The draft "Virtual Asset Market Management" released by the State Bank of Vietnam on June 16, 2025, at midnight 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 in Vietnamese Dong (currently only 5 platforms that account for 17% of the market share are eligible), but requires freezing 50% of crypto assets as reserves. As a result, the USDT over-the-counter premium in Vietnam's largest OTC market, the Ho Chi Minh City money exchange network, has reached 8.3%.