Bitcoin ETF Approval Is Historic Moment for BTC, Miners: Analysts

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Mining stocks represent an attractive opportunity for investors looking to gain access to the long-term bitcoin adoption trade, the analysts wrote.

Investors should turn their attention to the potential impact on the bitcoin (BTC) price now that spot BTC exchange-traded funds (ETFs) have been approved, broker Cantor Fitzgerald said in a research report.

The approval should be viewed as a “landmark milestone in bitcoin’s short history, with substantial implications for long-term price appreciation,” Cantor said.

“We believe this approval acts as a major demand shock to the market, occurring a few months before bitcoin’s recurring supply shock: the halving event expected in April 2024,” analysts Josh Siegler and Will Carlson wrote. When bitcoin halving occurs, the rewards miners receive are cut by 50%.

“With levered upside and theoretical hedged downside, we believe bitcoin miners represent an attractive investment opportunity for equity investors looking for a way to access this long-term bitcoin adoption trade,” the authors wrote, adding that the spot ETFs could have a “substantial positive impact on bitcoin miner valuations.”

Investment bank H.C. Wainwright & Co. said spot ETF approval is a “historic moment for bitcoin and the miners,” as ETFs offer both retail and institutional investors a “familiar and regulated investment vehicle” and should significantly expand access to the world’s largest cryptocurrency.

“We believe many BTC-curious institutional and retail investors have lacked either the willingness or the ability to directly invest in BTC, given the nuanced requirements to acquire digital assets,” analyst Mike Colonnese wrote. “We expect significant incremental demand for BTC via these newly approved spot ETFs.”

Liquidity-Focused Berachain Opens Layer-1 Testnet to Public

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Berachain’s pseudonymous founders plan “to accomplish more with less initial resources.”

Upcoming layer 1 blockchain Berachain opened its testnet to the public Thursday, a debut for its “proof of liquidity” consensus mechanism that garnered $42 million in funding last year.

Berachain is a meme-fueled project built in the Cosmos ecosystem. Its creators are largely pseudonymous crypto developers who identify themselves online with pictures of cartoon bears – some smoking weed.

That didn’t stop the likes of Polychain Capital from investing in their vision for a new kind of blockchain. Under the hood, it’s powered by a fresh take on the popular “proof of stake” model for securing blockchains called “proof of liquidity,” or PoL.

Under PoL, ecosystem players help secure the Berachain network by providing liquidity to the trading infrastructure built on top of it. Infrastructure can mean many things: an automated market maker, a crypto game, a lending protocol – basically anything that needs a pool of user-supplied tokens to facilitate transactions via smart contracts.

It’s common in decentralized finance (DeFi) for these protocols to reward their liquidity providers (LPers) with a token. That’s the plan for Berachain, too. Any protocol that’s passed a Berachain governance vote will get BGT to give to their LPers.

These BGT tokens are the governance tokens for Berachain, meaning its holders have power over the network. Notably, the tokens are also illiquid; you can’t buy or sell them. The only way to get them is by earning them as a reward, Berachain cofounder Smokey the Bera told CoinDesk.

“Berachain is the first chain that’s built to drive value to protocols,” Smokey said in a Telegram message.

The token’s creators plan for it to have some economic value. Any BGT holder will be able to burn their assets in exchange for the equivalent amount of BERA tokens, which will be tradeable. Or, they can delegate their BGT to others in exchange for the Berachain stablecoin called HONEY, which Smokey said will be backed by USDC.

This setup doesn’t ensure Berachain will be entirely immune from economic whales. While “you can’t just buy the staking token,” big bag holders could still buy lots of BERA, provide it as liquidity to trading protocols and receive outsize BGT, and the power they hold, Smokey said.

Still, it’s a much more active version of “proof of stake” than simply lending one’s tokens to a validator. Under Berachain, the protocols themselves receive the liquidity of all the users seeking economic returns.

The liquidity bootstrapping allows Berachain “to accomplish more with less initial resources,” Smokey said. That could be an important distinction given the number of new layer 1 blockchains rolling out and being announced.

Berachain is positioning itself to appeal to the Ethereum crowd as well as Cosmos builders, Smokey said. It’s already been in a private testnet for about a month and has more than 30 native teams, plus dozens more protocols from other ecosystems that are preparing to roll out versions of their project on Berachain.

What is XM Exchange? Review detailed information about XM

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XM is one of the famous trading platforms in the world, especially in the fields of Forex and CFD. Established in 2009, XM has quickly affirmed its position and attracted millions of customers globally. So what is so special about XM that it is trusted by so many investors? Please immediately see the detailed review information about XM shared by SanForex below to decide whether this platform is suitable for your investment needs or not.

What is XM?

XM trading platform was founded in 2009 by Trading Point Holdings Ltd, headquartered in Belize. After 15 years of development, XM has become a strong international investment company, leading the market by conquering more than 3.5 million customers from 196 countries around the world. XM is proud to have a team of 450 experienced financial experts, supporting more than 30 languages, providing 16 diverse trading platforms and more than 25 secure payment methods.

All information at XM is clearly public, orders are executed quickly. This has attracted the attention of many investors from Japan – a place famous for its demanding investors and high requirements for service quality.

XM operating license

Business license is one of the important factors that helps XM build reputation and create trust with customers. Owning a business license proves that this exchange is under the management of a competent organization, ensuring a higher level of safety than exchanges without an operating license.

