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On May 8, South Korea's Ministry of Economy and Finance officially confirmed that it will impose taxes on cryptocurrency trading gains starting January 1, 2027, concluding years of political debate and repeated delays regarding the taxation framework for digital assets. The announcement was made by Moon Kyung-ho, Director of the Income Tax Division, during an emergency forum on virtual asset taxation held at the National Assembly in Seoul. According to South Korea's Income Tax Act, profits generated from the transfer or lending of digital assets will be classified as 'other income' starting in 2027. The portion of annual cryptocurrency gains exceeding 2.5 million won (approximately $1,800) will be subject to a comprehensive tax rate of 22% (including 20% national income tax and 2% local income tax). The government estimates that this policy will affect around 13.26 million cryptocurrency investors. Despite calls from opposition parties and some industry figures to completely abolish or further delay the tax, arguing that it unfairly treats cryptocurrency investments compared to the stock investment income tax set to be abolished by the end of 2024, the government stated it will proceed as planned. The National Tax Service of South Korea is finalizing operational guidelines and has coordinated with the country's five major exchanges on technical reports and compliance systems. Detailed legislative guidance (including reporting obligations for trading platforms, investor disclosures, and standards for handling staking, lending, and airdrop gains) is expected to be released in 2026. Meanwhile, South Korea is tightening comprehensive regulations on the digital asset market, having recently amended the Foreign Exchange Transaction Act to include overseas cryptocurrency transfers and cross-border activities within the expanded regulatory scope. Analysts believe that South Korea's implementation model may serve as a benchmark for other regulatory bodies in Asia.

[South Korea to Tax Cryptocurrency Gains Starting January 1, 2027, Ending Years of Controversy]On May 8, South Korea's Ministry of Economy and Finance officially confirmed that it will impose taxes on cryptocurrency trading gains starting January 1, 2027, concluding years of political debate and repeated delays regarding the taxation framework for digital assets. The announcement was made by Moon Kyung-ho, Director of the Income Tax Division, during an emergency forum on virtual asset taxation held at the National Assembly in Seoul. According to South Korea's Income Tax Act, profits generated from the transfer or lending of digital assets will be classified as 'other income' starting in 2027. The portion of annual cryptocurrency gains exceeding 2.5 million won (approximately $1,800) will be subject to a comprehensive tax rate of 22% (including 20% national income tax and 2% local income tax). The government estimates that this policy will affect around 13.26 million cryptocurrency investors. Despite calls from opposition parties and some industry figures to completely abolish or further delay the tax, arguing that it unfairly treats cryptocurrency investments compared to the stock investment income tax set to be abolished by the end of 2024, the government stated it will proceed as planned. The National Tax Service of South Korea is finalizing operational guidelines and has coordinated with the country's five major exchanges on technical reports and compliance systems. Detailed legislative guidance (including reporting obligations for trading platforms, investor disclosures, and standards for handling staking, lending, and airdrop gains) is expected to be released in 2026. Meanwhile, South Korea is tightening comprehensive regulations on the digital asset market, having recently amended the Foreign Exchange Transaction Act to include overseas cryptocurrency transfers and cross-border activities within the expanded regulatory scope. Analysts believe that South Korea's implementation model may serve as a benchmark for other regulatory bodies in Asia.

South Korea to Tax Cryptocurrency Gains Starting January 1, 2027, Ending Years of Controversy

On May 8, Bloomberg reported that European Central Bank President Christine Lagarde recently warned about euro-denominated stablecoins, stating that they could pose significant risks to financial stability and the transmission of monetary policy, while questioning the necessity of introducing such instruments. In a speech in Spain, Lagarde noted that the arguments in favor of euro stablecoins are 'weaker than they appear.' She pointed out that these assets are prone to runs during market turmoil and would undermine the ECB's ability to reach various sectors of the economy through interest rate policy. Lagarde acknowledged that euro stablecoins could help reduce financing costs in the eurozone and enhance the euro's global appeal, but she emphasized that these benefits are short-term and come with 'significant' trade-offs. She made it clear: 'If we want to enhance the euro's international appeal, stablecoins are not an effective route.' Lagarde also referenced a working paper released by the ECB in March, which warned that the widespread adoption of stablecoins would pose significant risks to eurozone banks and the monetary policy sovereignty of the ECB, particularly those stablecoins pegged to foreign currencies like the US dollar. Despite Lagarde's skepticism, several large eurozone banks are still advancing euro stablecoin projects, including Société Générale, which has launched EUR CoinVertible, and the Qivalis alliance, supported by institutions such as ING Group and Banco Sabadell, which plans to issue a euro stablecoin later this year.

