Vietnam pioneers controlled crypto testing to boost digital economy - SGGP English Edition
Vietnam is piloting regional crypto transactions while finalizing a legal framework to launch domestic digital asset exchanges for sustainable economic growth.
According to the "2026 Geography of Crypto Report" by Chainalysis, Vietnam recorded $122.2 billion in cryptocurrency activity from July 2025 to June 2026, ranking fourth in the CSAO region. However, the tangible results haven't fully matched this economic potential.
Pilot Programs in Tourist Areas
Da Nang is running a pilot program until August 2028, allowing cryptocurrency exchanges across multiple locations. The Basal Pay platform has been licensed to test at Da Nang International Airport, Hoi An Ancient Town, Ba Na Hills, golf courses, coastal resorts, and tech parks.
Users deposit crypto assets into Basal Pay's wallet, verify identity via eKYC, and scan QR codes at supported points of sale. The assets are converted to VND through VietQR or NAPAS system. After one year, the app has 10,000 registered accounts with over 15,000 transactions totaling $100,000.
Basal Pay stands as the very first model for exchanging encrypted assets into fiat currency ever licensed by the city.
Preparing for Official Launch
Following the success of Basal Pay, other platforms like PayD, UmiPay, and X-Border have also received pilot licenses in Da Nang. The Ministry of Finance is coordinating with the Ministry of Public Security and Vietnam State Bank to select organizations for digital asset services.
Five organizations nationwide have registered and are finalizing their dossiers to legally offer cryptocurrency trading services across Vietnam, implementing the government's Resolution No.05/2025/NQ-CP regarding the pilot launch of a cryptocurrency market.
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