On June 16, 2025, the State Bank of Vietnam released the "Draft for Managing 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 enable direct trading of the Vietnamese Dong (currently, only 5 platforms that hold 17% of the market share are eligible), but requires freezing 50% of crypto assets as reserves. As a result, the OTC market in Ho Chi Minh City, Vietnam's largest, has seen an off-exchange premium of 8.3% for USDT.