Crypto Traders Load Up on Bitcoin Topside Option Plays After Binance’s Guilty Plea

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We have seen interest in loading up more topside with strong demand for the March 2024 expiry calls, one OTC desk said.

Binance chief Changpeng “CZ” Zhao on Tuesday stepped down and pleaded guilty to violating U.S. anti-money laundering laws as part of a $4.3 billion settlement, in what may come across as the most significant blow to the crypto market since the collapse of Sam Bankman-Fried’s exchange FTX last year.

But that’s certainly different from how traders look at the events.

According to over-the-counter institutional cryptocurrency trading network Paradigm, the options market has increased activity in topside bitcoin call options in the aftermath of the Binance news, a sign of persistent bullish sentiment.

“In the options space, after the initial two-way flow, we have seen interest in loading up more topside with strong demand for the March 2024 expiry calls,” Patrick Chu, head of institutional sales coverage at Paradigm, told CoinDesk.

Data shared by market analyst Chang shows that early Wednesday, market participants traded 550 contracts of BTC $45,000 strike call option expiring in March 2024 on Deribit. Buyers, expecting a continued price rally in bitcoin in the coming months, paid a cumulative premium of $1.5 million for the bullish bets. On Deribit, one options contract represents one BTC.

A call option is a contract between a buyer and a seller to purchase the underlying asset at a preset price on or before a specific date. A call buyer is implicitly bullish on the market, while a put buyer is bearish.

Overall, both short-term and long-term calls continue to trade at a premium relative to puts, as evidenced by the positive call-put skews. It’s a sign the market doesn’t expect a significant fallout from Binance’s guilty plea.

The sentiment is that U.S. regulators have cleaned up the industry, setting the stage for approving the first U.S.-based exchange-traded fund that invests in cryptocurrency. The so-called spot-based ETF is expected to bring billions in investor money to the crypto market.

Bitcoin is currently trading above $36,500, according to CoinDesk Indices data, down 2% on-day.

Sam Altman Makes Dramatic Return as CEO of OpenAI Amid Employee Uproar

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In a surprising turn of events, Sam Altman is set to make a comeback as the CEO of OpenAI, just days after his abrupt removal triggered a revolt among employees.

The company announced the agreement in a post on X, stating that Altman will lead with a new initial board chaired by Bret Taylor, the former co-CEO of Salesforce. Other board members include Adam D’Angelo, CEO of Quora, and former Treasury Secretary Larry Summers.

The announcement follows a period of uncertainty and negotiations over leadership and the strategic direction of OpenAI, raising questions about the pace of advancement in the AI industry. Altman, in his post on X, expressed anticipation about returning to OpenAI and emphasized building on the strong partnership with Microsoft, the company’s primary financial supporter.

The circumstances surrounding Altman’s departure and reappointment remain unclear. OpenAI cited Altman’s lack of “candor” with the board, leading to speculation and rumors. Sources familiar with the crisis revealed tensions between Altman, advocating for more aggressive AI development, and the original OpenAI board members, favoring a more cautious approach.

Initially, Altman and co-founder Greg Brockman were slated to join Microsoft to lead a new AI research division. However, the entire OpenAI staff, nearly in its entirety, threatened to leave for Microsoft unless the board resigned and Altman was reinstated as CEO. Emmett Shear was appointed interim CEO, but with Altman’s return, it remains uncertain how Shear’s role will be affected.

Both Altman and Brockman are now returning to OpenAI, marking a significant win for Microsoft and Altman. Altman will continue to lead the company he co-founded, supported by a theoretically more aligned board. Microsoft, having invested billions in OpenAI to advance its AI ambitions, gains increased influence over the company.

Microsoft CEO Satya Nadella expressed encouragement regarding the changes to the OpenAI board, considering it a crucial step towards more stable and effective governance. Altman’s vision of rapidly deploying and commercializing AI tools also appears to have prevailed, despite his public cautions about the risks associated with AI.