License information

XM is licensed by many of the world’s leading financial authorities, including:

  • License number 120/10 is issued by the Cyprus Securities and Exchange Commission (Cyprus Securities and Exchange Commission – CySEC).
  • License number 443670 is issued by the Australian Securities and Investments Commission (ASIC).
  • License number IFSC/60/354/TS/18 is issued by the International Financial Services Commission (IFSC).
  • License F003484 is issued by Dubai Financial Services Authority (DFSA).

With licensing from many large financial institutions, XM is subject to strict supervision, ensuring all information is transparent and accurate. Customer rights are strictly protected and illegal acts such as money laundering are prevented.in

XM guarantees customer rights through licenses

XM ensures customers’ rights through methods such as segregated accounts, full insurance in case XM goes bankrupt, capital safety according to CySEC and ASIC regulations.

  • Accounts are segregated and liquidity is guaranteed

Because XM is licensed to operate by ASIC, a highly responsible agency from Australia, this exchange must comply with strict account safety requirements. When trading on XM, customers will have 2 separate account types: an account to hold deposits and an account used for trading. 

Separating these two types of accounts ensures the safety of customers’ capital and prevents deposits from being used for personal purposes. Thanks to this, traders’ investments are always protected, even in case of bankruptcy. This is one of the main reasons why XM is trusted and chosen by many investors.

  • Insurance if XM goes bankrupt

Licensed by CySEC, XM floor complies with all regulations of this agency to protect the interests of investors. XM’s insurance mechanism provides a maximum compensation of up to 20,000 Euro from the Investor Compensation Fund, ensuring customer rights in the event of a financial incident.

  • Ensure capital safety according to CySEC and ASIC regulations

XM Global Limited is the current operating unit of XM, complying with strict regulations of CySEC and ASIC to ensure capital safety for investors. In particular, XM must maintain operating capital to meet necessary costs when fluctuations occur. Auditing companies will check XM’s annual financial reports, ensuring transparency and compliance with regulations.

  • Operating in Vietnam under the management of IFSC

In the Vietnamese market, XM is regulated by IFSC (an agency with weaker influence than CySEC and ASIC). However, the fact that XM has a license from both CySEC and ASIC proves this exchange’s continuous efforts in developing and affirming its position in the international market. This shows that XM always strives to provide the best service and protect the interests of investors.

XM trading platform

The trading platform is also the advantage that makes XM chosen by many investors. 

MT4

MT4 is a familiar trading platform chosen by many investors due to its ease of use and quick, automatic customer support. Traders can execute orders easily and efficiently with MT4.

MT4 Features:

  • Currently, MT4 is capable of integrating many products such as Forex, CFDs and is expected to expand further in the future.
  • MT4 has the ability to synchronize with many different trading software.
  • Low spread, only from 0.6 pips.
  • Many technical analysis tools, diverse indicators and charts.
  • Chart types include lines, bars, and candles.
  • Supports executing commands symmetrically and in opposite directions.
  • It is possible to install the indicator as well as set cycles and different time frames.
  • Data is guaranteed to be safe and stored.

MT5

Metaquotes Company has upgraded MT4 to MT5 to improve development capabilities and increase user ease of use. MT5 allows investors to perform more complex transactions and offers many outstanding advantages. Chart types and support tools on MT5 are more flexible, highly automated and specialized for each type of transaction.

Normally, MT4 supports order types such as Buy Stop/Limit and Sell Limit/Stop. The upgraded MT5 version adds Buy Stop Limit and Sell Stop Limit orders, helping to increase the probability of success for investors. MT5 also supports trading with robot programming and allows setting indicators suitable for each user.

In addition, MT5 also has outstanding capabilities in stock trading. However, investors need to open an MT5 account to use this feature.

MT5 Features:

  • MT5 integrates over 1,000 different trading instruments including stocks, stock indices, Forex, energies and metals.
  • Supports synchronization of 7 different product types.
  • Low spread, only from 0.6 pips.
  • 80+ technical analysis tools.
  • Capable of displaying up to 100 different charts.
  • Supports many technical indicators (80) and analysis objects (40).
  • Execute different commands.

Hedging

At XM, reciprocal Buy and Sell orders are supported, the role of hedging is to evaluate these orders at the same time. The hedging method is popular with investors but is not recommended for newcomers because of its high risks.

Across all exchanges, hedging works best at XM due to the Close by order. Two opposing orders can be closed at the same time thanks to the Close by command, helping investors save significant costs. Note that to use the Close by order, you should close the Buy and Sell orders at the same time. In addition, there is also the Multiple Close by order, which can be used on both MT4 and MT5, allowing investors to close multiple orders in the opposite direction at the same time.

MT4 Multiterminal

XM’s Multiterminal is a tool that allows investors to manage up to 128 different MT4 accounts through just one software and log in only once. The superior features of this software include:

  • Execute many types of orders and manage a variety of account types.
  • Allocate resources with 3 different methods.
  • Manage and execute transactions according to specific time frames.

Types of XM accounts

The XM platform provides investors with 3 main account types including micro, standard, Ultra and share.

Micro account

The minimum deposit at XM micro is 5 USD, Spread costs from 1 pip and no commission. XM Micro account allows opening or waiting for up to 200 orders. For MT4, the minimum order volume is 0.01 lot, while for MT5 from 0.1 lot. Micro accounts also have a trading bonus percentage, suitable for new investors with little experience.

