On June 16, 2025, the State Bank of Vietnam published 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 contradictory games:

1. Fiat Currency Channel Game: The draft allows licensed exchanges to enable direct trading in Vietnamese Dong (currently, only 5 platforms that account for 17% of the market share meet the requirements), but it requires freezing 50% of cryptocurrency assets as reserves. As a result, the OTC market in Ho Chi Minh City, the largest in Vietnam, has seen a premium of 8.3% for USDT.