On June 16, 2025, the State Bank of Vietnam published the "Draft for the Management of the Virtual Asset Market," which is causing severe 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 initiate direct trading in Vietnamese Dong (currently only 5 platforms, accounting for 17% of the market share, are eligible), but requires a freeze of 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%.