XM’s Micro account is calculated in Micro Lots, 1 lot is only equivalent to 1,000 units instead of 100,000 units as usual standards. This helps minimize risks for investors because the transaction size is very small, no matter how large the amount displayed on XM is.

Standard account

The minimum deposit to a Standard account is 5 USD and Spread costs from 1 pip, with no commission. This account allows opening or waiting for up to 200 orders.

For MT4, the minimum order volume is 0.01 lot and there is a trading bonus percentage. This account is similar to the Micro account, but the difference is that it converts lots in standard units and has a maximum leverage of up to 1:888. The Standard account becomes a suitable choice for new investors, providing good trading conditions.

Ultra Low Account

XM Ultra Low accounts have spread costs of 0.6 pips on major currency pairs and require a minimum deposit from 50 USD. There are no commissions and up to 200 open or pending orders are allowed.

This account type is suitable for scalping style traders. XM uses Ultra Low accounts to compete with other reputable exchanges such as ECN, ICMarkets, Exness. This account has many attractive incentives to attract customers. However, Standard is divided into two sub-categories, Standard and Micro, with differences in transaction volume.

Share account

This type of account requires a minimum deposit of 50 USD, does not use leverage and has variable spread costs depending on the type. The account allows a maximum of 200 open or pending orders, with a minimum order size of 1 lot and associated commission fees. This is a favorite choice for stock traders but requires a minimum deposit of 10,000 USD or more, so leverage is not supported. According to standard conversion, to trade 1 lot, investors need 100,000 USD.  

Note: Customers can open 8 different account types on XM at the same time. However, if the account is inactive (no transactions, transfers, deposits or withdrawals), XM will apply an inactive account policy. In this case, bonuses and credit benefits will be automatically removed. Additionally, inactive accounts will be charged a monthly fee of 5 USD and stored for a maximum of 90 days.

XM trading products

Currently, XM offers the following financial trading products:

  • Forex: More than 55 currency pairs to trade, leverage up to 1000:1, customer support 24/5 weekly.
  • Stocks: Investors have the opportunity to directly access leading stock markets globally.
  • Commodities: Ideal for new investors, who can trade without owning the actual commodity.
  • Stock index: Suitable for both short-term and long-term investors.
  • Precious metals: An attractive form of investment, leverage up to 1000:1.
  • Energy: Requires initial capital from only 5 USD, with large price fluctuations depending on the market.
  • Virtual currency: Attractive investment option other than Forex, thanks to strong price fluctuations.

This diversity gives investors many choices and opportunities to receive dividends when participating in trading stocks and securities. At the same time, this is also a great competitive advantage of XM in the market.

Transaction fees

Important costs in trading at XM include Spreads and financial leverage. These costs greatly affect the interests of investors.

  • Spread costs for XM account types are maintained at a low level, fluctuating below 0.6 pip for major currency pairs and about 1 pip for Standard and Micro accounts. Customers receive this price directly from the market, without re-quotes.
  • Financial leverage ranges from 1:1 to 1:888. Minimum account limits are from 5 to 20,000 USD for Standard and Micro accounts, from 50 to 20,000 USD for Ultra Low accounts. Accounts with a value from 20,001 to 100,000 USD have leverage from 1:1 to 1:200, accounts with a value over 100,001 USD have leverage from 1:1 to 1:100. Share accounts do not use financial leverage.
  • Regarding commission fees, only Share accounts have to pay commission fees when trading stocks. Other account types at XM do not charge commissions of any kind.

Deposit and withdraw money

To make deposits and withdrawals from XM trading accounts, investors can use the following payment methods:

  • Credit Card/Debit Card
  • Electronic wallet
  • Transfer via bank

Before starting to trade with real money, account verification is very important. You need to upload documents to verify your registration information to ensure your personal information is valid and accurate. This helps avoid difficulties when depositing, trading and withdrawing money later due to incorrect registration information.

How to deposit money

To make a deposit to your XM account, you can follow these steps:

  • Step 1: Log in to XM.
  • Step 2: Select “Deposit” from the tab menu on the interface.
  • Step 3: Choose the deposit method that suits you (e.g. credit card, e-wallet, bank transfer).
  • Step 4: Enter the amount you want to deposit.

The time it takes for funds to be credited to your account will vary depending on the deposit method you choose. Credit card deposits are usually the fastest, you can see the amount updated immediately. Meanwhile, transferring money via bank may take a few days due to the verification and processing process from the bank.

How to withdraw money

To withdraw money from your XM account, you can follow these steps:

  • Step 1: Log in to XM.
  • Step 2: Select “Withdrawal” from the tab menu on the interface.
  • Step 3: Choose the withdrawal method you used to deposit previously.
  • Step 4: Enter the amount you want to withdraw and click “Withdraw”.
  • Step 5: The withdrawal amount will be deducted from the account balance immediately after the withdrawal request is processed.

The time it takes to receive the money and the transaction fee will depend on the withdrawal method you choose. Different methods may have different processing times and transaction fees.

