Da Nang Approves 'Basal Pay', Its First Sanctioned Blockchain Application for Crypto-Fiat Exchange

Basal Pay software focuses on building a system that combines blockchain technology and traditional finance, aiming to support the exchange of crypto assets with fiat currency in a transparent, automated manner, fully complying with international regulations on anti-money laundering and counter-terrorism financing.

The project's trial period is 36 months, at 3 locations including: Da Nang Software Park centralized information technology zone (No. 02, 15 Quang Trung, Hai Chau Ward), Da Nang Software Park No. 2 (Nhu Nguyet Street, Hai Chau Ward), Da Nang Center for Innovation and Startup Support (58 Nguyen Chi Thanh, Hai Chau Ward).

The city People's Committee assigned the Department of Science and Technology to establish a Control Team and invite relevant units to participate for close and timely monitoring; be responsible for tracking, inspecting, detecting and proposing timely handling of violations (if any) during the trial process. Develop a plan for evaluation, research proposals, and advise on appropriate policies for wider implementation in the city in the coming time to ensure compliance with current regulations.

Organize guidance and control of the trial process for the Basal Pay technology solution in accordance with current regulations, ensuring requirements under Resolution No. 136/2024/QH15 and Resolution No. 55/2024/NQ-HĐND are met; grant licenses; issue trial regulations, inspect, and supervise the trial process; report on the results of inspection and supervision of the trial process; report on the trial results according to regulations.

For AlphaTrue Solutions JSC, the city People's Committee requested the Company to comply with the trial regulations of the licensing authority during the trial period; the obligations and responsibilities of the organization and individuals during the trial process according to current regulations; requirements on data security, privacy, and users' personal information in accordance with the law. At the same time, apply risk control measures during the trial; report to the licensing authority immediately upon detecting an incident that disrupts the trial operation or a serious risk or a risk of abuse, beyond control that cannot be remedied.

Report to the licensing authority on the trial process annually or on an ad-hoc basis upon request; on the trial results at the time the trial ends.

Source: https://danang.gov.vn/vi/web/dng/w/phe-duyet-thu-nghiem-co-kiem-soat-co-thoi-han-doi-voi-giai-phap-cong-nghe-moi-phan-mem-basal-pay