Da Nang city in central Vietnam has officially approved a time-limited, controlled pilot program for “Basal Pay,” a software developed by Alphatrue Solutions—a newly established startup founded in the city early this year.

Basal Pay is designed to build a hybrid system that integrates blockchain technology with traditional finance, enabling transparent and automated exchanges between crypto assets and fiat currency. The platform is committed to full compliance with international standards on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT).

The approved pilot program will run for 36 months at two designated locations: the Da Nang Innovation Startup Support Center and the Centralized IT Zone—Software Parks No. 1 and 2.

The trial will unfold across five phases: initiation and platform development; limited testing; enhancement and expansion; finalization and comprehensive evaluation; and long-term deployment and growth.

Following the pilot, the solution is expected to be rolled out citywide and expanded nationwide, with priority given to major urban centers such as Hanoi, Ho Chi Minh City, and other high-demand localities for crypto asset exchange.

Applying blockchain technology to facilitate crypto-to-fiat transactions in compliance with the Travel Rule is a new direction for Vietnam. However, current Vietnamese law does not yet provide clear regulations for operating such models, particularly regarding cross-border transaction verification, crypto asset management, and integration of international AML/CFT standards.

Therefore, testing this solution in a controlled environment is a necessary step. It enhances transparency in crypto asset transactions, plays a vital role in promoting Vietnam’s digital economy, attracts foreign capital while ensuring market safety, and serves as a strategic move to help Vietnam exit the Financial Action Task Force (FATF) “Grey List,” in line with Decision 194/QD-TTg dated February 23, 2024, issued by the Prime Minister, outlining the national action plan to fulfill Vietnam’s commitments on anti-money laundering, counter-terrorism financing, and counter-proliferation of weapons of mass destruction.