How to convert USDT cryptocurrency to VND fiat currency in Da Nang?

When will the sandbox for converting USDT to VND be available on the market? Who is this conversion aimed at? How will asset protection mechanisms (for both money and digital assets) be implemented for users? How will the risk of exchange rate fluctuations between digital assets and fiat currency be controlled?...

VnEconomy posed a series of questions to Mr. Nguyen Duc Tan, Director of Dragon Lab Joint Stock Company, shortly after the company received approval from the Da Nang City People's Committee for a controlled trial period of its new technology solution, "MIMO Solution – Intermediate conversion of digital assets (USDT) to fiat currency (VND) and vice versa using a Non-Custodial custodial mechanism," at three locations in Da Nang.

USDT to VND exchange is expected to officially begin on October 1st.

The Da Nang City People's Committee has just granted Dragon Lab a controlled trial license to deploy a new technology solution (MIMO solution) - an intermediary for converting digital assets (USDT) to fiat currency (VND) and vice versa using a non Non-Custodial mechanism. Could you Chia more information about the project, specifically how the company prepared and what conditions were met to receive the license?

To obtain permission from the Da Nang City People's Committee for a controlled trial (sandbox) of its MIMO solution – a Non-Custodial mechanism for converting USDT to VND digital assets – Dragon Lab has undergone thorough and comprehensive preparation in technical, legal, and risk management aspects.

First, the company has fully built MIMO's technical infrastructure, including an automatic conversion system between USDT and VND, integrated with international eKYC and AML solutions, and a data storage and processing model that complies with Decree 13/2023/ND-CP on personal data protection.

Simultaneously, Dragon Lab completed a detailed presentation demonstrating its technological capabilities and safety control mechanisms, which it presented to an inter-agency evaluation council comprising representatives from various departments and agencies, along with blockchain experts in Da Nang.

The evaluation process spanned multiple rounds, focusing on legal compliance, user protection capabilities, and financial risks. MIMO was assessed as the first solution in Vietnam to qualify for safe, transparent, and highly practical trial operation in the conversion of legitimate digital assets.

When is the conversion of USDT cryptocurrency to VND fiat currency and vice versa expected to officially become available on the market?

Dragon Lab plans to launch MIMO on January 10, 2025, within a licensed area encompassing three sandbox zones in Da Nang: the Innovation Center and Software Parks No. 1 and No. 2.

When the service is officially launched, could you describe the steps users need to take to use it?

The process for new users is designed to be very intuitive, following these steps:

(1) Download the MIMO app on your phone or access the official website.

(2) Registration and identity verification (eKYC) - this is a process carried out by state-licensed network operators, ensuring legality and information security.

(3) Users enter their main bank account and electronic wallet, the system will automatically check the “cleanliness” of the wallet through blockchain analysis to ensure the wallet is not involved in money laundering or fraud.

(4) When wanting to convert from VND to USDT, users select “Deposit USDT” → enter the amount to be converted → MIMO system checks the cleanliness of the wallet. If it passes the blockchain analysis tool, MIMO generates a bank QR code → users transfer VND to the identified account. After successful conversion verification, USDT will be sent directly to their personal wallet.

(5) Conversely, when wanting to exchange USDT to VND, users select "Withdraw VND" and send Token from their personal wallet to the MIMO system wallet. After successful verification, MIMO checks the wallet's cleanliness. If it passes the blockchain analysis tool, VND will be automatically transferred to the user's main bank account.

The project will be implemented at three locations in Da Nang: Software Park No. 1; Software Park No. 2; and the Da Nang Innovation and Startup Support Center. So, who will be the target audience for the service of converting USDT to VND and vice versa? What sectors or industries will have a need for this conversion service?

The USDT ↔ VND conversion service, within the framework of Dragon Lab's pilot program, is designed for users who need a legal, transparent, and convenient conversion in the digital environment, especially in Da Nang City - a major international tourism and event center of Vietnam. Specifically, the main user group includes:

Firstly, international tourists visiting Da Nang often face difficulties exchanging foreign currency or using international cards in Vietnam. The USDT ↔ VND conversion solution allows them to make payments quickly, at low cost, and without needing to carry cash.

Secondly, foreign experts, speakers, and investors attending international conferences, forums, and events regularly held in Da Nang can easily receive, convert, and legally use digital assets during their stay.

Thirdly, in addition to international tourists and experts, the project also targets the community of students and lecturers at universities in Da Nang – dynamic young people who need to access and understand digital asset technology in a legally supervised environment.

Through the use of the MIMO application within the sandbox framework, students will directly experience how to safely convert and manage digital assets, gain a better understanding of KYC, AML, and on-chain transactions, thereby enhancing their digital finance knowledge and fintech practical skills. This is an opportunity for students to access future financial technology right in the university environment, contributing to building a high-quality workforce for Da Nang in its process of becoming a regional financial and digital technology hub.

With three pilot areas including Software Park No. 1, Software Park No. 2, and the Innovation and Startup Support Center, the project not only serves practical needs but also Vai as a platform to test digital finance models for tourism, conferences, and the creative economy – three important growth pillars of Da Nang.

"WE DO NOT HOLD USERS' MONEY OR DIGITAL ASSETS"

How do you assess the potential of the digital asset market, including the intermediary conversion of USDT ↔ VND using a Non-Custodial custodial mechanism and vice versa, especially as Da Nang is being developed as an international financial center with a focus on innovation, modernity, and high-tech fields such as Fintech and digital assets (crypto)...?

Da Nang is currently one of Vietnam's most dynamic tourism and innovation hubs, attracting millions of international visitors annually along with a strong wave of investment in technology and digital finance. The legal implementation of a non - custodial USDT ↔ VND exchange service here will offer significant benefits.

