The Da Nang city People’s Committee has approved the Basal Pay, the country’s first crypto asset conversion project, operating within the city’s controlled fintech sandbox environment.

The Ministry of Finance has submitted to the Government a draft decree on implementing a pilot programme for the issuing and trading of digital assets.

Authorities with potential responsibility for digital assets are stepping up moves for the development of a legal corridor where they will be covered.

Vietnam ranked fifth globally in the 2024 Global Crypto Adoption Index, according to the US blockchain analysis firm Chainalysis.

Vietnam was the third largest cryptocurrency gainer in the world in 2023, only after the US and UK, with nearly US$1.2 billion, according to US blockchain analysis firm Chainalysis.