Vietnamese digital asset investment app licensed in Europe

ONUS, a Vietnamese startup, has officially obtained a license to exchange digital assets in Lithuania.

ONUS is a Vietnamese fintech startup whose main product is ONUS, a digital asset investment app. It was launched in March 2020.

The license allows it to provide cryptocurrency asset trading operations, custody services, digital asset storage wallets and portfolio management to users worldwide under the supervision of regulatory bodies in Lithuania.

As one of the first members of the European Blockchain Partnership (EBP), Lithuania supports the cross-border provision of digital services, while respecting security and privacy standards.

With the license, ONUS can now expand its operations to other European countries, excluding countries with separate regulations.

Nguyen Quang Chien, CEO of ONUS, said compliance with government regulations relating to cryptocurrency is a necessity. He stressed that the UNOS is committed to complying with all regulations set by the government.

“We stand ready to join forces with legislative agencies to consult and offer advice to build a reasonable legal framework for cryptocurrency operations in all countries where we operate,” Chien said.

At the beginning of 2022, around 90% of UNUS users are from Vietnam. UNUS also has users from Nigeria, India, the Philippines and Indonesia. Obtaining the license in Lithuania will help UNUS to expand its market and approach European users.

Before that, at the end of 2021, the ONUS app was named by Bloomberg when it had 1.5 million users based on the number of downloads on the two most popular operating systems – Android and iOS.

It is expected that in September 2022, the fintech startup will launch ONUS Pro, a high-performance, high-liquidity exchange that serves the professional investor community globally.

Analysts say Vietnamese tech startups have been very active in penetrating overseas markets over the past year.

Before ONUS, Titan Hunters, a Vietnamese blockchain-based game, also became a phenomenon when it reached the top of Twitter trends in Japan. Japanese players represent 65% of the players.

Encouraged by the great success of Axie Infinity, Vietnamese startups are doing business in difficult markets. Although still facing big hurdles, these markets are a prerequisite for Vietnamese startups to reach the global market. This will bring more opportunities for the development of Vietnam’s digital economy.

TrongDat

Mary I. Bruner