2 Big Steps Vietnam and South Korea Take in Regulating and Developing Crypto

Jakarta, Pintu News – Two Asian countries, Vietnam and South Korea, are now taking center stage in the cryptocurrency world. Vietnam is taking an innovative step by launching the country’s first crypto payment pilot program, while South Korea is tightening regulations on crypto exchange Bithumb.

These two steps illustrate how Asia is moving forward in managing the potential and risks of the rapidly growing crypto industry. Here are two big moves worth noting.

1. Vietnam: First Crypto Payment Program in Da Nang City

Vietnam launched the first crypto payment pilot program located in Da Nang City, one of the country’s largest economic and tourism hubs. The program is called Basal Pay and aims to test the conversion of crypto assets into fiat, specifically to make it easier for international tourists to make transactions.

According to data from AlphaTrue Solutions, this system is able to convert digital assets in just seconds. Moreover, transaction costs through Basal Pay are claimed to be 30% lower than traditional payment methods. Vietnam also ensures that this program complies with FATF Travel Rule standards as a form of compliance with anti-money laundering regulations.

If the program is successful, Vietnam could potentially move out of the FATF grey list while cementing its status as one of the world’s largest crypto-adoption countries. With over 17 million crypto users, Vietnam currently ranks fifth globally in cryptocurrency adoption.

Also Read: Tardigrad Trader Predicts Dogecoin Preparing to Surge 3x Compared to Bitcoin!

2. South Korea: Strict Scrutiny on Bithumb Exchange

Unlike Vietnam, which focuses on innovation, South Korea emphasizes its commitment to regulation. South Korea’s Financial Supervisory Service (FSS) recently conducted a spot inspection of crypto exchange Bithumb. The inspection came after Bithumb continued to run its crypto lending service despite being warned to stop the service.

Other exchanges such as Upbit have complied with regulations by suspending similar services, but Bithumb chose to continue. This highlights the different approaches among crypto exchanges in South Korea in the face of regulation. According to the FSS, this surveillance measure aims to ensure regulatory consistency and increase the transparency of the crypto market in the country.

This decisive move could set an important precedent for the future of crypto regulation in Asia. With strict enforcement of the rules, it is expected that the stability of the crypto market in South Korea will increase and investor confidence will strengthen.

Two Approaches, One Goal

Vietnam and South Korea are taking different paths in building the cryptocurrency ecosystem. Vietnam goes with innovation through blockchain-based payments, while South Korea emphasizes the importance of regulatory compliance. Both approaches are ultimately complementary and equally important for creating a healthy, safe, and sustainable crypto industry in Asia.

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Reference:

• BeInCrypto. Vietnam Pilots Crypto Payments, Korea Inspects Bithumb, and More. Accessed on August 28, 2025