Altman, while publicly emphasizing responsible AI advancement, had been pushing internally to bring products to market swiftly and generate profits. Recent initiatives include OpenAI’s commitment to making ChatGPT-like tools accessible for customization and collaboration with Microsoft to integrate similar technology into Microsoft’s products. Additionally, talks were reportedly underway with Jony Ive, the iPhone designer, to secure $1 billion from SoftBank for an AI device intended to replace smartphones.

How has Vietnam improved its global ranking in English proficiency?

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Vietnam has demonstrated a noteworthy advancement in its global English proficiency ranking, securing the 58th position out of 113 non-native English-speaking countries, as reported by the Education First (EF) English Proficiency Index (EPI).

This Southeast Asian nation attained a score of 505 out of 800, marking a notable three-point increase from the previous year and surpassing the global average. This achievement places Vietnam in the “moderate proficiency” category, aligning with 32 other nations. In contrast, in 2021, the country fell into the “low proficiency” group with a score of 486.

Specifically focusing on the Red River Delta, particularly Hanoi, this region boasts the highest English proficiency in Vietnam, with men exhibiting superior performance compared to women.

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On a global scale, Vietnam secures the 7th position among 23 Asian countries and territories. Leading the continent, Singapore claims the second spot worldwide with a “very high proficiency” index. Notably, the Philippines, Malaysia, and Hong Kong are classified under the “high proficiency” category.

EF reports a slight dip in English proficiency on average in South and Southeast Asia, with India experiencing a gradual decline in its English proficiency levels over the years.

Shifting focus to Central Asia, English proficiency remains low and stable, accompanied by higher-than-average gender gaps favoring men in nearly every country within the region. In East Asia, there has been a notable decrease in adult English proficiency over the past four years.

On a global scale, the Netherlands maintains its prestigious top position, closely followed by Singapore, Austria, Denmark, and Norway.

The 2023 edition of the EPI was meticulously crafted by EF through the analysis of results obtained from 2.2 million adults who participated in its SET English tests last year.

Working from Paradise: A Guide to Digital Nomad Life in Vietnam

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In recent years, the rise of digital nomadism has transformed the traditional concept of work, allowing individuals to break free from the confines of conventional office space and explore the world while earning a living. With its breathtaking landscapes, rich cultural tapestry, and affordable cost of living, Vietnam has emerged as an enticing destination for digital nomads seeking a perfect blend of work and adventure.

Navigating the Legalities

Visa Options

To legally work as a digital nomad in Vietnam, it’s important to understand the visa requirements. Vietnam offers various visa options, including tourist, business, and work visas. First, some choose to utilize the e-visa option, which is relatively easy and quick, with 90 days of maximum stay period, to get to know the country. The requirements are also simple: you only need your passport, visa application photo with the correct parameters, and a credit/debit card for payment.

Then, some digital nomads opt for business visas, which allow for more extended stays and can be renewed easily.

Work Permits

While a work permit might not be necessary for remote workers, staying informed about the latest regulations is crucial. Vietnamese authorities have been working to adapt to the rise of digital nomadism, and regulations may change, so it’s wise to check the latest requirements.

Choosing Vietnam as Your Digital Nomad Base

Vietnam’s Allure

Vietnam offers diverse experiences, from the bustling streets of Ho Chi Minh City to the serene landscapes of Ha Long Bay. The country is known for its warm hospitality, delicious cuisine, and a harmonious mix of modernity and tradition. The cost of living is significantly lower than in many Western countries, making it an attractive choice for digital nomads looking to stretch their budget without compromising on quality of life.

Tech Infrastructure

A crucial factor for digital nomads is a reliable and fast internet connection, and Vietnam doesn’t disappoint. Major cities like Ho Chi Minh City and Hanoi boast excellent internet infrastructure, with many coworking spaces and cafes offering high-speed Wi-Fi. This makes it easy for digital nomads to stay connected and productive.

