Gửi bình luận
DNO - Da Nang is currently the only locality in Vietnam having two models approved by regulators for controlled sandbox testing of crypto asset conversion activities. The initiative represents a pioneering step, reflecting the city’s open mindset and strong commitment to innovation.
To date, Da Nang remains the only locality nationwide where two sandbox models for converting crypto assets have been officially authorized for pilot implementation under regulatory supervision.
This development aligns with the fact that Da Nang, together with Ho Chi Minh City, has been selected by the central government as a location for Vietnam’s International Financial Center.
With its advantages in digital infrastructure, a strong pool of technology talent, a growing innovation ecosystem, and an attractive living environment, Da Nang identifies the International Financial Center not only as a hub for traditional financial activities but also as a “laboratory” for developing and testing new financial models in Vietnam.
Within this framework, Basal Pay and Mimo are the two models currently being piloted in Da Nang. These platforms allow the conversion of crypto assets into Vietnamese dong, operating under the supervision of relevant authorities to ensure transparency and security.
In particular, Mimo is implemented as a licensed sandbox model providing intermediary services for converting USDT to Vietnamese dong and vice versa under a non-custodial mechanism, meaning the platform does not hold users’ funds or assets. USDT (Tether USD) is one of the most widely used cryptocurrencies globally.
The Da Nang People’s Committee has authorized the Dragon Lab JSC to pilot the Mimo solution under the guidance and supervision of the municipal Department of Science and Technology. The trial is being conducted at three locations: the Da Nang Software Park No.1 on Quang Trung Street, the Da Nang Software Park No.2 on Nhu Nguyet Street, and the Da Nang Innovation Startup Support Center on Nguyen Chi Thanh Street over a three-year period from December 18, 2025 to December 17, 2028.
Similarly, in August 2025, the Basal Pay solution developed by Alphatrue Solutions JSC was also granted approval for a three-year pilot at the same three locations.
Basal Pay focuses on building a system that integrates blockchain technology with traditional finance, enabling transparent and automated exchanges between crypto assets and fiat currency while complying with international regulations on anti-money laundering (AML) and counter-terrorism financing (CFT).
According to experts, piloting these models not only supports the innovation-driven startup ecosystem but also provides regulators with practical data to help the city develop and refine the legal framework for the digital asset market in the future.
