Da Nang has cleared Basal Pay, a crypto-to-fiat conversion platform developed by AlphaTrue Solutions JSC, to operate in the city’s controlled fintech sandbox, The Investor Vietnam reported.
AlphaTrue, a member of the Vietnam Blockchain and Digital Asset Association, designed Basal Pay to comply with global standards.
The platform incorporates the Financial Action Task Force’s Travel Rule, requires sender and recipient information for each transfer, and uses three levels of identity verification.
It also automatically transmits transaction data and stores records for five years, giving regulators stronger oversight tools.
Basal Pay allows crypto-to-fiat conversion in seconds, eliminating intermediary steps and aiming to reduce transaction costs by about 30 percent compared with traditional channels.
The system is built on a blockchain foundation, which AlphaTrue says enhances both efficiency for users and transparency for authorities.
The sandbox approval grants Basal Pay a three-year trial divided into five stages: platform development, limited release, expansion, evaluation, and potential full rollout.
Oversight will be provided by Da Nang’s Department of Science and Technology together with city authorities to ensure compliance and test integration with the broader financial system.
According to the National Statistics Office of Vietnam, Da Nang received nearly 11 million visitors with service revenue of VND 18 trillion (about US$682.7 million).
OneFin Vietnam, AlphaTrue’s technology partner, said the project could improve the payment experience for foreign tourists while contributing to the creation of a more modern and sustainable digital financial ecosystem.
Under National Assembly Resolution 222, both Da Nang and Ho Chi Minh City have been assigned to establish international financial centers under special policy frameworks.
Vietnam is currently ranked fifth worldwide in cryptocurrency adoption, with more than 17 million users.
Much of this activity operates without formal supervision, raising concerns about fraud, money laundering, and lost tax revenue.
Sandbox projects such as Basal Pay are expected to help Vietnam experiment with digital finance while reinforcing risk management.