Firstly, this solution enhances the smart travel experience, enabling international tourists to make quick, low-cost payments without carrying cash, while still easily paying for services in Vietnam.

Secondly, this model lays the groundwork for attracting Capital into the fintech, blockchain, and asset Tokenize sectors, contributing to the formation of a modern and transparent digital financial ecosystem.

Ultimately, once this initiative is successfully implemented and effectively managed, Da Nang will have the opportunity to position itself as a leading digital asset hub in Southeast Asia, a testing ground for and a platform for disseminating safe, legal, and highly internationalized digital finance models.

So, specifically, how will the Non-Custodial model that Dragon Lab will implement in the USDT – VND conversion process work? How is the mechanism for protecting users' property rights designed?

MIMO is a solution implemented using a Non-Custodial model for converting USDT ↔ VND digital assets. This means that, unlike exchanges such as Binance or OKX – where users must deposit funds into the exchange's wallet – MIMO only acts as an intermediary, verifying, connecting, and coordinating the conversion transparently, while the assets remain under the user's control.

In other words, MIMO does not retain users' money or Token , but only Vai as a technical intermediary, verifying and ensuring legal compliance.

What kind of technical platform would be required for transferring digital assets without going through centralized custody? How has Dragon Lab prepared its technological infrastructure and security processes to ensure the safety and transparency of transactions?

The MIMO operating model is built on the principle of being completely Non-Custodial, meaning MIMO does not hold money, digital assets, or store user identification information (eKYC). All assets, including USDT and VND, are under the direct control of the user and only move through instantly verified on-chain transactions. When a user makes a conversion, the system only acts as a technical intermediary, confirming the conversion between the blockchain wallet and the corresponding bank; it has no access to or possession of the assets.

The eKYC verification processes are delegated to third parties, Viettel and VNPT – two officially licensed entities in the field of electronic identification – to ensure absolute compliance with regulations on personal data security. MIMO only accepts verification results (pass/fail) and does not store any images, documents, or biometric data.

All transactions and related data are recorded on-chain, ensuring transparency, immutability, and easy retrieval for auditing purposes. Simultaneously, MIMO has an automated reporting mechanism to relevant regulatory authorities, including reporting suspicious transactions in accordance with AML/KYC regulations. This ensures absolute user security while facilitating comprehensive, transparent, and legally compliant oversight by regulatory agencies in Vietnam.

EXCHANGE RATES ARE "TEMPORARILY FIXED"

Has Dragon Lab collaborated with any intermediary organizations such as banks, e-wallets, blockchain partners, or independent supervisory bodies to perform VND to USDT (and vice versa) conversions within the framework of the experiment?

Within the framework of the licensed trial, Dragon Lab has established cooperation with counterpart banks and payment intermediaries (e-wallets) to implement the USDT ↔ VND conversion process using a Non-Custodial mechanism. Under this model, MIMO does not hold users' money or digital assets but only Vai as a technical intermediary to ensure the conversion is secure, transparent, and traceable.

Specifically, when a user converts USDT to VND, the MIMO system receives the conversion on the blockchain, verifies it successfully, and then automatically transfers VND from the counterparty's bank account to the user's primary bank account. Conversely, when a user wants to convert VND to USDT, MIMO only accepts VND through the user's identified bank and immediately transfers USDT to the user's blockchain wallet.

All transactions are logged, traced, and periodically reported to the competent authority in accordance with the anti-money laundering (AML) sandbox and digital asset transfer management regulations. This collaboration helps MIMO maintain transparency, legal compliance, and ensures that users remain the sole legal owners of their assets, in line with Dragon Lab's commitment to non-custodial operations.

During testing, how does Dragon Lab manage the risk of exchange rate fluctuations between digital assets and fiat currency to protect user interests and ensure compliance with financial regulations?

During testing, Dragon Lab controlled the risk of exchange rate fluctuations between digital assets (USDT) and fiat currency (VND) by continuously referencing and updating real-time exchange rates from major and reputable exchanges worldwide such as Binance, OKX , and MEXC. The MIMO system automatically aggregates price data from multiple sources to calculate the moving Medium exchange rate, ensuring that the spread is kept within a stable and reasonable range.

Furthermore, each conversion on MIMO is only valid for 15 minutes – meaning the exchange rate is "temporarily fixed" during this period – helping users avoid risks from short-term market fluctuations. When the USDT price fluctuates sharply, the system will temporarily suspend automatic conversions to ensure user safety and prevent financial losses.

Does the testing process implement any KYC/AML (identity verification and anti-money laundering) measures, sir?

When using MIMO solutions, all users must undergo eKYC verification performed by state-licensed network operators, ensuring the legality and security of their information and linking it to their registered bank account.

Every user's cryptocurrency wallet will be automatically checked for "cleanliness" by the system using blockchain analysis tools to ensure the wallet is not involved in money laundering or fraud.

With this trial, do you think the adoption of the Non-Custodial model could become a long-term trend for digital asset trading? What Vai will the conversion of USDT to VND and vice versa play in the international financial center of Da Nang?

Non-Custodial conversion increases transparency, reduces the risk of asset concentration, and builds user trust. I believe that the legal conversion of USDT to VND is the first step in shaping the legal framework, connecting digital assets with the real economy, and contributing to the strategy of creating an innovative international financial center in Da Nang.

In the long term, this model, specifically MIMO, is expected to become the operating standard for digital asset exchanges/solutions in Vietnam, helping Da Nang lead the region in fintech and digital assets.

Source: VnEconomy