Vietnam has just hit a milestone, and I think it’s worth the attention. Da Nang, the coastal beauty and third-largest city in Vietnam, has rolled out Asia’s first FATF-compliant crypto payment pilot program. That’s right, folks, Vietnam is stepping up its crypto game in a big way. The Basal Pay project will allow international tourists to swap crypto for fiat on the fly, giving the traditional payment methods a run for their money.
This system, created by AlphaTrue Solutions, promises lightning-fast crypto-to-fiat conversions (seconds, I’m telling you) while slashing transaction fees by about 30%. It’s fully compliant with the FATF Travel Rule for anti-money laundering, which I think is the right move in today’s regulatory landscape. Vietnam’s aim? To kick itself off the FATF grey list, and honestly, I wouldn’t be surprised if it works. The 36-month trial is split into five development phases, all under the watchful eyes of local authorities. With over 17 million crypto users, Vietnam’s fintech scene is definitely one to watch.
Korea’s FSS Turns Up the Heat on Bithumb
Now, let’s talk about Korea, where things are getting spicy. South Korea’s Financial Supervisory Service (FSS) is on Bithumb’s tail for ignoring orders to suspend its crypto lending services. While Upbit played it safe and paused its coin borrowing feature, Bithumb decided to keep the show running despite all the warnings. I’m sure Bithumb’s just trying to stay ahead of the competition, but it looks like they’ve been caught with their hand in the regulatory cookie jar. The FSS has now launched an on-site inspection, and it’s hard to see how this won’t shake up the market.
Crypto Competition Heats Up in Asia’s Financial Landscape
As Asian cities jockey for position to dominate the crypto space, the regulatory framework for stablecoins is becoming a hot topic. I think we’re on the cusp of a new age of crypto-powered financial hubs, but with the right regulations in place. The game is only just beginning, and the competition between cities will likely define the future of crypto adoption.
Matvii Diadkov
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