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Vietnam’s Da Nang has launched Asia’s first FATF-compliant crypto payment sandbox, while South Korea’s FSS has inspected Bitham to ignore orders for suspension of lending services, highlighting differences in local regulations.
Vietnam launches its first FATF compliant crypto payment pilot program
Vietnam’s coastal tourism hub and third largest economic centre, Da Nang has approved the country’s first blockchain payment pilot program. The Basic Wage Project tests conversions from cryptocurrency for international tourists. This marks Vietnam’s first Fintech Sandbox Initiative using international compliance standards.
Developed by Alphatrue Solutions, this system converts digital assets within seconds. Compared to traditional methods, the platform reduces transaction costs by around 30%. Fully integrated with FATF travel rules standards for anti-money laundering compliance.
The 36-month trial spans five development stages under city supervision. Vietnam ranks fifth in the world for cryptographic adoption, along with over 17 million users. This pilot will help remove Vietnam from the grey list of FATF.
Korean FSS inspects Bithumb over ignored regulatory guidance
South Korea’s Financial Supervision Services has started on-site inspections of Bithumb Exchange. The cryptocurrency platform ignored regulatory guidance to shut down new crypto lending services. Competitor Upbit has stopped its “coin borrowing” function, but despite the warning, Bithumb continued to operate.
Asian coverage of Beincrypto
Asian cities are competing for control of financial hubs to reconstruct the region’s financial landscape.
Former Binance CEO CZ has made it clear that he will advise 12 governments on crypto policy, predicting the integration of AI-Blockchain.
South Korean industry leaders have urged faster stubcoin restrictions while central banks oppose private token issuance.
The UAE government has accumulated 6,333 Bitcoins worth $700 million through state-controlled mining operations.
Hong Kong is pushing for RWA tokenization and ETF trading despite its high compliance costs exceeding $800,000.
North Korean Lazarus Group stole a $1.6 billion code in early 2025.
Japanese securities firm Monex is considering launching a Stablecoin, a circle backed by government bonds.
Former Bitmain executives have launched a B strategy targeting the $1 billion Treasury with CZ support.
Other highlights
Donald Trump Jr. has invested in double-digit millions of multi-digit digits despite advising competitor Karshi since January.
Ethereum is facing a potential decline of up to $4,000 as investors sold $2.3 billion in value.
Bitcoin’s Eye is a support zone of between $100,000 and $107,000 after 94% of traders were recently liquidated.
The AI token fell to over 7% after Musk sued Apple and Openai with billions.
Post Vietnam Pilot’s crypto payment, Korea inspected Bitham and even appeared first on beincrypto.
