The changes in the regulatory framework in the region change as Vietnam rolls out its inaugural crypto payment pilot, Basal Pay, as Korea checks on Bithumb over its defiance of crypto lending bans.
The Da Nang city in Vietnam opens its first crypto payment pilot, Basal Pay, which is a milestone in the fintech innovativeness of the country. In the meantime, the regulatory agencies of South Korea are increasing their attention to Bithumb, and the differences in regulating cryptocurrencies in the region are stark.
Da Nang Approves Basal Pay for Crypto-Fiat Conversions
Vietnam has over 17 million people who use crypto, which puts it in the fifth position in the list. The Da Nang People Committee authorized the use of a form of digital currency that was called Basal Pay, which is a blockchain-based platform by AlphaTrue Solutions.
It converts crypto assets into Vietnamese dong in seconds and lowers the transaction cost by about 30 percent in comparison with traditional methods. Le Anh Quoc, the CEO of AlphaTrue Solutions, reports that Basal Pay applies a three-stage identification system.
This system stores transaction records for five years and complies with FATF Travel Rule standards for anti-money laundering (AML) and counter-terrorism financing (CFT). The program will help to connect innovativeness and regulation.
Phan Thi Ngan, CEO of OneFin Vietnam, highlights Basal Pay’s benefits for tourists and the national financial system’s modernization. The 36-month pilot includes the gradual development of platforms, small-scale roll-out, wider implementation, and testing under the control of the city.
Da Nang welcomes almost 11 million visitors and VND18 trillion in turnover by July 2025. In addition to better payments, Basal Pay corresponds to the vision of Vietnam to create international financial centers with distinctive mechanisms in terms of the National Assembly Resolution No. 222/2025/QH15.
Regulatory Spotlight on South Korea’s Bithumb
By comparison, the Financial Supervisory Service (FSS) of South Korea has initiated an on-site probe of Bithumb, after it rejected instructions to cease crypto lending operations.
Unlike its competitors, such as Upbit halted these types of operations, Bithumb refrained and proceeded to provide coin borrowing, even though the regulatory authorities warned. This heightens regulatory examination within one of the biggest crypto markets in Asia.
FATF Compliance: Vietnam’s Strategic Move
The sandbox strategy adopted in Vietnam, with the example of Basal Pay, incorporates global regulation to address such risks as money laundering, fraud, and tax evasion that are common in a massively unregulated economy.
FATF standards on digital assets are basic in only 29 percent of all countries around the world.
The introduction of Basal Pay shows that Vietnam is keen on protecting innovation and mitigating these risks, which will prevent possible losses to the GDP associated with FATF grey-listing, estimated at 3%-3.6% by the IMF.
Basal Pay creates a precedent of fintech solutions that are developed to meet international standards at the birth of Vietnamese companies. The pilot has the possibility to spur greater innovativeness of fintech, draw investment, and inspire financial transparency in the area.
