencies".
The body control values issued an ordering industry not involved in "no emission activity, or brokerage transaction related cryptocurrencies" circulate. The order came in response to a written directive issued by the Prime Minister of Vietnam. In response, the ministry submitted its report review in November 2018, proposing three different legal address: lax laws cryptography, a complete prohibition or legalization under strict conditions.
By then, the Vietnamese lawmakers were deciding to create a legal framework for cryptocurrencies. The announcement of Kronn however, continued with their plans despite the ban of the State Securities Commission of Vietnam (SSC) in cryptocurrencies related activities. Kronn confirmed that it was able to obtain a license to start an exchange of cryptocurrencies. While the claim came into conflict with the prohibition of SSC and be seen as a final result. Certainly, a case to be followed closely, it could set a precedent in Vietnamese law.
For information: Kronn HAUSE, Hintermettlen 12, CH, 6318 Walchwil
Zug Switzerland (primary source: Kronn Ventures AG).