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 around the globe under the supervision of regulatory agencies in Lithuania.
As one of the earliest members of the European Blockchain Partnership (EBP), Lithuania supports cross-border delivery of digital services, while at the same time complying with security and privacy standards.
With the license, ONUS can now expand its operation to other European countries, excluding countries with separate regulations.
Nguyen Quang Chien, CEO of ONUS, said the compliance with the government’s regulations related to cryptocurrency is a necessity. He stressed that ONUS committed to observe all the regulations set by the government.
“We are ready to join forces with legislative agencies to consult and offer opinions to build a reasonable legal framework for cryptocurrency operations in all the country where we are present,” Chien said.
As of early 2022, about 90 percent of ONUS users were from Vietnam. ONUS also has users from Nigeria, India, the Philippines and Indonesia. The obtaining of the license in Lithuania will help ONUS expand its market and approach European users.
Prior to that, in late 2021, the ONUS app was named by Bloomberg when having 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, an exchange with high performance and large liquidity that serves the community of professional investors in the world.
Analysts say that Vietnamese technology startups have been very active in entering foreign markets in the last year.
Before ONUS, Titan Hunters, a Vietnamese blockchain-based game, also became a phenomenon when it reached top trending on Twitter in Japan. Japanese players account for 65 percent of the players.
Encouraged by the great success of Axie Infinity, Vietnamese startups are doing business in choosy markets. Though they still face big obstacles, these markets are a prerequisite for Vietnamese startups to reach out to the global market. This will bring more opportunities to Vietnam’s digital economy development.