ChainCatcher news, according to CNN, four informed sources say that Trump is considering declaring a national economic emergency to provide a legal basis for imposing a large number of universal tariffs.The declaration would allow Trump to utilize the International Emergency Economic Powers Act (IEEPA) to establish a new tariff plan, which unilaterally authorizes the president to manage imports during a national emergency.One of the sources noted that Trump likes this law because it grants broad jurisdiction over how to implement tariffs without strict requirements to prove that the tariffs are for national security reasons. Trump's transition team did not respond to requests for comment.

ChainCatcher news, the Hong Kong government recently announced that it has committed to implementing a crypto asset reporting framework (reporting framework) to enhance international tax transparency and combat cross-border tax evasion, as stated to the OECD Global Forum on Tax Transparency and Exchange of Information.In light of the rapid development of the crypto asset market, the OECD published the reporting framework in June 2023 to ensure the maintenance of global tax transparency. As an extension of the existing "Common Reporting Standard for Automatic Exchange of Financial Account Information on Tax Matters," the reporting framework establishes a similar mechanism for users or controllers of crypto assets to automatically exchange tax-related information on crypto asset accounts and transactions with the tax jurisdiction of their tax residents each year.To ensure the fair and effective global implementation of the reporting framework, the Global Forum has invited all relevant crypto asset industries and tax jurisdictions identified as directly related to the reporting framework (including Hong Kong) to implement the reporting framework.Hong Kong has committed to implementing the reporting framework with suitable partners on a reciprocal basis, with those partners required to meet standards for data confidentiality and security. Considering the latest timeline established by the Global Forum, the government plans to complete the necessary local legislative amendments by 2026 or earlier, and to begin the first automatic exchange of information under the reporting framework with relevant tax jurisdictions starting in 2028.

ChainCatcher news, according to a report by Jinshi citing the Korean Central News Agency, South Korean Democratic Party leader Lee Jae-myung stated that President Yoon Suk-yeol's declaration of martial law is an unconstitutional act.

ChainCatcher news, the Trump-related crypto project World Liberty Financial has issued an urgent warning today, stating that Donald Trump's daughter Tiffany Trump and daughter-in-law Lara Trump’s X (formerly Twitter) accounts have been hacked.The warning emphasizes: "Do not click on any links shared from their profiles or purchase any tokens." World Liberty Financial stated that it is actively working to resolve the issue while urging users to remain vigilant to avoid being scammed.

ChainCatcher news, this week the US SEC approved a spot Ethereum ETF. Lara Crigger from data provider VettaFi warned that there are doubts about whether the Ether ETF can attract capital inflows on par with Bitcoin products. Despite having more use cases, the market for Ether is much smaller than that of Bitcoin, and the general investing public has lower awareness and recognition of it.

ChainCatcher message, InTax's financial and tax management software for crypto assets has now been upgraded to FinTax. FinTax supports asset management and tax declaration services for individuals involved in Hong Kong. FinTax can assist users in completing the salary tax and profits tax calculations for crypto assets, exporting the tax bureau BIR60 form and its schedules (used for declaring personal salary tax and profits tax).It is reported that FinTax is also managed by TaxDAO, with the founder being the former tax director of Bitmain, Calix, and his professional team, handling taxable amounts related to cryptocurrency exceeding billions. FinTax has currently received angel round investments from industry leaders and top institutions and is in the process of raising a Seed round.

ChainCatcher news, according to The Block, today, the decentralized and privacy-focused technology platform Logos inscribed its manifesto on the largest Bitcoin block ever. The inscription size is 3.99 MB. Notably, the project's manifesto is inscribed on a satoshi in block 3,479, created in 2009, rather than a standard satoshi. According to Logos, this collection of inscriptions (i.e., Logos Operators) "will serve as the anonymous identity of the first residents of the Logos technology platform, enabling people to exit the existing internet systems."The building blocks of the Logos technology stack and the basic functionalities of Nomos Layer 1 are planned to go live by the end of the year. The project claims: "We are rebuilding the internet to protect civil liberties by design."

ChainCatcher news, the Korean National Tax Service announced that the holding of virtual assets through non-custodial, decentralized virtual asset wallets such as cold wallets (offline wallets) will not be included in the declaration of overseas financial accounts.It is reported that the Korean National Tax Service included virtual assets in the declaration of overseas financial accounts for the first time in June 2023, requiring users with virtual assets exceeding 500 million won to report to the National Tax Service.