Transaction terms

To effectively trade XM, investors need to pay attention to the following trading terms:

  • The spread clause at XM allows all clients to trade with minimum spreads from 0 pips on all currencies, regardless of the client’s account type or trading volume.
  • Regarding Margin and Leverage, XM allows investors to control risks by managing used and free margin. They also provide support tools to warn about the possibility of margin fires to help investors make better control decisions.
  • Depending on the type of account that investors initially register, they can use leverage from 1:1 to 1:500 to maximize revenue and profits.
  • Regarding trading hours, XM supports customers continuously 24 hours a day, 5 working days a week via Live Chat or phone. Working hours last from Monday to Friday every week, helping investors make effective use of their time.

Resources provided by XM

XM offers a variety of resources to help investors conduct effective trading as follows:

Trading signals

There are many types of trading signals provided by XM, including:

  • Signals analyzed by XM: Provides information and analysis about currency pairs, commodities, stock indices, and other assets on the market.
  • Signals from expert Avramis Despotic: This expert provides signals for products such as USD/EUR, GOLD, OIL, GBP/USD,… This signal includes detailed take profit and stop loss points.

You can receive these signals by:

  • Register and authenticate your member account on XM.
  • Access the account section after logging in to your account.
  • Select “Technical Analysis” to access and receive signals from expert Avramis Despotic or many other signal sources.

Main indicator

XM focuses on investing in a team of experts to develop and improve trading indicators, including upgrading the Ribbon Indicator. This indicator not only helps identify trends effectively but also has the ability to predict trend reversals in the market.

Educational resources

XM offers many detailed video tutorials on how to use MT4 and MT5 along with issues related to their trading platforms. XM experts take on the role of guiding investors on how to conduct transactions on the floor and organize many seminars to convey information and support the most effective transaction execution. Customers can experience this service for free after registering an account.

Promotion program at XM

XM easily offers customers many special promotions as follows:

Free VPS

To receive free VPS service from XM, you need to make at least 2 standard transactions per month and maintain a minimum account balance of 500 USD. If you don’t meet these requirements, you’ll have to pay a VPS fee of $28 per month.

Receive XM registration bonus

When you register an XM account, you will receive a bonus of up to 30 USD. For new customers joining XM, the bonus will be automatically issued to the account after authentication, no need to perform any other operations. To receive the account registration bonus, you need to do the following steps:

  • Create an XM account.
  • Provide documents proving identity and address to authenticate your account.
  • Claim your bonus from account management.
  • Complete the authentication process according to XM instructions.

After completing the account creation steps above, you will receive a 30 USD bonus. To withdraw this amount, you need to trade at least 0.1 lots of standard volume and execute at least 5 orders.

Welcome bonus 15%

You will receive a bonus when you make a deposit to your XM account. Within 24 hours of depositing, you will receive a bonus equivalent to 15% of the deposit amount, with a maximum of 500 USD. Bonuses can only be used to help you better manage risk and cannot be withdrawn. Note that the two account types XM Ultra Low and XM Shares Account will not receive this bonus.

Customer care

XM has a team of enthusiastic consultants, ready to support customers and answer questions 24/5 through many contact forms such as email, online chat or phone consultation. Each client is supported by a dedicated manager who will assist the client with technical handling and provide information on training sessions related to XM, MT4, MT5 and their products .

XM Exchange Review

Advantages of XM:

  • Licensed and managed by many large financial institutions, ensuring prestige and professionalism.
  • Integrate both Forex and CFD trading on the same account.
  • Allows investors to trade stocks through separate accounts.
  • No commission fees are charged when trading products other than stocks.
  • Low minimum deposit.
  • Fast deposit/withdrawal process and fee support.
  • Diverse promotions and incentives for customers.
  • Provides useful trading signals for trading.

Disadvantages of XM:

  • Stock trading costs are high and leverage is not supported for this trade.
  • Does not support making transactions with cryptocurrency.

Questions related to XM Exchange

What is the minimum and maximum deposit/withdrawal amount at XM?

At XM, the minimum deposit and withdrawal amount is 5 USD (or equivalent currencies), applicable to many deposit and withdrawal methods and supported worldwide. However, these levels may vary depending on the deposit and withdrawal method you choose and the authentication status of your trading account.

How long can I use an XM Demo account?

XM Demo accounts have no expiration date, allowing investors to use them for as long as they want. However, after 90 days from the date you last logged in, the Demo account will be closed. You can open a new Demo account to continue testing, but the maximum number of active Demo accounts is 5.

What hours does XM support trading?

The trading market at XM is open from 22:05 Sunday to 21:50 Friday GMT. However, some trading products such as CFDs have different trading times.

What do investors need to participate in XM trading?

To participate in trading on XM, investors need to prepare the following documents:

  • Color copy of passport or other government-issued identification document (e.g. driver’s license, citizen identification card,…).
  • Documents confirming personal information must include the customer’s name, date of issue or expiration date, and residential address.
  • Date of birth or tax number and customer signature.
  • Electronic utility bills (e.g. electricity, water, landline, oil, internet and/or cable TV) issued within the last 6 months, may contain the registration address.

What documents do I need to prepare to verify my XM account?

XM is a company strictly regulated and supervised by corporations and financial institutions, operating and complying with a number of regulatory documents and rules imposed by regulatory agencies. The company is under the direct control of the FSC.

This includes collecting a valid ID card, utility bill or bank statement within 6 months, verifying the customer’s registered address (KYC) and collecting appropriate documents from the customer .

Does it take long to create an XM account? 

