#越南加密政策

The draft "Regulations on the Management of the Virtual Asset Market" released by the State Bank of Vietnam at midnight on June 16, 2025, is causing significant fluctuations in the cryptocurrency 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 5 platforms representing 17% of the market share are eligible), but requires 50% of cryptocurrency assets to be frozen as reserves. As a result, the OTC premium for USDT in Ho Chi Minh City's largest OTC market has reached 8.3%.

2. Miners' Lifeline: The new regulation increases the electricity subsidy for miners from $0.045 per kWh to $0.052, but requires all mining farms to connect to the national grid for monitoring (currently 73% of mining farms use off-grid hydropower). Data from BitRiver shows that Vietnamese miners are accelerating their shift towards the Laos border, with the overall network hash rate dropping by 14% in 24 hours.

3. Regulatory Countdown: There are only 23 hours left in the policy window (as of June 17, 12:00 UTC+8). Anomalies have been detected in the order book for the BTC/USDT trading pair on Binance Vietnam: sell orders have piled up 12,437 BTC at $46,500, while buy orders below are only 3,021 BTC at $45,200, causing the market maker spread to widen to 3.7% (normal level is 1.2%-1.8%).

Hedging Strategy: It is recommended that investors with exposure to the Vietnamese market take immediate action:

- Spot Position: Retain 5% of the base position to hedge against the black swan of policy implementation, and transfer the rest to a compliant exchange cold wallet.

- Derivative Hedging: Buy $45,000 BTC quarterly put options (implied volatility has reached 89%).

- Regional Arbitrage: Go long on the VND/USDT exchange rate through licensed brokers in Cambodia (current arbitrage space is 9.2%).

For real-time monitoring of policy changes, visit https://www.binance.com/zh-CN/square/post/25680052228778. Please note that all investments carry risks, and investors should make their own judgments and assume corresponding responsibilities.