#越南加密政策 The draft 'Virtual Asset Market Management' released by the State Bank of Vietnam at midnight on June 16, 2025, is causing significant fluctuations in the crypto market. The core of its policy includes three sets of contradictory games:

1. Fiat Currency Channel Game: The draft allows licensed exchanges to open direct trading with the Vietnamese Dong (currently, only five platforms that account for 17% of the market share are eligible), but requires freezing 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%.