On June 16, 2025, at midnight, the State Bank of Vietnam released the 'Draft for the Management of the Virtual Asset Market,' which is causing significant volatility 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 market share meet the criteria), but requires freezing 50% of crypto assets as reserves. As a result, the OTC premium for USDT in Vietnam's largest OTC market, the Ho Chi Minh City money exchange network, has reached 8.3%.