On December 31st, the Da Nang City People's Committee issued a decision approving a controlled, time-limited trial of MIMO technology – an intermediary model for converting digital assets to fiat currency and vice versa using a Non-Custodial mechanism – implemented by Dragon Lab Joint Stock Company.
According to the decision, the pilot program will be conducted under the guidance and supervision of the Da Nang Department of Science and Technology, aiming to assess the feasibility, safety, and compliance of the solution in a real-world environment while remaining within the regulatory framework.
Testing at 3 key locations
The testing scope was limited to 3 facilities in Hai Chau district, including:
- Da Nang Software Park (02 Quang Trung)
- Da Nang Software Park No. 2 (Nhu Nguyet Street)
- Da Nang Innovation and Startup Support Center (58 Nguyen Chi Thanh)
Dragon Lab stated that MIMO is the first solution in Vietnam licensed for pilot testing based on a non-custodial USDT -VND exchange intermediary model, in which the platform does not hold users' assets, reducing concentration risk and enhancing transparency of cash flow.
Enhancing safety, preparing for a new legal framework.
You may not know this, but the BingX exchange offers many privileges for new members and VIP members.
The trial license is valid until December 17, 2028. Allowing controlled testing is expected to enhance user safety and lay the groundwork for transparent operational processes and compliance standards, especially in light of the legal regulations on digital assets scheduled to take effect from January 1, 2026.
According to authorities, sandbox models like MIMO will help mitigate risks in value transfer operations, especially risks related to the origin of funds, and prevent the misuse of digital assets to legitimize illegal transactions.
Aiming for nationwide expansion.
Previously, Da Nang had approved several controlled pilot solutions related to cryptocurrency asset conversion. With MIMO, the project aims to pilot the system in Da Nang, then expand it nationwide, prioritizing major cities like Hanoi, Ho Chi Minh City, and areas with high demand for cryptocurrency transactions.