Finding Your Digital Nomad Oasis

Top Digital Nomad Hubs

Vietnam has several cities that are particularly popular among digital nomads. Ho Chi Minh City, with its vibrant atmosphere and modern amenities, is a top choice. Da Nang, known for its beautiful beaches and laid-back vibe, is another favorite. Hanoi, the capital, combines a rich history with a thriving contemporary scene.

Coworking Spaces and Cafes

Vietnam’s major cities are home to numerous coworking spaces tailored to the needs of digital nomads. These spaces provide reliable internet, comfortable workstations, and opportunities to connect with like-minded individuals. Additionally, the country’s many coffee shops offer a unique and enjoyable work environment, often with a view.

Balancing Work and Play

Exploring Vietnam

One of the perks of being a digital nomad in Vietnam is the opportunity to explore its diverse landscapes. From trekking in Sapa to cruising along the Mekong Delta, there’s no shortage of adventures. The weekends can be spent discovering ancient temples, trying local delicacies, or simply relaxing on the beach.

Local Culture and Networking

Embracing the local culture enhances the digital nomad experience. Attend language classes, participate in cultural events, and connect with locals to gain a deeper understanding of Vietnam. Networking with other digital nomads is also valuable, as it can lead to collaborations and friendships that enrich both your personal and professional life.

Vietnam, with its blend of affordability, culture, and connectivity, has become a haven for digital nomads seeking a balance between work and exploration. As the world embraces remote work, Vietnam stands out as a destination that not only welcomes digital nomads but also offers a unique and unforgettable experience. Whether you’re working from a rooftop cafe in Ho Chi Minh City or taking a motorbike ride through the picturesque landscapes, Vietnam is a paradise for those who want to redefine the way they work and live.

Market Watch: Financial Market News Vietnam, November 22, 2023

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Foreign Exchange Market:

During the trading session on November 21st, the State Bank of Vietnam (SBV) listed the central exchange rate at 23,915 VND/USD, a decrease of 39 dong compared to the previous session. The immediate purchase rate remained at 23,400 VND/USD, while the immediate selling rate was listed at 25,060 VND/USD, a decrease of 50 dong compared to the ceiling exchange rate. In the Interbank market (IB), the closing rate dropped by an additional 45 dong to 24,135 VND/USD. Meanwhile, the free market rate slightly decreased on the buying side and remained unchanged on the selling side, trading at 24,560 VND/USD and 24,650 VND/USD respectively.

Interbank Currency Market:

On November 21st, the average bidding interest rate for Vietnamese Interbank Market (VNIB) VND decreased by 0.06 percentage points in the 1-month term and remained stable in shorter terms. The average bidding interest rate for VNIB USD slightly increased across all terms. Government Bond yields decreased in most terms, closing at: 3Y 1.70%; 5Y 1.60%; 7Y 2.15%; 10Y 2.48%; 15Y 2.70%.

Open Market Operations:

In recent trading sessions, the SBV auctioned 1,000 billion VND on the collateral channel for a 7-day term, maintaining the interest rate at 4.0%. There was no winning bid volume, and no SBV bonds were tendered. On November 21st, there were 850 billion VND of maturing SBV bonds, reducing the total supply to 95,599.8 billion VND.

Stock Market:

The Vietnam stock market saw a slight increase in recent trading sessions. The VN-Index increased by 6.8 points (+0.62%) to 1,110.46 points; the HNX-Index added 2.03 points (+0.89%) reaching 229.80 points; the UPCoM-Index rose slightly by 0.09 points (+0.10%) to 86.22 points. Market liquidity remained low, with a trading value of nearly 17,185 billion VND. Foreign investors continued to net buy with a value of 481 billion VND across all three exchanges.

International News:

The Federal Reserve (Fed) maintains a “cautious” monetary policy stance. FOMC officials continue to be concerned about persistent inflation. In the U.S. real estate market, existing home sales declined slightly in October but were up by 4.1% compared to the same period last year. Andrew Bailey, Governor of the Bank of England (BoE), highlighted inflation risks and warned about potential interest rate hikes.

