Category Archives: Kronn Ventures AG

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Lao PDR Central Bank Gets Tough on Crypto

South East Asia is buzzing with Bitcoin but the governments of some countries are still reluctant to join the party with the Lao PDR becoming the latest after Vietnam to warn off potential investors.

Despite models such as South Korea and Japan to fall back on, it appears that Laos is not convinced. Just recently neighbor Vietnam warned industries not participate in “any issuance, transaction or brokerage activities related to cryptocurrencies”.

Lao has followed suit it appears with its central bank’s Transaction System Management Department warning commercial banks, businesses and members of the public not to buy, sell or use cryptocurrency for money transactions, “as this practice is illegal”. The statement was released according to sources close to the department as due to a lack of checks and balances being in place the regulation of cryptocurrency transactions was currently impossible.

The rules also extend to the passing on of information to clients concerning any investment involving cryptocurrencies, and banks have further been warned to monitor customers’ account behavior to look out for crypto transactions. Credit card and debit card purchases of cryptocurrencies are also forbidden

Cryptocurrency is relatively new to Laos, so is little understood. Last year Vientiane Money Exchange became the first certified Bitcoin exchange in the Southeast Asian nation. Neighbouring Vietnam has a more vibrant crypto industry despite its own government’s warnings. However, a recent planned innovative collaboration between Vietnam’s first exchange and Swiss-based blockchain company Kronn Ventures AG could be in jeopardy if Hanoi holds to their own similar prohibitive stance.

 

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Vietnam’s First Crypto Exchange Could Hit Legal Roadblock

Vietnam’s First Crypto Exchange Could Hit Legal Roadblock

Vietnam’s first ever cryptocurrency exchange may struggle to survive after tough words from the country’s State Securities Commission (SSC) warning off those considering cryptocurrency-related activities.

Swiss-based blockchain company Kronn Ventures AG is committed to launching what will be Vietnam’s first official cryptocurrency platform after signing a memorandum of understanding with Linh Thanh Group, a Vietnam-based distribution company. An official from the company announced the scope of its current projects:

“Working together with Kronn Ventures would lead to a world-class cryptocurrency exchange. Kronn is known widely as a leader in blockchain technology in Switzerland. It is also collaborating with King’s College in London for the AI research facility collaborations.”

However, the Vietnamese government could spoil the party if its announcement made last year still holds when it declared that industries should not participate in “any issuance, transaction or brokerage activities related to cryptocurrencies”. At present, Kronn has been able to secure a license mainly due to the inability of the Vietnamese Ministry of Justice to back up its warnings with further prohibitive regulation.

A Ministry of Justice cryptocurrency review had been forwarded to the Vietnamese government in November 2018, almost one year overdue, proposing three different stances; crypto friendly laws, prohibition or legalization of cryptocurrency, but only under tight scrutiny.

It appears that Kronn Ventures has rather slipped under the wire, taking advantage of Vietnam’s indecisiveness and lack of commitment to any set approach regarding the future of digital currency in the South East Asian country.

 

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