[ECB President: Euro Stablecoins May Pose Risks to Banking and Monetary Policy]On May 8, Bloomberg reported that European Central Bank President Christine Lagarde recently warned about euro-denominated stablecoins, stating that they could pose significant risks to financial stability and the transmission of monetary policy, while questioning the necessity of introducing such instruments. In a speech in Spain, Lagarde noted that the arguments in favor of euro stablecoins are 'weaker than they appear.' She pointed out that these assets are prone to runs during market turmoil and would undermine the ECB's ability to reach various sectors of the economy through interest rate policy. Lagarde acknowledged that euro stablecoins could help reduce financing costs in the eurozone and enhance the euro's global appeal, but she emphasized that these benefits are short-term and come with 'significant' trade-offs. She made it clear: 'If we want to enhance the euro's international appeal, stablecoins are not an effective route.' Lagarde also referenced a working paper released by the ECB in March, which warned that the widespread adoption of stablecoins would pose significant risks to eurozone banks and the monetary policy sovereignty of the ECB, particularly those stablecoins pegged to foreign currencies like the US dollar. Despite Lagarde's skepticism, several large eurozone banks are still advancing euro stablecoin projects, including Société Générale, which has launched EUR CoinVertible, and the Qivalis alliance, supported by institutions such as ING Group and Banco Sabadell, which plans to issue a euro stablecoin later this year.

ECB President: Euro Stablecoins May Pose Risks to Banking and Monetary Policy

On May 8, according to an official announcement, Huobi HTX has launched SPACEX/USDT, OPENAI/USDT, and ANTHROPIC/USDT perpetual contracts, with a maximum leverage of 10 times. Additionally, from May 8 at 15:00 to May 15 at 15:00 (UTC+8), Huobi HTX will host a trading party for SPACEX, OPENAI, and ANTHROPIC contracts, with a total prize pool of up to $20,000. During the event, users who register and participate in SPACEX/USDT, OPENAI/USDT, and ANTHROPIC/USDT contract trading with a cumulative effective trading volume of ≥5,000 USDT will be eligible to share the prize pool based on their trading volume ranking. New users trading SPACEX/USDT, OPENAI/USDT, and ANTHROPIC/USDT contracts will also receive exclusive benefits.

[Huobi HTX Launches SPACEX, OPENAI, and ANTHROPIC Perpetual Contracts with Trading Party]On May 8, according to an official announcement, Huobi HTX has launched SPACEX/USDT, OPENAI/USDT, and ANTHROPIC/USDT perpetual contracts, with a maximum leverage of 10 times. Additionally, from May 8 at 15:00 to May 15 at 15:00 (UTC+8), Huobi HTX will host a trading party for SPACEX, OPENAI, and ANTHROPIC contracts, with a total prize pool of up to $20,000. During the event, users who register and participate in SPACEX/USDT, OPENAI/USDT, and ANTHROPIC/USDT contract trading with a cumulative effective trading volume of ≥5,000 USDT will be eligible to share the prize pool based on their trading volume ranking. New users trading SPACEX/USDT, OPENAI/USDT, and ANTHROPIC/USDT contracts will also receive exclusive benefits.

Huobi HTX Launches SPACEX, OPENAI, and ANTHROPIC Perpetual Contracts with Trading Party

On May 8, Bill Adams, Chief U.S. Economist at U.S. Bank, predicted that the April nonfarm payrolls are expected to add 120,000 jobs, with the unemployment rate remaining unchanged at 4.3%. The year-on-year average hourly wage rate may rise from 3.5% reported in March to 3.8%, which would somewhat alleviate the impact of rising gasoline prices on the cost of living. If this forecast is realized, the average monthly job growth since the beginning of the year would be about 80,000, exceeding the rate of growth in job seekers, which has slowed due to an aging population and immigration restrictions.

