Da Nang becomes Vietnam's first place to test crypto asset conversion

The first crypto asset conversion project in Vietnam has just been piloted under control by the Da Nang government at 3 locations in the city center.

Enterprises operating at Danang Software Park No. 2 - Photo: BD

Confirming with Tuoi Tre Online on the morning of August 27, the leader of the Department of Science and Technology of Da Nang City said that Vice Chairman of the People's Committee of Da Nang City Ho Quang Buu has just signed a decision approving a controlled , limited-term trial of a technological solution related to the conversion of crypto assets.

According to the decision, the controlled pilot project is Basal Pay software of Alphatrue Solutions Joint Stock Company (a newly established enterprise in Da Nang).

Basal Pay said it focuses on building a system that combines blockchain technology and traditional finance to support the exchange of crypto assets with fiat money in a transparent, automatic manner, in full compliance with international regulations on anti-money laundering and counter-terrorism financing.

The project's pilot period is 36 months at 3 locations located in the central area of ​​Da Nang City, including: Da Nang Center for Supporting Innovative Startups, Da Nang Software Park Concentrated Information Technology Park and Da Nang Software Park No. 2.

Leaders of the Ministry of Science and Technology and the People's Committee of Da Nang City inspected Software Park No. 2 - Photo: BD

The project testing process goes through 5 stages. Specifically: the first 6 months of the project's launch will be to launch and build the platform, from the 7th month to the 12th month will be in the limited testing phase.

The project enhancement and expansion phase starts from month 13 to month 24. From month 25 to month 30, it will be completed and comprehensively evaluated. Based on the evaluation, it will be deployed and developed long-term.

The project's goal is to pilot the entire Da Nang city and expand nationwide; prioritizing large cities such as Hanoi, Ho Chi Minh City and areas with high demand for crypto asset exchange.

Da Nang City will assess the technical connectivity between the blockchain system and traditional financial counterpart systems in Vietnam; test the practical application level of blockchain technology in cross-border crypto asset transfers.

The government will also evaluate the possibility of converting the flow of money from crypto assets into the economy through a legally compliant fiat-crypto exchange model.

According to the Department of Science and Technology of Da Nang City, applying blockchain technology in exchanging crypto assets with fiat money is a new direction.

Currently, Vietnamese law does not have clear regulations on the operation of this model. Therefore, controlled testing is a necessary step, contributing to increasing transparency for crypto assets.

The model will also play a role in promoting the digital economy, attracting foreign capital flows, ensuring transparency and safety for the market...

Tuoitre.vn

Source: https://tuoitre.vn/da-nang-thanh-noi-dau-tien-cua-viet-nam-cho-thu-nghiem-chuyen-doi-tai-san-ma-hoa-20250827080541962.htm