Over 17 million Vietnamese are trading cryptocurrency abroad, prompting the government to push for a regulated domestic crypto market.

The government has officially issued a resolution to pilot a digital asset market, outlining a five-year roadmap. This marks a bold move by Vietnam, accompanied by strict regulatory measures, even as many countries remain cautious.

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.