The process of creating and using an XM account is very easy, allowing investors to create an XM trading account in just 5 minutes including procedures and personal information verification. This makes the account opening process simple and easy for anyone.

Is XM Exchange safe?

XM is one of the most prestigious and reliable forex exchanges today, operated and managed directly by XM Global Limited. The company is committed to ensuring the safety of investors’ funds, protecting them in accordance with applicable laws and regulations. The protective measures that XM applies include:

  • Customer money distribution policy: Customer money is transferred directly to their bank accounts at other financial companies. These funds are segregated from XM’s accounts and cannot be used to repay debt if the company encounters financial difficulties or goes bankrupt.
  • Bank accounts: XM always maintains customer accounts and operating accounts at reputable banking institutions, clearly separated.
  • Management supervision: XM complies with strict financial requirements. The Company maintains sufficient working capital to protect customer deposits and deal with potential fluctuations in currency transactions. In addition, XM also has an independent audit department that regularly checks the company’s financial statements.

The information shared by TraderForex in this article will help you gain more information and new perspectives about XM floor. This helps you choose the trading platform that best suits your needs and investment goals.

 

Here’s Why Chinese Investors Seek Solace Abroad

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Frustrated by losses, Chinese investors sought refuge in neighboring countries as stocks plummeted.

Experts anticipate that the trend of investor migration will persist into 2024.

In 2023, Chinese stocks experienced a challenging year due to economic difficulties, resulting in a significant downturn in stock prices and discouraging local investors. Consequently, Chinese investors redirected their capital towards Japan’s appealing ETF fund group.

Trading activity in the China AMC Nomura Nikkei 225 ETF reached a historic high of 373 million yuan (equivalent to 52 million USD) on January 10, a staggering tenfold increase compared to the 2023 average. The AMC Nomura ETF also witnessed a surge in activity, registering a 6.3% jump since January 5, surpassing the Nikkei 225’s 3.2% increase.

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Contrastingly, Japan’s Topix index experienced a remarkable 25% surge in 2023, reaching a 34-year high.

On the other hand, China’s CSI 300 index faced an 11% decline in 2023. Challenges in the real estate sector, sluggish consumer demand, and trade tensions with the US have significantly impacted the country’s economy. The benchmark index is currently trading at its lowest level in five years.

Persistent economic challenges have negatively affected investor sentiment over the past year. Pessimism about the swift recovery of the Chinese economy is widespread, leading to a substantial retreat of foreign investors who withdrew 90% of the capital invested in the Chinese market in 2023.

Given the need for more time for China’s economy to recover, experts predict that the wave of investor migration will continue into 2024.

Proposal to consider reopening helicopter tours to view Ho Chi Minh City from above

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On the afternoon of January 10th, Mr. Nguyen Van Dung, the Vice Chairman of Ho Chi Minh City People’s Committee, proposed solutions to develop tourism in 2024 at a conference summarizing the city’s tourism industry in 2023 and implementing key directions and tasks in 2024 of the Ho Chi Minh City Department of Tourism. One of the solutions included making helicopter tours an attractive product for the tourism industry to consider.

According to Mr. Nguyen Van Dung, Ho Chi Minh City introduced a helicopter tourism package that included visiting Ho Chi Minh City and neighboring provinces immediately after the COVID-19 pandemic. Although this package initially attracted tourists, it has not been fully exploited due to certain conditions and mechanisms.

The Vice Chairman commented that the tourism industry should continue to think about ways to make helicopter tours a regular activity and a tourism product of Ho Chi Minh City in the future. He also emphasized the need to calculate the products surveyed and tested and mentioned that the helicopter tour is an exciting product for the City.

In April 2022, some of the leading travel businesses in the city experienced a helicopter tour to see Ho Chi Minh City from above. After the survey flight, the units tested the tour with a 40-minute flight and launched a promotion on April 21st. During the holiday from April 30th to May 1st, 2022, businesses organized 5 flights with 80 passengers (16 passengers per flight). However, this helicopter tour has not become a regular product to serve tourists due to certain problems related to applying for flight permission and waiting time for takeoff and landing.

@thanhnien.vn

Irish Launches Human Trafficking Probe Following Discovery of 14 Migrants, including Vietnamese in Shipping Container

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On Wednesday, Irish authorities announced the commencement of an inquiry into human trafficking following the discovery of 14 migrants inside a refrigerated shipping container at the Rosslare port in the southeast.

Prior to the vessel’s arrival, U.K. authorities had alerted their Irish counterparts based on a migrant’s distress call. A statement from Irish police revealed that, following a medical evaluation, nine men, three women, and two girls were found to be in good health.

Although the nationalities of the migrants were not immediately identified, reports from RTE and the Irish Independent suggested that the majority, including the girls, were Kurds from Iran and Iraq. Additionally, three individuals were from Vietnam, and one was from Turkey. The discovery occurred during a vehicle inspection as it exited the ferry from Zeebrugge, Belgium, which had arrived on Monday.

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Rosslare seaport serves both passenger and freight traffic from Britain and Europe, offering connections to France and Spain. Irish Transport Minister Eamon Ryan expressed relief at the migrants’ well-being, emphasizing they had likely spent more than 24 hours inside the container.

Prime Minister Leo Varadkar assured that Dublin would expedite the processing of any potential asylum claims, underscoring the country’s “first response is always a humanitarian one.” Eugene Drennan, president of the Irish Road Haulage Association, revealed that the container had been loaded onto a truck south of Paris before reaching Zeebrugge, emphasizing the fortuitous prevention of a potentially tragic outcome.

