On June 16, 2025, the State Bank of Vietnam released the 'Draft for the Management of the Virtual Asset Market', which is causing significant fluctuations in the cryptocurrency market. The core of its policies includes three sets of conflicting games:

1. Fiat Currency Channel Game: The draft allows licensed exchanges to conduct direct trading in Vietnamese Dong (currently only 5 platforms, holding 17% of the market share, meet the criteria), but 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. Lifeline for Miners: The new regulations raise the electricity subsidy for miners from $0.045 per kWh to $0.052, but require all mining sites to connect to the national power grid for monitoring (currently, 73% of mining sites use off-grid hydropower). BitRiver data shows that Vietnamese miners are accelerating their migration to the Laos border, with the overall network hash rate dropping by 14% in 24 hours.