On June 16, 2025, the State Bank of Vietnam issued the "Draft for Managing the Virtual Asset Market," which is causing significant 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 of the Vietnamese Dong (currently, only 5 platforms, which account for 17% of the market share, meet the criteria), but requires a freeze of 50% of crypto assets as reserves. As a result, the OTC premium for USDT in Ho Chi Minh City's largest OTC market has reached 8.3%.