Vietnam to Soon Have a Fully-Authorized Cryptocurrency Exchange

Vietnam is reportedly set to soon have a fully-authorized cryptocurrency exchange, as two firms in the country have recently signed a memorandum of understanding (MOU) for the production of a crypto trading platform, after obtaining a license for it.

According to a recently published press release, the largest distribution company in Vietnam, the Linh Thanh Group, is going to develop the trading platform along with Switzerland-based blockchain firm KRONN Ventures AG.

The move comes after KRONN Ventures formed a consortium with financial committees from various Asian countries, including Vietnam, Cambodia, Bangladesh, and Sri Lanka. Its goal was to “build an international wiring system using blockchain technology that fits with the Asian environment.”

The document notes that an official statement from the Linh Thanh Group has stated that working with KRONN Ventures will see both create “world-class cryptocurrency exchange,” as the latter is “known widely as a leader in blockchain technology in Switzerland.”

It adds:

The industry expectation is that by combining Linh Thanh Group's massive distribution network, which is the largest in Vietnam, with the world-class technology of KRONN Ventures, the impact will be widely felt not only in Vietnam but also in other surrounding Asian countries.

Notably, the Vietnamese government has last year seized the domain of the country’s oldest bitcoin exchange, after it was accused of providing e-commerce services without registering with the government.

The country’s Ministry of Justice has, back in November, suggested several ways cryptoasset could be regulated in the country. At the time Nguyen Thanh Tu, the director of the nation’s Department of Civil and Economic Laws, said authorities carefully examined the pros and cons of regulating cryptocurrencies.

 This, even though the government has been looking to ban bitcoin mining machine imports. The move was, at the time, being justified by the potential use of cryptocurrencies in illicit activities.

Top Cryptocurrency Coin Mixer Seized; Grayscale Investments 'Big News' Today; More Records for CME's Bitcoin Futures

Major crypto headlines from the past 24 hours: European authorities enforce a world-first seizure of a leading cryptocurrency coin mixer; New York-headquartered Grayscale Investment set to drop "big news" today; and the all-time highs continue for CME Group's bitcoin futures contracts.

The cryptocurrency market has endured some significant selling over the past day. At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,588.2 and $234.5; a 4.3% and 8.6% decline over the past 24 hours, respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,594.3 (-2.2%).

‘First Law Enforcement Action of its Kind’ Sees Top Crypto Coin Mixer Shutdown

The Dutch Financial Criminal Investigative Service (FIOD) – with the assistance of Europol and Luxembourg authorities – announced the seizure and closure of one of the three largest cryptocurrency mixer services in the world, Bestmixer.io.

This marked the “first law enforcement action of its kind against” a cryptocurrency mixer service, according to a press release from Europol. “A cryptocurrency tumbler or cryptocurrency mixing service is a service offered to mix potentially identifiable or ‘tainted’ cryptocurrency funds with others, so as to obscure the trail back to the fund’s original source,” the statement explained.

Despite the apparent victory for law enforcement, “authorities will come to regret the chain reaction that they are starting here,” according to Cornell associate professor of computer science, Emin Gün Sirer. Explaining his rational, Sirer tweeted “this kind of shutdown creates selective pressure for tumblers that cannot be shutdown. And we know, from the research world, that it’s possible to build much better ones.”

CEO of Cryptoasset Investment Giant Teases ‘Big News’ Today

Grayscale Investments – one of the world’s leading cryptoasset management firms – will be dropping some “big news” at 13:00 (UTC), its founder and chief executive Barry Silbert teased on Twitter.

Grayscale - a Digital Currency Group subsidiary - has been noticeably active on the publicity front in recent times. On May 1, it launched the largest mass media campaign the industry has ever seen and, in the time since, Silbert has been doing the rounds on the media circuit, appearing for interviews on the likes of Bloomberg, FOX Business, and Yahoo Finance.

Records Continue for CME Group’s Bitcoin Futures

CME Group – a world-leading derivatives marketplaces that also offers bitcoin futures contracts – revealed “May is shaping up to be the strongest month ever for CME Bitcoin Futures” in a client email sent on Tuesday.

According to the Chicago-based CME Group, they facilitated the trading of a staggering 33,677 bitcoin futures contracts on May 13; a new daily record. In U.S. dollar terms, this roughly equates to $1.3 billion. The firm also told clients the number of accounts trading its bitcoin futures contracts has risen to over 2,500 – also a new record high.