Will the Global Minimum Tax Affect Foreign Direct Investment in Vietnam?

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Vietnam recently implemented the Global Minimum Tax (GMT) with a 15% tax rate for multinational enterprises earning over 750 million euros annually.

Concerns have arisen about its impact on Foreign Direct Investment (FDI) as it restricts Vietnam’s ability to offer tax incentives to attract investors. However, experts argue that tax incentives are not the primary motivation for multinational companies investing in developing countries like Vietnam.

Mr. Michael Kokalari, Director of Macroeconomic Analysis and Market Research Department at VinaCapital, dismisses concerns, asserting that tax incentives are not the decisive factor for multinational companies when investing in developing nations. Research by the World Bank suggests that factors such as cost, labor quality, infrastructure, and the business environment’s openness play more significant roles in investment decisions.

Vietnam, cognizant of potential impacts, is exploring alternatives to mitigate the effects of the GMT. The Ministry of Planning and Investment is proposing the “Investment Support Fund” (ISF) to refund taxes through measures like supporting employee training, research and development (R&D) costs, and interest expenses. This initiative aims to offset the tax burden imposed by the GMT on multinational companies.

VinaCapital estimates that over 100 multinational companies in Vietnam will be affected by the GMT, generating an additional 600 million USD in taxes, equivalent to 4% of FDI company profits. Notably, some entities like Samsung, currently paying around 5% tax on revenue in Vietnam, may experience a significant tax increase due to the 15% minimum tax rate.

The ISF, though recently announced, lacks detailed information. Industry experts anticipate that other countries competing for FDI in the region will likely implement similar measures to maintain a competitive tax environment.

Mr. Hoang Thuy Duong, Deputy General Director of KPMG Vietnam, emphasizes the importance of government support for various sectors, particularly high-tech, electric vehicles, and green energy. He suggests redirecting support from income-based tax incentives to cover costs such as investment, labor, land, and research and development. This shift aligns with the evolving trend in developed countries, moving away from income-based tax incentives to focus on expense-related support.

The global minimum tax is not an obligatory international treaty, but rather a trend that countries, including Vietnam, are adopting. Failure to comply may result in relinquishing tax collection rights to the parent country of the investing company. Vietnam’s adherence to the GMT is seen as a means to boost budget revenue, prevent profit transfer pricing, and maintain control over tax collection rights.

Statistics from the General Department of Taxation reveal that around 120 businesses with revenues exceeding 750 million USD operating in Vietnam could be affected by the GMT. As the country navigates these changes, it must balance attracting new investors and supporting existing ones, especially those aligned with its long-term development goals.

Ether Jumps Over $2.4K as Traders Bet on Possible Ether ETF Next

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BlackRock had previously filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot ether exchange-traded fund (ETF).

Ether (ETH) and native tokens of applications built on Ethereum surged in the past 24 hours as traders bet on the likelihood of the possible proposal of an ether exchange-traded fund (ETF) following the expected approval of a bitcoin ETF in the U.S.

Ether exchanged hands over $2,400 in early European hours Wednesday, up 5% in 24 hours. Bitcoin was down 2.2% in the same period as a series of fake tweets from the temporarily hacked U.S. Securities and Exchange Commission’s X account, which created significant volatility in bitcoin trading.

BlackRock had previously filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot ether exchange-traded fund (ETF).

Sentiment in the crypto community suggests traders are positioning themselves for an eventual ether-focused product – which could be the first time professional investors in the U.S. gain spot exposure to the blockchain’s token without having to own it.

“There’s a noticeable trend towards frontrunning the ether ETF,” Alex Onufriychuk, the CEO of Kaminari, said in a Telegram message.

Lido’s LDO and RocketPool’s RPL gained as much as 17% before retreating. Both protocols allow users to stake ether on their platforms and earn around 4.5% in annualized staking rewards.
Elsewhere, tokens of layer 2 networks such as Mantle’s MNT and Optimism’s OP gained as much as 9%. These networks are built atop Ethereum but operate as independent blockchains, allowing users to transact cheaply and much faster than the main blockchain.

However, market observers cautioned that an ether ETF remained a probability rather than a possibility as of Wednesday.

“The main idea is that ETH, being the second largest cryptocurrency, would have the highest probability of being the next ETF after BTC,” Martin Lee, analyst at on-chain data firm Nansen, told CoinDesk in a Telegram message.

Thirteen issuers, including traditional finance giants BlackRock and Fidelity, are currently in line for a spot bitcoin ETF whose approval is widely anticipated later on Wednesday.

China-ASEAN Intl Media Tour 2023 begins in Indonesia

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The “Song of Our Homeland” China-ASEAN International Media Tour 2023 was launched at the Halim Railway Station of the Jakarta-Bandung High-Speed Railway in Jakarta, Indonesia, on Wednesday.

Coinciding with the 10th anniversary of the Belt and Road Initiative, the event aims to  tell stories of mutual benefit between China and ASEAN.

Organized by China Daily and the ASEAN-China Centre, co-organized by China Daily Multimedia, the media tour will gather journalists from main media outlets from China and ASEAN countries.