Exchange Rates on November 21st:

USD = 0.917 EUR (-0.27% d/d)
USD = 0.798 GBP (-0.26% d/d)
GBP = 1.149 EUR (+0.53% d/d)

Business and Privatization Information:

In the first 10 months of 2023, no new privatized enterprises emerged. In October, there were no divestments. Specifically, the state divested from 4 enterprises worth 8.8 billion VND, realizing 19 billion VND. Up to October 2023, 49 enterprises have been authorized for restructuring under the government’s project.

International Financial Market Information:

The Fed’s October 31st – November 1st meeting minutes showed concerns about inflation and a decision to maintain a “cautious” monetary policy. The Bank of England Governor warned about inflation risks and the possibility of raising interest rates.

Existing home sales in the U.S. decreased slightly in October but remained higher compared to the same period last year.
Bank of England Governor emphasized inflation risks and warned about potential interest rate hikes.

Lam Dong publicly discloses violating tourism businesses

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Tourism and service businesses in Lam Dong, when identified as violating regulations, will be publicly disclosed on local information pages for residents and tourists to be informed.

On November 21, Ms. Nguyen Thi Bich Ngoc, Deputy Director of the Department of Culture, Sports, and Tourism of Lam Dong Province, stated that the provincial People’s Committee assigned the department to take the lead in coordinating with relevant departments and local authorities to establish an inspection team to review tourism and service businesses in the area.

Wildflower season in Lam Dong attracts tourists. Photo: Binh An.

This action was taken as Lam Dong Province assessed that there are still many limitations in state management of tourism. Spontaneous tourism businesses have emerged that do not meet the required conditions, leading to issues such as dishonest business practices, uncivilized behavior, and inadequate safety measures for tourists.

Therefore, the inspection team focuses on legal conditions for investment, construction, and operation, ensuring compliance with regulated standards for conditional business sectors, such as public order, fire prevention and fighting, food safety, and occupational safety and hygiene. Additionally, standards for employees, pricing registration, and public disclosure of establishments are also being examined.

According to Ms. Ngoc, the inspection process is carried out openly, transparently, and objectively. Depending on the severity and nature of violations, measures will be taken in accordance with regulations. Specifically, if safety conditions are not met, the operation of the service will be decisively suspended until the necessary conditions are fulfilled.

Tourist area where 4 foreign tourists died in Lam Dong. Photo: VL.

In addition, the inter-agency team will create records and publicly disclose information about tourism and service businesses on the provincial electronic portal, the electronic information page of the Department of Culture, Sports, and Tourism, the electronic information page of the Provincial Center for Investment Promotion, smart tourism applications, and other appropriate forms. This aims to facilitate tourists in choosing quality and reputable tourism businesses.

Recently, some tourists in Lam Dong have encountered incidents. Most recently, on the morning of October 26, a female South Korean tourist fell to her death while taking photos on a rocky outcrop at Langbiang Mountain. After this incident, the enterprise announced the suspension of all sightseeing activities at Langbiang tourist area until further notice.

Earlier, on October 24, unexpected floods occurred at the stream in the Cu Lan Village tourist area in Lac Duong district, causing the death of four South Korean tourists. The People’s Committee of Lam Dong Province has requested localities and companies to strengthen the management and review of adventure tourism and outdoor activities to ensure the safety of tourists.

@Vietnamnet

Can Tho – Phu Quoc flight route temporarily suspended

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After the sole airline withdrew, the Can Tho – Phu Quoc route has ceased operations as no other airline has taken up the service.

On November 20th, Mr. Nguyen Minh Dong, Director of Phu Quoc International Airport, confirmed that the Can Tho – Phu Quoc route is currently temporarily suspended.

The Phu Quoc – Can Tho route is empty

Bamboo Airways was the only airline operating direct flights from Can Tho to Phu Quoc with a frequency of one flight per day.

However, in early November, the airline withdrew from a series of domestic and international routes, including the Can Tho – Phu Quoc route.

