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

1. Fiat Currency Channel Game: The draft allows licensed exchanges to facilitate direct trading of the Vietnamese dong (currently only 5 platforms holding 17% of the market share qualify), but requires freezing 50% of crypto assets as reserves. As a result, the OTC market in Ho Chi Minh City, the largest in Vietnam, has seen an off-market premium for USDT reach 8.3%.