Vietnam approves first sandbox trial for crypto asset conversion project

The Danang city People’s Committee has approved the Basal Pay, the country’s first crypto asset conversion project, which will operate within the city’s controlled fintech sandbox environment.

This comes as the country is accelerating the implementation of the breakthrough policies outlined in the Politburo’s Resolution No.57/NQ-TW, which established controlled pilot mechanisms to reduce legal barriers while encouraging innovation.

Basal Pay, developed by AlphaTrue Solutions JSC, a member of the Vietnam Blockchain and Digital Asset Association, integrates the Financial Action Task Force's (FATF) Travel Rule standards to ensure compliance with international requirements on transparency, anti-money laundering, and counter-terrorism financing (AML/CFT).

The platform addresses critical bottlenecks in foreign visitors’ transactions and enables direct conversion between crypto assets and fiat money within seconds, reducing costs by some 30% as compared to traditional methods while eliminating multiple intermediary layers. The system operates on a blockchain foundation, requiring detailed information about senders and recipients during crypto transfers.

According to AlphaTrue Solutions CEO Le Anh Quoc, Basal Pay, featuring a three-tier identification system, automatically transmits transaction data and stores records for five years, enhancing users’ efficiency while supporting regulatory oversight of risks.

AlphaTrue Solutions expects Basal Pay to become a model of how Vietnamese firms could master technology and adhere to international standards from earliest stages, Quoc said.

The 36-month testing roadmap encompasses platform development, limited operation, expansion, evaluation, and official deployment. The entire process falls under the supervision of the municiple Department of Science and Technology and city authorities to ensure legal compliance and assess blockchain integration capabilities with traditional financial systems.

Statistics from the National Statistics Office of Vietnam showed that Danang welcomed nearly 11 million tourist arrivals, with service revenue estimated at VND18 trillion ($682.7 million).

Director of OneFin Vietnam, AlphaTrue’s technology partner, Phan Thi Ngan said Basal Pay will enhance foreign visitors’ experience in Vietnam as it will ease cross-border payment, bolster financial monitoring, and contribute to building a modern and sustainable digital financial ecosystem.

Basal Pay also aligns with Vietnam’s broader financial ambitions. Under the National Assembly’s Resolution No. 222/2025/QH15, Da Nang, together with Ho Chi Minh City, has been selected to establish the country’s international financial center with special mechanisms and policies. The city is encouraging controlled testing of new models like digital assets and digital services to attract investment.

Vietnam currently ranks among the world's most dynamic crypto asset markets, holding fifth place globally in crypto asset usage with over 17 million users, according to chairman of the Digital Assets - Fintech Committee under the Vietnam Blockchain Association Tran Huyen Dinh.

However, much of the market operates without clear oversight mechanisms, creating risks of money laundering, fraud, and budget revenue losses, he said, adding sandbox mechanism is critical for both innovation and risk management.

Basal Pay represents Vietnam's pioneering effort to demonstrate compliance capabilities with international requirements for transaction transparency and anti-money laundering and counter-terrorism financing measures.