ChainCatcher news, BitShine co-founder Chen Peiyun stated on Facebook that the Taiwan Financial Supervisory Commission convened all cryptocurrency exchanges in Taiwan that have completed their declarations on August 8 to discuss the guidelines to be issued in September. The key points of the guidelines meeting are as follows:70% of the participants responded that banks have an unfriendly attitude towards exchanges, demanding the closure of those who have declared, and even requiring the immediate repayment of corporate loans;Individuals and corporate traders who have not declared to the Financial Supervisory Commission are in violation of the law and will be fined between 500,000 and 10 million NTD under the Anti-Money Laundering Act;Some non-Taiwanese exchanges have submitted declarations to the Financial Supervisory Commission and intend to establish a presence in Taiwan;Exchanges must have bank trust or performance guarantees;After the guidelines are issued in September, an industry association will be established;After the establishment of the association, self-regulatory norms for exchanges will be formulated.

ChainCatcher news, according to monitoring by 0xScope, since Multichain issued a statement, the decoupling of crypto assets on the Fantom chain has intensified. Currently, Fantom is turning to Layerzero as an alternative bridging solution.As of now, the trading prices on Fantom (based on Layerzero $USDC):BTC: $4,167;ETH: $402;USDC: $0.24;USDT: $0.16.Previous report, the Multichain team stated that Multichain CEO Zhao Jun was taken away by the police from his home on May 12 this year and has since lost contact with the Multichain team. After contacting the MPC node operators, the team learned that the project party's operational access keys for the MPC node servers had been revoked. These MPC node servers are actually running under Zhao Jun's personal cloud server account, and no member of the team has access to Zhao Jun's personal cloud server account, so no one can log into these MPC servers, forcing the team to cease operations. (Source link)

ChainCatcher news, Matter Labs released the declaration "ZK Credo" on GitHub, reaffirming its commitment to promoting decentralized networks and expressing concerns about the concentration of governance power in the hands of a few. Matter Labs believes that, if necessary, the community should have the ability to migrate to a new network. Matter Labs stated plans to decentralize the sequencer, but it will take some time. The declaration also outlines eight principles that Matter Labs considers essential, including fundamental decentralization principles such as trustlessness, security, reliability, censorship resistance, privacy, ultra-scalability, accessibility, and sovereignty. (source link)

ChainCatcher news, the South Korean National Assembly's Administrative Safety Committee held its first legislative review subcommittee meeting and reviewed the "Public Service Ethics Act Amendment," which includes virtual assets in the property reporting and disclosure of senior officials, including members of the National Assembly. It is reported that under the current "Public Officials Ethics Act" in South Korea, virtual assets are not included in the property declaration. The controversy surrounding Congressman Kim Nam-guk, who left the Democratic Party due to allegations of trading and holding virtual assets, has accelerated the advancement of this amendment.According to South Korean media reports, the Administrative Safety Committee plans to hold consecutive plenary meetings on the 24th and 25th of this month, aiming to pass the amendment at the plenary meeting on the 25th.In addition, to prevent legislators with large amounts of virtual assets from jointly proposing a bill to delay taxation on virtual assets. The National Assembly's Special Committee on Political Reform also plans to open the first legislative review subcommittee on the same day to handle a bill that includes virtual assets in the private interest registration of legislators. (source link)

ChainCatcher news, a document from the UK Treasury indicates that the UK government is modifying self-assessment tax returns to require a separate identification of gains related to crypto assets, adding a crypto asset declaration option to tax returns starting next year. This move is expected to raise an additional £10 million ($12 million) for the public purse each year, "which will be introduced for the first time in the tax year ending April 2025." (source link)

ChainCatcher news, the Anti-Corruption Division of the Ministry of Justice of Taiwan issued a press release stating that in consideration of money laundering risks, "virtual currency platforms and trading businesses" have been included in the scope of anti-money laundering measures. Given that virtual currencies also have considerable property value, the Ministry of Justice has recently been actively considering including virtual currencies in the scope of assets that should be declared under the "Public Servants Property Declaration Act."

ChainCatcher News, the official website of the White House recently released the "G20 Bali Leaders' Declaration," in which U.S. President Biden and G20 leaders stated, "It is essential to build public risk awareness, strengthen regulatory outcomes, and support a fair competitive environment while harnessing the benefits of innovation. We welcome the FSB's approach to establishing a comprehensive international framework for the regulation of crypto asset activities based on the principle of 'same activity, same risk, same regulation,' and we hope to ensure that the crypto asset ecosystem (including various stablecoins) is closely monitored to mitigate potential risks to financial stability." (Source link)