What Does Da Nang Need to Become the Capital of Digital Assets in Southeast Asia?

The aspiration for Da Nang to become the region’s digital asset hub is not merely a local ambition. It is being gradually realized through proactive policies, resources, and development mindset from the government, business community, and tech sector. However, the most crucial and urgent factor in achieving this is a legal framework that is both open and risk-controlled, ensuring the sustainable development of digital asset technology.

At the Danang Fintech Summit 2025, held on June 7, experts, regulators, and businesses analyzed opportunities and challenges surrounding this topic. A notable highlight was the consensus on building a Sandbox mechanism for digital assets, along with flexible policy orientations based on technological realities.

According to Mr. Le Hoang Phuc, Director of the Da Nang Center for Microchips, Semiconductors, and Artificial Intelligence, the grand vision is to transform the “Han River miracle” into a symbol of innovation in the region, where international-standard financial centers and sandboxes are formed, especially in blockchain and digital assets. This opportunity is even more evident as Da Nang has been entrusted to implement special policies under the National Assembly’s Resolution 136.

Another significant driving force is the “National Strategy for the Development of Blockchain Technology towards 2025, with a vision to 2030,” along with the draft Law on Digital and Digital Assets, which is being urgently finalized. These legal foundations provide Vietnam, and especially Da Nang, with a clear policy framework, reducing legal risks and boosting confidence for domestic and foreign investors.

However, the biggest challenge may not lie in willpower but in the pace of law enactment and policy flexibility. According to Ms. Lynn Hoang, Country Director of Binance, “The legal framework can be a lever but also a barrier to innovation.” She believes that Vietnam has a favorable starting point by deciding to pilot, but there is still a significant gap between the drafts and the enforceable documents. If Vietnam is slow or designs overly strict laws, it will lose the opportunity to get ahead of the capital inflow into this field.

Looking globally, the UAE is a prime example. Within one year, from 2022 to 2023, the UAE implemented digital asset-friendly policies, quickly attracting billions of dollars and creating a vibrant innovation environment in Dubai. In comparison to Dubai, Ms. Lynn believes that Da Nang has natural and environmental advantages and, with the right policies, can become the “Dubai of digital assets in Southeast Asia.”

A notable aspect is the pilot program for international tourists to make payments using stablecoins (USDT) in Da Nang. This model is being carefully evaluated within the city’s Sandbox, demonstrating a flexible approach of control, experimentation, and expansion. If successful, it will pave the way for other digital asset applications such as asset tokenization, cross-border payments, and enterprise token issuance…

However, as Dr. Binh Nguyen from RMIT University emphasized, enacting laws for digital assets cannot be a “one-size-fits-all” approach but should focus on key areas – initially, asset classification, stablecoin management, and clarifying trading activities. Especially, Vietnam needs to establish a legal framework that aligns with global AML (anti-money laundering) and KYC (know-your-customer) standards while ensuring that local startups are not left behind in the global arena.

From this perspective, Da Nang can become an ideal “policy laboratory.” A dynamic city with an open-minded government, a strong tech community, and a clear pilot mechanism – these are rare elements for implementing a regional-scale digital asset development model.

If done right and done early, Da Nang will not only be the successful testing ground for the Sandbox but also the shaper of the digital asset future in Southeast Asia.