They will focus on key projects of Chinese enterprises such as Cainiao Cikarang Logistics Park in Indonesia, Singapore Meetsocial, vivo Indonesia, and Sensetime International in Singapore, aiming to capture stories of how the Belt and Road Initiative has benefited people in participating countries.

The event has also invited local overseas Chinese to participate and engage in dialogues with Generation Z (those born after 1995 and into the 2000s), including Chinese students studying in Indonesia and Singapore, to share their perspectives on exchanging of culture and stories.

“Over the decade of jointly building the Belt and Road Initiative, the interactions between media and youth from China, Indonesia and Singapore have become increasingly frequent, playing an active role in enhancing mutual understanding among people, promoting cultural exchanges, and inheriting the friendship between China and Indonesia, as well as China and Singapore,” said the head of the delegation Li Jun, deputy editor-in-chief of China Daily Multimedia.

This event, which aims to better harness the media’s role as a link or connection, will give better play to the role of the media and youth as a bridge, becoming communicators and guardians of China-Indonesia and China-Singapore friendships, she added.

In the next few days, the media tour delegation will adopt perspectives as cultural “translators” and economic “observers” in Indonesia and Singapore to understand the practical participation of the two countries in building the Belt and Road Initiative.

They will listen to the voices of Chinese brands on the international stage and discuss how the Belt and Road Initiative creates a better future of peace, development, cooperation, and mutual benefits.

 

Cloud hunting season on Ba Den mountain

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The top of Ba Den mountain is covered with white clouds, hidden in the clouds is the Buddha statue of Tay Bo Da Son

Ba Den Mountain, also known as the “roof of the South”, is a fascinating destination for tourists and Buddhists alike. The mountain is located about 110 km from Ho Chi Minh City, about 11 km northeast of Tay Ninh City center, and has long been a symbol of Tay Ninh province. It has become a spiritual convergence point faithfully worshiped by Buddhists from all over, especially since the modern cable car line and a complex of Buddhist architectural works, notably the Tay Bo Da Son Buddha statue, which is the tallest bronze Buddha statue in Southeast Asia.

The cable car takes tourists to the top of Ba Den mountain

Nowadays, even children and the elderly can visit the top of Ba Den mountain thanks to the modern cable car system. It takes less than 10 minutes for everyone to conquer the “roof of the South” with its wild, charming, modern, and sacred beauty. From the top of Ba Mountain, we can see a vast plain covering the outskirts of Tay Ninh City, in the distance is the city in the night light, and the vast Dau Tieng Lake. The mountain also offers a charming and majestic natural scenery that attracts many tourists and photographers.

Ba Den Mountain is an ideal cloud-hunting spot for those who love tourism and photography. The best time to hunt clouds is from May to January of the following year, in the early morning and evening. According to local people’s experience, the probability of clouds is higher when it rains the night before and the next morning is clear with little wind. At this time, due to high air humidity and large temperature differences, it is easy for low layers of dew to form. The whole Tay Ninh is immersed in a blanket of white clouds floating like a heavenly scene, and if you use a drone to look closely, you will see the Buddha statue of Tay Bo Da Son as if riding on magical white clouds, no different from a fairyland.

December to April is the most suitable time for people to roam on the top of Ba Mountain. The weather is clear, the air is cool and pleasant for everyone to enjoy and take photos as souvenirs. Moreover, visitors can also see the colorful flower parks and attend the lantern offering ceremony on full moon days or major Buddhist holidays of the year. It’s a beautiful sight to watch flower lanterns and pray for peace and luck with Buddhists from near and far.

@thanhnien.vn

Be Group raised $30 million, fueling its push to take on Grab in Vietnam’s ride-hailing market

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  • Be Group expanding its ride, delivery and fintech offerings.
  • Upstart targets $200 million in gross revenue in two years.

Vietnam’s Be Group raised 739.5 billion dong ($30 million) in fresh funding, accelerating its push to take on larger rival Grab Holdings Ltd. in markets from ride-hailing to deliveries.

Local firm VPBank Securities is providing the funding and will own shares in BE Group’s parent upon closing of the round, according to a statement from the technology company Wednesday.

Read full story here

Vietnamese destinations honored by the world’s largest tourism platform

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Hanoi has been voted by the world’s largest travel platform, TripAdvisor, as one of the 20 most popular destinations in the world in 2023.

In the Travelers’ Choice Best of the Best Destinations category for 2023, Hanoi ranks 17th among the most popular cities for tourists, alongside two other Southeast Asian destinations: Bali (Indonesia) at second place and Phuket (Thailand) at 16th place. Bangkok is ranked 22nd on the list. This is the second consecutive year that Hanoi has made it onto TripAdvisor’s list.

Experts and editors at TripAdvisor note that Vietnam’s capital is still “enduring over the years,” preserving historical sites and cultural architecture while allowing space for modern development. Landmarks such as the Ho Chi Minh Mausoleum, Hoa Lo Prison, and various lakes, parks, temples, and pagodas contribute to the city’s appeal. Visitors can easily explore the city by taxi.

Hanoi is also honored in the “Best Food Destinations” category, securing the third position. Popular food destinations in Hanoi according to TripAdvisor users include Bun Cha Huong Lien, Giang Coffee, Thang Long Fish Cake, and Ly Quoc Su Pho.

In the “Trending Destination” category, Vietnam contributes two names: Hoi An (Quang Nam) at second place and Ho Chi Minh City at 11th place. TripAdvisor describes Hoi An as a stopover for backpackers, where visitors can experience tailor-made clothing from professional tailors in the ancient town.

