#越南加密政策

The draft "Virtual Asset Market Management" released by the State Bank of Vietnam on June 16, 2025, is causing severe fluctuations in the crypto market. Its core policies include three sets of contradictory games:

1. Fiat Currency Channel Game: The draft allows licensed exchanges to open direct trading with the Vietnamese Dong (currently only 5 platforms with a market share of 17% meet the criteria), but requires freezing 50% of crypto assets as reserves. As a result, the OTC premium for USDT in Vietnam's largest OTC market, Ho Chi Minh City's money exchange network, has reached 8.3%.

2. Miners' Lifeline: The new regulation increases the electricity subsidy for miners from $0.045/kWh to $0.052, but requires all mining sites to connect to the national power grid for monitoring (currently, 73% of mining sites use off-grid hydropower). BitRiver data shows that Vietnamese miners are accelerating their move to the Laos border, causing the overall network computing power to drop by 14% in 24 hours.

3. Regulatory Countdown: There are only 23 hours left in the policy window (as of UTC+8, June 17 at 12:00). Abnormalities have been detected in the order book for the BTC/USDT trading pair on Binance Vietnam: the sell wall has accumulated 12,437 BTC at $46,500, while the buy orders below only have 3,021 BTC at $45,200, with the market maker spread widening to 3.7% (normal level 1.2%-1.8%).

Hedging Strategy: It is recommended that investors with exposure to the Vietnamese market take immediate action:

- Spot Position: Retain 5% of the base position to hedge against a black swan event from policy implementation, and transfer the remainder to a compliant exchange cold wallet.

- Derivatives Hedge: Buy $45,000 BTC quarterly put options (implied volatility has reached 89%).

- Regional Arbitrage: Go long on the VND/USDT exchange rate through licensed brokers in Cambodia (current arbitrage space of 9.2%).

To monitor real-time policy changes, visit https://www.binance.com/zh-CN/square/post/25680052228778. Please note that all investments carry risks, and investors should make their own judgments and bear corresponding responsibilities. $ETH