On June 16, 2025, the State Bank of Vietnam issued the 'Draft for Management of the Virtual Asset Market,' which is causing significant fluctuations in the cryptocurrency market. The core of its policy includes three sets of conflicting games:

1. Fiat Currency Channel Game: The draft allows licensed exchanges to open direct trading with the Vietnamese Dong (currently, only 5 platforms, which account for 17% of the market share, meet the conditions), 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 regulations increase the electricity subsidy for miners from $0.045 per kWh to $0.052, but require all mining sites to connect to the national grid for monitoring (currently, 73% of mining sites use off-grid hydropower). BitRiver data indicates that Vietnamese miners are accelerating their move to the Laos border, with the overall network's computing power dropping by 14% in 24 hours.