Ho Chi Minh City is renowned as Vietnam’s bustling metropolis. TripAdvisor recommends exploring the city by taxi, visiting the War Remnants Museum, Ngoc Hoang Pagoda, the vibrant Ben Thanh Market, and indulging in the local culinary scene.

@Vietnamnet

Vietnam Airlines in the top 10 most punctual in Asia

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The UK-based data analytics company specializing in aviation, Cirium, has recently released its annual report on On-Time Performance (OTP) of global airlines, based on operational efficiency and punctuality.

According to the report, Vietnam Airlines ranked 9th out of the top 10 most punctual airlines in the Asia-Pacific region in 2023, with an on-time flight rate of 77.46% out of a total of 150,674 flights.

Cirium calculates on-time performance by considering that an aircraft must be at the gate within 15 minutes of the scheduled time and depart within 15 minutes of the initially announced time.

Vietnam Airlines is the most punctual airline in Vietnam

In the 2023 report, IndiGo, the largest airline in India, secured the 4th position in the list of the most punctual airlines in the Asia-Pacific region. All Nippon Airways from Japan claimed the top spot, followed by Japan Airlines in second place, and Thai Air Asia in third.

Specifically, the top 10 most punctual airlines in 2023 in the Asia-Pacific region are as follows:

  1. All Nippon Airways, Japan (On-time rate: 82.75%)
  2. Japan Airlines, Japan (82.58%)
  3. Thai AirAsia, Thailand (82.52%)
  4. IndiGo, India (82.12%)
  5. Air New Zealand, New Zealand (79.68%)
  6. Garuda Indonesia, Indonesia (78.67%)
  7. Singapore Airlines, Singapore (78.57%)
  8. Philippines Airlines, Philippines (77.46%)
  9. Vietnam Airlines, Vietnam (77.46%)
  10. Cathay Pacific, Hong Kong (76.32%)

Meanwhile, the top 5 most punctual airlines globally include Avianca Airlines, the national airline of Colombia, with an 85.73% on-time rate, followed by Azul Airlines, Qatar Airways, Delta Air Lines, and Iberia.

Cirium compiled this list by analyzing real-time data from 600 sources, ensuring accuracy from airports, airline ground service providers, global distribution systems, airlines, location data, civil aviation authorities, and exclusive data partner relationships.

@Thanhnien.vn

BlackRock, VanEck Update Bitcoin ETF Filing Within Hours of Quick SEC Response

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The filings indicate that the two entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments in the past 24 hours.

BlackRock (BLK) and VanEck, the two firms among 13 hoping to launch bitcoin (BTC) exchange-traded funds (ETFs) in the U.S., have filed updated documents on Tuesday.

The filings indicate that the two entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments in the past 24 hours. CoinDesk reported earlier that the SEC sent comments to a set of prospective issuers of the spot-bitcoin ETFs just hours after the companies filed documents detailing fees for their proposed products on Monday.

Among the changes in the latest updated filing on Tuesday is wording that seeks to mitigate damage to shareholders in the event of insolvency and avoid a conflict of interest between the ETF’s authorized participants.

The latest filing shows an almost unprecedented engagement between the SEC and prospective issuers, with filings following SEC responses and then updated filings within a span of 24 hours.

The SEC is widely expected to approve all the applications this week as it faces a Jan. 10, 2024 deadline – i.e. this Wednesday – for one of the applications by Ark and 21 Shares and may want to approve all together in the spirit of fairness.

U.S. Arrests ‘Bitcoin Rodney,’ Alleged HyperVerse Crypto Scheme Promoter, on IRS Charges of Fraud

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Rodney Burton was arrested on Friday in Florida and will be transferred to Maryland.

United States authorities arrested and charged Rodney Burton for allegedly defrauding more than $7 million through a fake investment scheme, according to allegations submitted by the U.S. Internal Revenue Service (IRS) on Jan. 5.

Burton, also known as “Bitcoin Rodney,” was charged in Maryland with allegedly promoting the HyperVerse crypto investment scheme, court filings show. HyperVerse, also known as Hyperfund, HyperCapital and HyperNation, was an unincorporated organization established around June 2020, the filing said.

“A network of HyperFund promotors, in the District of Maryland and elsewhere, made fraudulent promotional presentations to investors and potential investors,” according to the filing by Andrew J. Accardi, a special agent with the IRS’s Criminal Investigations department. “HyperFund falsely claimed that investors who purchased ‘memberships’ would receive between 0.5% to 1% daily in passive rewards until HyperFund doubled or tripled the investor’s initial investment.”

Burton, the filing alleges, received 562 wire transfers or cashier’s checks, totaling $7,851,711, from individuals. He was arrested on Friday in Florida and will be transferred to Maryland.

The HyperVerse crypto scheme resulted in thousands of people losing millions of dollars, according to an investigation by Guardian Australia last month. The scheme was run by an entity called HyperTech and promoted and run by CEO Steven Reece Lewis, who appears not to exist, according to the newspaper.

Australia’s Assistant Treasurer and Minister for Financial Services Stephen Jones has said he will ask the country’s Securities and Investments Commission (ASIC) why it didn’t warn consumers about the HyperVerse crypto scheme, unlike other nations.

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