[U.S. April Nonfarm Payrolls Forecast: 120,000 New Jobs, Hourly Wage Growth May Rebound to 3.8%]On May 8, Bill Adams, Chief U.S. Economist at U.S. Bank, predicted that the April nonfarm payrolls are expected to add 120,000 jobs, with the unemployment rate remaining unchanged at 4.3%. The year-on-year average hourly wage rate may rise from 3.5% reported in March to 3.8%, which would somewhat alleviate the impact of rising gasoline prices on the cost of living. If this forecast is realized, the average monthly job growth since the beginning of the year would be about 80,000, exceeding the rate of growth in job seekers, which has slowed due to an aging population and immigration restrictions.

U.S. April Nonfarm Payrolls Forecast: 120,000 New Jobs, Hourly Wage Growth May Rebound to 3.8%

On May 8, an intense debate erupted earlier today in the ETHSecurity Community Telegram group between LayerZero co-founder Bryan Pellegrino and security researchers. The researchers highlighted a critical flaw in LayerZero's default library contract, which allows LayerZero Labs to upgrade the contract instantly without a time lock, thereby enabling the forgery of cross-chain messages. This issue was identified as the root cause of the previous rsETH attack incident. It is reported that over $3 billion worth of LayerZero OFT (Omnichain Fungible Tokens) faced risks due to this vulnerability. According to Banteg, as of a few weeks ago, mainstream projects such as Ethena and EtherFi were still using this risky default library contract. Currently, approximately $178 million in value remains exposed to potential attack risks. On-chain data disclosed indicates that LayerZero Labs' multi-signature signers were involved in non-multi-signature activities, including trading meme coins, exchanging on DEXs, and cross-chain bridge operations. This suggests that the multi-signature keys in the production environment were connected to regular websites, significantly increasing the risk of phishing attacks. Critics bluntly stated that LayerZero's private key management level is 'like that of a high school student.' In response, co-founder Bryan stated that the relevant signer has been removed, the transactions were 'tests,' and that the default configuration is suitable for 'teams that do not prioritize security.' He emphasized that most major applications have switched, and LayerZero is promoting user security, but not holding every application accountable individually.

[LayerZero Default Library Contract Security Risks Spark Debate, Researchers Point Out Cross-Chain Message Forgery Flaw]On May 8, an intense debate erupted earlier today in the ETHSecurity Community Telegram group between LayerZero co-founder Bryan Pellegrino and security researchers. The researchers highlighted a critical flaw in LayerZero's default library contract, which allows LayerZero Labs to upgrade the contract instantly without a time lock, thereby enabling the forgery of cross-chain messages. This issue was identified as the root cause of the previous rsETH attack incident. It is reported that over $3 billion worth of LayerZero OFT (Omnichain Fungible Tokens) faced risks due to this vulnerability. According to Banteg, as of a few weeks ago, mainstream projects such as Ethena and EtherFi were still using this risky default library contract. Currently, approximately $178 million in value remains exposed to potential attack risks. On-chain data disclosed indicates that LayerZero Labs' multi-signature signers were involved in non-multi-signature activities, including trading meme coins, exchanging on DEXs, and cross-chain bridge operations. This suggests that the multi-signature keys in the production environment were connected to regular websites, significantly increasing the risk of phishing attacks. Critics bluntly stated that LayerZero's private key management level is 'like that of a high school student.' In response, co-founder Bryan stated that the relevant signer has been removed, the transactions were 'tests,' and that the default configuration is suitable for 'teams that do not prioritize security.' He emphasized that most major applications have switched, and LayerZero is promoting user security, but not holding every application accountable individually.

LayerZero Default Library Contract Security Risks Spark Debate, Researchers Point Out Cross-Chain Message Forgery Flaw

On May 8, Wells Fargo economists stated that the U.S. labor market remains in a state of low employment and low hiring that has persisted for the past two years. With little change in demand for labor, labor supply has become a more significant factor determining the pace of job growth. Last month, employment increased by 178,000, and even considering an additional 30,000 from the end of strikes, this figure is unsustainable due to constraints on labor growth from factors such as immigration and demographic trends. We expect total employment to increase by 70,000 in April, with private sector employment rising by 75,000.

