#越南加密政策

The draft "Regulation of the Virtual Asset Market" released by the State Bank of Vietnam on June 16, 2025, is causing severe fluctuations in the cryptocurrency market. The core of its policy includes three contradictory games:

1. Fiat Channel Game: The draft allows licensed exchanges to enable direct trading of the Vietnamese Dong (currently, only 5 platforms that account for 17% of the market share qualify), but requires a freeze of 50% of cryptocurrency assets as reserves. As a result, the OTC premium for USDT on Ho Chi Minh City's largest OTC market has reached 8.3%.

2. Miners' Lifeline: The new regulation raises the electricity subsidy for miners from $0.045 per 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 Lao border, and the overall network's hash rate has dropped by 14% in 24 hours.

3. Regulatory Countdown: There are only 23 hours left in the policy window (as of UTC+8, June 17, 12:00), and anomalies 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 only support 3,021 BTC at $45,200, causing the market maker spread to widen to 3.7% (normal level is 1.2%-1.8%).