Đà Nẵng expands cryptocurrency exchange to tourist areas
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Da Nang, a city in Vietnam, now allows people to exchange the cryptocurrency USDT for Vietnamese Dong (VND) at ten locations including the Da Nang International Airport, golf courses, and resorts.
For over a year, the city has been testing a controlled program called Basal Pay, which converts digital assets into legal currency.
Initially limited to three innovation centers, the program expanded after demonstrating full compliance with anti-money laundering and counter-terrorism financing regulations set by the Financial Action Task Force (FATF) and international standards. The city’s Department of Science and Technology approved Basal Pay as its first sandbox program and allowed it to operate for the longest period. Officials believe this controlled testing approach can be expanded gradually, based on real-world results and a company’s ability to comply with regulations.
They plan to consider approving more models, extending the trial to stablecoins, tourism finance, and cross-border settlements. John Smith, a digital nomad from the United States, said he chooses cities where he can easily convert cryptocurrency for expenses. He previously exchanged digital assets for Thai baht and now finds the expanded exchange locations in Da Nang convenient.
AlphaTrue Solutions, the company behind Basal Pay, reports approximately 10,000 registered accounts and over 15,000 transactions, converting more than $100,000 USD from USDT to VND at the initial three locations. The service currently limits exchanges to $1,000 per transaction and $30,000 per month per account.
