Cryptocurrencies are about to get a new image as legally compliant and regulated financial instruments. Bcnex — Vietnam’s first legally compliant exchange is launching soon and will put an end to a lot of issues related to the illegal structure of crypto payments services. It is a first-ever fully legally compliant for cryptocurrencies and fiat money exchange, with its own native crypto coin.
Bcnex users can use the service for fiat and digital money exchange with low commissions, send payments and initiate direct bank transfers. There is also internal exchange which can be used to invest in TOP-100 cryptocurrencies. Moreover, users can open crypto deposits and earn interest.
The main feature of the Bcnex project is transparency and full legal compliance.
To make sure that all operations are fully legitimate and legal, the team is actively engaging with domestic and global regulatory authorities with the goal of making Bcnex the safest, most trusted and widely accepted digital currency in Vietnam and the world.
A combination of hot wallets, cold wallets, and secure hardware with similar operational structures applied by banks, ISP providers, and the governments of developed countries proposes absolute security of customer assets even if the system is compromised, while still ensuring the platform liquidity. Bcnex addresses the fundamental criticisms of cryptocurrencies by leading figures in finance, commerce and government regulation.
The team behind Bcnex is looking to position Vietnam’s first legally compliant exchange as a unique risk/return opportunity for investors seeking a highly experienced management team, a clearly defined and executable strategy, and a ‘picks and shovels’ way to participate in the hyperbolic growth of cryptocurrencies and blockchain-enabled applications.
“This is an industry first,” said co-founder and CEO Ngo Hoang Quyen. “We are entering a new era where [being a licensed exchange] is becoming an industry standard.”
All procedures are procedures that almost no other Bitcoin exchange could do. Being a lot of the fear and uncertainty that banks have had with Bitcoin companies…. It will be much easier to get banking relationships, first for Bitstamp, and then, over time, as more companies are regulated by a government like Luxembourg, it will be much easier for the entire industry to get banked.”
This is a significant step for Vietnam’s bitcoin economy as its previous exchanges, some of which operated as fixed-price buy-sell platforms, lived with a degree of regulatory uncertainty since a series of government warnings and a crackdown on crypto-related activities.
Bcnex has launcched its own ICO in May 2019 for the platform’s native token, BCNX. The tokens will be used as a “key” to allow users access to the various features on the exchange. Furthermore, any commissions paid out on the platform will be paid in BCNX as well.
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