A Phu Quoc – Can Tho flight of Bamboo Airways has few passengers

According to Mr. Dong, after Bamboo Airways withdrew, no other airline has stepped in to operate the Can Tho – Phu Quoc route.

@Cafef

Proposal for HCMC leaders to meet with real estate buyers

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The Vietnam Tourism Real Estate Association (VnTPA) has sent a document to Mr. Phan Van Mai, Chairman of the People’s Committee of Ho Chi Minh City, proposing to organize a meeting between the city’s leadership and real estate investors, who are property buyers.

According to VnTPA, through observations, it has been noticed that over the years, both the Central and local governments have organized numerous conferences to rescue the real estate industry. However, the participants in these conferences have predominantly been sellers, banks, and project investors, rather than the ultimate buyers of real estate.

During these meetings, the Ho Chi Minh City Real Estate Association has also only invited sellers and provided support to them. Meanwhile, the market is still blocked mainly due to a lack of buying power, as final investors have lost confidence and faced too many risks with unsuitable products.

Proposing the leaders of Ho Chi Minh City People’s Committee to meet with real estate buyers

Mr. Thanh Thanh Vu, Chairman of VnTPA, believes that Ho Chi Minh City should organize a conference exclusively involving final investors and the city’s leadership to clearly hear their feedback. This approach aims to find comprehensive solutions to regain investor confidence and restore market purchasing power.

Mr. Thanh Thanh Vu also affirmed that VnTPA, with its extensive network involving both sellers and buyers, will support the People’s Committee of Ho Chi Minh City in organizing this crucial conference. To avoid the situation where sellers send their employees to attend the conference to speak favorably for them, VnTPA will manage registrations and carefully select attendees who are genuine final investors. “We will support the organizational work, invite investor representatives to run the conference. If this conference is held at the end of the year, it will warm the hearts of investors. They will feel cared for, enjoy a happy Tet (Lunar New Year), and develop trust in the city’s government,” stated Mr. Vu.

It is known that VnTPA was established in 2009 and currently has over 20,000 members, including leaders of businesses operating in and outside the country, as well as investors in the real estate, tourism, and related sectors. VnTPA claims to have contributed to attracting billions of dollars in foreign investment into Vietnam in the fields of tourism real estate and related industries.

@Thanhnien.vn

Hanoi put into operation an additional City Tour route to serve tourists

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Hanoi Passenger Bus Joint Stock Company has recently launched a new and exciting City Tour 03 “The Sights of Thang Long” route that has already started operating in Hanoi on November 18, 2023. This new route uses a small, open-roof, single-deck bus with a capacity of 20 seats, equipped with a multilingual automatic voiceover system that provides information about the history and destinations of the landscapes where the route passes through. This is a great initiative for both domestic and foreign tourists who are interested in exploring historical relics and famous landscapes in the heart of the Old Quarter and Hanoi Capital.

Information on route “The Sights of Thang Long”

According to a representative of Hanoi Passenger Bus Joint Stock Company, this new City Tour 03 is a non-subsidized bus route that reaches untapped tourist destinations in Hanoi, particularly in small streets where large-capacity buses cannot go through. To make the experience more flexible for tourists, the operator offers a variety of ticket prices and experience time frames, allowing tourists to visit a tourist destination and then pick up the car later to meet their exploration needs.

Previously, Hanoi had two City Tour routes with large capacity, which were often crowded on weekends, making it difficult for tourists to experience the City’s beauty. However, with this new initiative, tourists have more options to visit places they have never been to before.

Nghinh Phong Square in Phu Yen won the Asian Urban Landscape award

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On November 17, the Organizing Committee of the 2023 Asian Urban Landscape Award held a ceremony in Busan City (South Korea) to award prizes to the winning projects. This year’s Asian Urban Landscape Award focused on green urban design and planning, emphasizing five criteria: environmental friendliness, sustainable safety, respect for local culture and history, artistic quality, and the ability to contribute to the development of the region while serving as a model for other cities.