[Wells Fargo's Outlook on U.S. Non-Farm Payroll: Supply Constraints, Unsustainable High Growth]On May 8, Wells Fargo economists stated that the U.S. labor market remains in a state of low employment and low hiring that has persisted for the past two years. With little change in demand for labor, labor supply has become a more significant factor determining the pace of job growth. Last month, employment increased by 178,000, and even considering an additional 30,000 from the end of strikes, this figure is unsustainable due to constraints on labor growth from factors such as immigration and demographic trends. We expect total employment to increase by 70,000 in April, with private sector employment rising by 75,000.

Wells Fargo's Outlook on U.S. Non-Farm Payroll: Supply Constraints, Unsustainable High Growth

On May 8, SoftBank reduced its margin loan target for OpenAI by 40%, bringing it down to $6 billion. (Wall Street Journal)

[SoftBank Reduces OpenAI Margin Loan Target by 40% to $6 Billion]On May 8, SoftBank reduced its margin loan target for OpenAI by 40%, bringing it down to $6 billion. (Wall Street Journal)

SoftBank Reduces OpenAI Margin Loan Target by 40% to $6 Billion

On May 8, Bill Adams, Chief U.S. Economist at U.S. Bank, predicted that April's non-farm payrolls are expected to add 120,000 jobs, with the unemployment rate remaining unchanged at 4.3%. The year-over-year average hourly wage growth may increase from 3.5% reported in March to 3.8%, which would somewhat alleviate the impact of rising gasoline prices on the cost of living. If this forecast materializes, the average monthly job growth since the beginning of the year would be around 80,000, exceeding the growth rate of job seekers, which has slowed due to an aging population and immigration restrictions.

[US April Non-Farm Payroll Forecast: 120,000 New Jobs, Hourly Wage Growth May Rebound to 3.8%]On May 8, Bill Adams, Chief U.S. Economist at U.S. Bank, predicted that April's non-farm payrolls are expected to add 120,000 jobs, with the unemployment rate remaining unchanged at 4.3%. The year-over-year average hourly wage growth may increase from 3.5% reported in March to 3.8%, which would somewhat alleviate the impact of rising gasoline prices on the cost of living. If this forecast materializes, the average monthly job growth since the beginning of the year would be around 80,000, exceeding the growth rate of job seekers, which has slowed due to an aging population and immigration restrictions.

US April Non-Farm Payroll Forecast: 120,000 New Jobs, Hourly Wage Growth May Rebound to 3.8%

HTX data monitoring shows that TRX has broken through 0.35 USDT, currently reported at 0.3503 USDT, with a 24H increase of 1.48%.

【TRX breaks through 0.35 USDT】HTX data monitoring shows that TRX has broken through 0.35 USDT, currently reported at 0.3503 USDT, with a 24H increase of 1.48%.

TRX breaks through 0.35 USDT

Swiss crypto bank and asset manager Sygnum will open a hub in metaverse platform Decentraland at the end of September, the company announced on Thursday.
The hub will feature a CryptoPunk receptionist, NFT gallery and event space. It will also showcase the bank’s web3 product innovations and provide an entry point for investors into the metaverse economy.
“Our new metaverse hub is the natural place to showcase Sygnum’s Web3 innovations and provide a trusted entry point for investors into the fast-growing Future Finance economy,” said Martin Burgherr, Sygnum chief clients officer, in a statement.

Detail

【Crypto bank Sygnum to open metaverse hub in Decentraland】Swiss crypto bank and asset manager Sygnum will open a hub in metaverse platform Decentraland at the end of September, the company announced on Thursday.
The hub will feature a CryptoPunk receptionist, NFT gallery and event space. It will also showcase the bank’s web3 product innovations and provide an entry point for investors into the metaverse economy.
“Our new metaverse hub is the natural place to showcase Sygnum’s Web3 innovations and provide a trusted entry point for investors into the fast-growing Future Finance economy,” said Martin Burgherr, Sygnum chief clients officer, in a statement.

Crypto bank Sygnum to open metaverse hub in Decentraland

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genius currently trades at 0.6179 USDT, up 20.05% in 24h, according to HTX market data.

Crypto bank Sygnum to open metaverse hub in Decentraland

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