The draft "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 enable direct trading of the Vietnamese Dong (currently only 5 platforms, which account for 17% of the market share, meet the criteria), but it requires freezing 50% of cryptocurrency assets 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 regulations will raise the electricity subsidy for miners from $0.045 per kWh to $0.052, but require all mining farms to connect to the national power grid for monitoring (currently, 73% of mining farms use off-grid hydroelectric power). BitRiver data shows that Vietnamese miners are accelerating their transfer to the Laos border, with the network's hash rate dropping sharply by 14% within 24 hours.