Mr. Cao Dinh Huy, Chairman of Tuy Hoa City People’s Committee (on the right), received the award from the organizing committee.

The committee selected nine projects from five countries (Japan, China, Korea, Sri Lanka, and Vietnam) to receive awards. Among them, Nghinh Phong Square was the only project in Southeast Asian countries to win the award. The project was highly praised by the professional council for its community space that connects people and its flexible construction idea, which adapts to harsh sea weather conditions.

Located on the central beach of Tuy Hoa City, Nghinh Phong Square is part of a coastal public space project covering more than 7,000 square meters, including protective embankments, parks, and walking paths. The Nghinh Phong Twin Tower, more than 25m high, was built in 2020 and began operating in the square in 2021, with a total investment of 128 billion VND.

Nghinh Phong Square – the famous check-in location of Tuy Hoa City

The project was inspired by the unique hexagonal stone pillars of the famous Da Dia reef landscape and the legend of the dragon and fairy “a hundred eggs hatching a hundred children”. The Twin Towers’ architectural language symbolizes Lac Long Quan (the dragon father) and Au Co (the fairy mother), where the high side and the low side represent the two legendary figures. At the base of each tower, 50 stone blocks are stacked on top of each other, symbolizing the “hundred eggs and hundreds of children” that follow their parents to the forest and sea. The Nghinh Phong Tower has a reinforced concrete core and a granite exterior.

Nghinh Phong Tower shimmers with color at night

The Nhat Huy Construction and Trading Co., Ltd. created impressive facade art lighting using high-intensity InteliHue & Powercore technology, bringing a multi-colored light dance to the square. The space between the two Nghinh Phong towers is small enough for only two people to stand, and every time the wind blows through the gap, it creates natural sounds, adding to the unique charm of the tower.

Thanks to its meaningful architectural language and typical local images, the project is not only familiar but also has high cultural and artistic value. After completion, the Nghinh Phong Tower area and the square will become a new symbol of Tuy Hoa – Phu Yen tourism, where many major local and national events take place.

@thanhnien.vn

Vietnam has three top resorts worldwide

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Three luxury resorts in Vietnam have been awarded top honors by Destination Deluxe magazine from Hong Kong, recognizing them as leading establishments in the world.

Specifically, the Destination Deluxe Award 2023 was presented to InterContinental Danang Sun Peninsula Resort (Da Nang), TIA Wellness Resort (Da Nang), and Six Senses Ninh Van Bay (Khanh Hoa).

The Destination Deluxe Awards is an annual accolade by Destination Deluxe, a reputable travel and wellness magazine in Hong Kong. It honors pioneering entities in the field of health and wellness tourism, aiming to promote the “exceptional luxury standards of the industry.” The awards consist of 25 categories, chosen by 20 judges who are experts in the fields of hotels, luxury travel, and 4,000 votes from travelers.

Destination Deluxe magazine honors the health spa experience of InterContinental Danang Sun Peninsula Resort – Sun Group’s resort on Son Tra peninsula

InterContinental Danang Sun Peninsula Resort continues to add to its international awards, winning the category of “Holistic Treatment of the Year” for its impressive experience at Mi Sol Spa. The resort on the Son Tra Peninsula surpassed spas at The Datai Langkawi in Langkawi, Malaysia, and Crown Spa Sydney at Crown Towers Sydney, Australia.

The Six Senses Ninh Van Bay Resort in Nha Trang claimed the “Environmentally Friendly Hotel of the Year” category, surpassing contenders from Cambodia and the United States. Meanwhile, TIA Wellness Resort secured second position in the “Healthcare Program of the Year” category, following Italy’s The Heart Retreat Preidhof.

Da Nang has gained international acclaim as a travel destination. Recently, CN Traveler magazine in the United States voted Da Nang as one of the 11 best destinations in Asia that travelers should visit in 2024.

