Vietnam's cryptocurrency policy marks a significant turning point. Recently, Da Nang approved MIMO to launch a three-year sandbox testing program, making it Vietnam's first officially certified USDT and Vietnamese Dong (VND) fiat currency exchange institution, signifying the country's formal move towards a regulated crypto asset market.

Background review: Vietnam's attitude towards crypto assets has evolved from strict to gradually open. As early as 2014, Vietnam explicitly stated that virtual currencies do not constitute legal payment methods, and engaging in related transactions lacked legal protection and risked fines. This situation persisted for over a decade. It wasn't until 2025 that Vietnam passed the "Digital Technology Industry Law," legally recognizing the status of crypto assets for the first time and launching a pilot project for the crypto asset market. The approval of MIMO is a key development within this pilot framework, providing an official channel for compliant exchange between fiat and digital assets.

Practical operation process: Using the MIMO platform is relatively straightforward. First, users need to download the official app and complete eKYC identity verification, which involves ID card or passport validation. This step reflects the strict attitude of Vietnamese regulators—given that the country was placed on FATF's grey list, anti-money laundering compliance has become a top priority. Second, users must link their personal USDT wallets with local Vietnamese bank accounts to ensure secure fund transfers. Finally, users can exchange between the two assets as needed, with the entire process typically completed within 5 to 15 minutes.

This development reflects Vietnam's shifting attitude towards crypto assets—from a previous complete ban to a phased regulatory approach, which holds significance for the development of the regional crypto market ecosystem.