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Phạm Ninh | AlphaBack
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Co-founder @alphabacknet | Airdrop & Gem Project Hunter, Allin Crypto & Web3 | Trade Gem @Nickypham_Trade | DMs open for Business https://t.co/rdteJyJiKj
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Phạm Ninh | AlphaBack
12-16
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What do you guys think about the Vietnamese exchange being hacked? How will it be handled, and will there be compensation? I read the following information somewhere (copied) 👇🏻: He gave an example from 10 years ago, without realizing how much things have changed. Actually, only those in the profession truly understand. 1. After the FTX incident, CZ just snapped his fingers and left. The reason? He spent all the client money on partying and having fun. After that incident, the exchange had to publicly disclose its wallet reserve. 2. International exchanges like Binance, OKX, and Bybit all have larger reserves than the amount of money deposited by customers. The question is why? 3. Because they're worried about being hacked, they manage their money extremely intelligently. After hearing the story in the news report, you said "sorry," which seems to warrant questioning. 4. All major exchanges have insurance funds such as Safu. Binance. This fund must ensure it balances between 10 and 10. 30% or more of the customer's money. 5. I apologize again, but with the current strict laws, even depositing money is nerve-wracking. Withdrawing and worrying about personal income tax on top of that, I don't know how we'll build up a reserve fund. It's not going to work out.
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Phạm Ninh | AlphaBack
12-13
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CEX in Vietnam will most likely only involve spot tax, a 0.1% tax, and penalties for violations. If Vietnam launches a domestic CEX exchange, the model will most likely only allow Spot Trading, with no margin or futures – similar to how Upbit operates in South Korea. The main objective is not to create a "trading playing field," but rather to manage cash flow and collect taxes. 📍How will the 0.1% tax be applied? Simply put, every time you sell or swap something for cash/another asset, you are subject to tax. 📍Expected rate: 0.1% of the transaction value For example: Selling $1,000 BTC The total cost was approximately $2 USDT. ~0.1% tax ~0.1% transaction fee 👉 Regardless of profit or loss, any sale/exchange transaction is subject to tax. 📍Key point: Transferring coins between personal wallets is not XEM a taxable transaction. + Selling coins, exchanging coins for USDT, VND, or other assets → incurs tax obligations. In essence, a manager only needs to: "No income is generated, so no tax is collected, but transactions must be recorded." The Volume on domestic CEXs will be much smaller; you're probably used to seeing Volume of several billion or tens of billions of dollars on international exchanges. 90% of the current Volume is generated by bots and market makers. Wash Trade to fake Volume are costly and create trading volume for the Token. If an additional 0.1% tax is deducted from each trade, then: Fake Volume = burning money MM will no longer have the incentive to spin virtual volume. Therefore: + The "actual" Volume on CEX Vietnam will be much lower. + Low liquidation , high spread + Suitable for buying, selling, and holding rather than short-term trading. + The issue of using foreign exchanges after having a domestic CEX. 📍LEGAL RULES Once a domestic trading platform is licensed, continued use of a foreign platform may be XEM : + Trading on an unlicensed platform + Failure to file taxes fully Potential risks: + Subject to retroactive tax collection for transactions that have already occurred. + Administrative penalties for violations of foreign exchange/tax management regulations + In a more tightly controlled scenario: + Restrict the flow of money in and out of foreign exchanges. + Request for explanation of the source of profits In fact, the government doesn't need to ban crypto, it just needs to: "If you want to trade legally, go to a domestic exchange and pay taxes." 🖤 ​​Proposed penalty: - Organizations: up to 200 million VND - Individuals: maximum 100 million VND → This may include license revocation for 1–6 months, or suspension of operations for 1–12 months. Specifically, they can be Chia into two types: Individual Investors and Institutions. 📍 Investors - Individuals: Proposed fines of 10–30 million VND if TSMH transactions are not conducted through a licensed organization. - Overseas: Fines of 30–100 million VND for violating money transfer regulations or providing incomplete transaction declarations. 📍 Organizations providing Cryptocurrency services: - 50–70 million: investor identity not verified - 70–100 million VND: Violation of service provision obligations, false advertising. - 100–150 million: no separation of client assets, no transaction monitoring, no system security guarantee. - 150–200 million: inaccurate reporting or failure to fully fulfill responsibilities as required. 100% transaction fee refund at @alphabacknet, contact Zalo 0559919980 📍📍📍📍
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