The magazine views Da Nang as one of the significant success stories in Asia following the pandemic. In 2023, the number of international visitors exceeded pre-pandemic levels, partly due to the ease of travel facilitated by new flight routes. In 2023, Vietnam Airlines resumed its popular route to Tokyo, China Airlines from Taiwan initiated direct flights from Taipei, and several budget airlines in Southeast Asia launched flights to the city. Each June, over 150 daily flights bring excited tourists to witness the Da Nang International Fireworks Festival…

@Thanhnien.vn

No karaoke allowed at famous Bay Mau Coconut Forest, Hoi An

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Quang Nam prohibits individuals, businesses, and tourist enterprises from organizing karaoke singing on the river at the cultural and historical heritage site of the Bay Mau Coconut Forest, Hoi An City.

On the afternoon of November 20, Mr. Tran Chien, Chairman of the People’s Committee of Cam Thanh Commune (Hoi An City, Quang Nam Province), stated that today, the functional forces of the commune conducted inspections to enforce the prohibition of karaoke singing at the cultural and historical heritage site of the Bay Mau Coconut Forest. This is also a famous tourist spot in the outskirts of the ancient town of Hoi An.

According to Mr. Chien, karaoke activities at the Bay Mau Coconut Forest tourist spot have mainly involved loudspeaker systems causing loud noise, which has been complained about by tourists and the local community to the authorities. Currently, Hoi An City has banned the use of loudspeaker systems at accommodation establishments.

Earlier, the People’s Committee of Cam Thanh Commune issued a notice to rectify tourism activities at the cultural and historical heritage site of the Bay Mau Coconut Forest.

Singing karaoke at Bay Mau coconut forest causes noise pollution

Specifically, the People’s Committee of Cam Thanh Commune strictly prohibits all forms of karaoke singing on the river serving tourists at the Bay Mau Coconut Forest tourist spot to ensure the safety of inland waterway traffic, avoid noise pollution, and prevent the impact on the lives and activities of surrounding households, ensuring a safe and sustainable tourism environment in Cẩm Thanh.

In addition, local authorities recommend that businesses and individual business owners who host guests at their premises using sound must comply with national technical standards for noise.

After November 20, individuals, businesses, and enterprises found to be in violation will be dealt with according to the law, and confiscated assets and vehicles used in the violation will be seized.

Previously, the Quang Nam Provincial People’s Committee issued directives to strengthen the management of tourism environmental protection, ensuring security and safety for tourists. It acknowledged that Hoi An City has actively inspected and rectified tourism and service activities, ensuring the tourism environment and restoring order to ensure safety in traffic in some areas, limiting encroachment on roadways and sidewalks.

Hoi An City’s efforts have contributed to building the image of Quang Nam as an eco-friendly tourist destination with positive results.

However, the tourism environment at some destinations in Hoi An City still faces issues affecting tourists. In particular, the Bay Mau Coconut Forest still experiences noise pollution from the use of large-capacity speakers, as well as instances of price gouging and arbitrary price increases for services.

@Thanhnien.vn

Bitcoin Fundamentals Have Never Looked Better: Bernstein

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The world’s largest cryptocurrency is expected to benefit from a number of positive catalysts in 2024, the report said.

Bitcoin (BTC) is expected to emerge as a global macropolitical asset with a more-than $3 trillion market cap, quadrupling by mid-2025, broker Bernstein said in a research report Monday.

Bernstein says the cryptocurrency’s fundamentals have never looked better, noting that 70% of the outstanding supply hasn’t been traded in the past year.

“This is an all-time high in bitcoin’s history – these churn rates are extraordinary for a financial asset, particularly one known for its exponential moves driven by a supply squeeze,” analysts led by Gautam Chhugani wrote.

Another potential positive catalyst is the bitcoin halving, likely in April or May next year. According to Bernstein, the halving is expected to reduce monthly selling pressure from miners to less than $500 million from around $1 billion at today’s prices of $37,000 per BTC.

