On June 16, 2025, the State Bank of Vietnam released the "Draft Management of the 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 open direct trading in Vietnamese Dong (currently, only 5 platforms that account for 17% of the market share are eligible), but requires 50% of crypto assets to be frozen as reserves. As a result, the OTC premium for USDT in Ho Chi Minh City's largest OTC market has reached 8.3%.