On June 16, 2025, at midnight, the State Bank of Vietnam issued a draft "Management of Virtual Asset Market" which 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 enable direct trading of the Vietnamese Dong (currently, only 5 platforms that account for 17% of the market share meet the criteria), 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%.