More favorable accounting treatment based on new Financial Accounting Standards Board (FASB) guidelines, which will allow companies to book mark-to-market gains on bitcoin inventory “will favorably impact corporate preference for holding bitcoin as a treasury asset, thus creating new demand sources from corporates,” the report said.

Another tailwind is the approval of a U.S.-listed spot bitcoin exchange-traded-fund (ETF), which will make it easier for companies and retail to gain access to the cryptocurrency. “U.S. bitcoin ETF is on track for an early 2024 approval, as the Securities and Exchange Commission (SEC) continues to engage on the applications from leading asset managers,” the authors wrote.

Bitcoin’s role as a “debasement hedge” may grow in prominence given the scenario of “debt monetization and/or a more gruesome slowdown in early 2024, with the lagging effect of rates over-correcting for inflation,” the report added.

Santander Private Bank Introduces Bitcoin, Ethereum Trading for Clients in Switzerland

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Santander Private Banking International is offering buy, sell and hold services with bitcoin and ether to clients with accounts in Switzerland.

Santander Private Banking International, part of Spanish financial services giant Banco Santander, is offering high-net-worth clients with Swiss accounts trading and investing in the major cryptocurrencies bitcoin (BTC) and ether (ETH), according to an internal announcement seen by CoinDesk.

Over the next several months, Santander will offer additional cryptocurrencies that meet the bank’s screening criteria, the announcement said.

Santander said the service is provided only upon client request through relationship managers, and the assets are held in a regulated custody model in which the bank stores the private cryptographic keys in a secure environment.

This is a bold move, given that most big banks prefer to be twiddling around with tokenization and tend to avoid exposure to open-access blockchains and the cryptocurrencies that run on them.

Banco Santander is more than 160 years old and has 166 million customers. The private bank caters to 210,000 wealthy clients, with assets and deposits accounting for about $315 billion.

“The Swiss regulation related to digital assets is one of the first and most advanced in the world, since it provides clarity and a comprehensive regulatory environment for our clients,” said John Whelan, head of crypto and digital assets at Santander, in an email. “As holding of crypto as an alternative asset class continues to expand, we expect that our clients prefer to rely on their existing financial institutions to be responsible for their assets.”

OpenAI CEO Drama Makes a Market for Blockchain Betters

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Over $250,000 in liquidity was built up in prediction market contracts on Polymarket over the weekend, from the serious to the absurd.

Nobody knows why Sam Altman was forced out of OpenAI. But betters on decentralized prediction platform Polymarket are putting their money where their mouth is when they take a guess.

Over the weekend, Altman, the Chief Executive of the multi-billion artificial intelligence startup behind ChatGPT, was forced out of his role because he “was not consistently candid in his communications” with the board.

While the memo was not specific about why Altman was forced to depart from the company, this was no reason for gamblers on Polymarket not to spin up prediction market contracts to bet on why he left – or what he plans on doing next.

Currently, the market with the most liquidity is one that asks betters to predict if Altman will be back as CEO by the end of the year. While “Yes” shares are trading for 10 cents – representing a 10% chance – this outcome flipped over the course of Sunday U.S. time when Bloomberg reported that former Twitch boss Emmet Shear had been appointed to the role.

Another contract asks if Altman would be criminally charged by Nov. 30, with Yes currently trading at 1 cent. A report from Axios, citing a leaked memo, says that Altman’s firing “was not made in response to malfeasance or anything related to our financial, business, safety, or security/privacy practices.”

Contracts are also asking betters if, for example, Altman will announce a new company by Nov. 24 (Yes is currently trading at 24 cents), if Altman will sue OpenAI, or if Ilya Sutskever, OpenAI’s chief scientist, will still be at the company by Jan. 1. More than $250,000 in liquidity was spread across eight prediction contracts on Sunday.

Some reports say that Sutskever was instrumental in removing Altman from the company.

Meanwhile, AI-themed tokens rallied over the weekend as Musk announced X was a shareholder of XAI, and OpenAI’s Macbethian corporate drama intrigued traders.