derpilu
1.9K posts






🚨Selling for Stablecoin might trigger a taxable event in the near future!🇵🇹 Understanding SEMP and what it means to your taxes! As we hit Q1 2026, the EU's DAC8 (implementing the OECD's Crypto-Asset Reporting Framework - CARF) is fully live, requiring crypto platforms to collect and report user data on transactions. Not all digital assets are treated the same Enter SEMP, Specified Electronic Money Product, a crucial carve-out that's changing how certain stablecoins and digital fiat representations are handled for tax reporting: What qualifies as a SEMP? A digital product representing a single fiat currency (e.g., USD or EUR), issued against received funds, redeemable at any time and at par value (1:1) due to regulatory requirements on the issuer. Think regulated e-money tokens or certain fiat-backed stablecoins that behave like traditional electronic money (with strong redemption rights, no substantive barriers). Why it matters now: True SEMPs are excluded from CARF scope (no mandatory crypto-specific transaction reporting under DAC8). Instead, they fall under the amended CRS (Common Reporting Standard 2.0), treating them more like bank/e-money accounts for automatic exchange of information. Non-SEMP crypto (Bitcoin, most utility tokens, algorithmic stablecoins, etc.) → full CARF reporting kicks in. Mid-year status changes? Recent OECD FAQs clarify: report under CARF until the product qualifies as SEMP, then switch to CRS (jurisdictions may allow full-year treatment for simplicity). For investors in Portugal, this distinction is huge: ✅Holding a qualifying SEMP could align better with traditional financial account treatment → potentially smoother compliance and lower evasion risks. ❌But misclassifying a stablecoin as SEMP when it doesn't meet strict redemption/regulatory criteria? That could trigger unexpected CARF obligations and audits. For tax optimization (especially in favorable jurisdictions), early planning around SEMP vs. Relevant Crypto-Asset makes all the difference. My view: Stablecoins like USDC become less and less riskier from the depeggin point and therefore I see they become more and more of a fiat currency. I still think there is lots of stablecoins that do not fall under SEMP and therefore lots of opportunities to hold you capital gains in crypto. The income tax report (Modelo 3) in Portugal is already prepared for this reporting as it clearly differentiates between crypto assets which are considered securities and crypto assets which are not considered securities. If you have any questions, drop them below⬇️


Dubai real estate bubble 🫧 burst 💥











HODL




There have recently been some discussions on the ongoing role of L2s in the Ethereum ecosystem, especially in the face of two facts: * L2s' progress to stage 2 (and, secondarily, on interop) has been far slower and more difficult than originally expected * L1 itself is scaling, fees are very low, and gaslimits are projected to increase greatly in 2026 Both of these facts, for their own separate reasons, mean that the original vision of L2s and their role in Ethereum no longer makes sense, and we need a new path. First, let us recap the original vision. Ethereum needs to scale. The definition of "Ethereum scaling" is the existence of large quantities of block space that is backed by the full faith and credit of Ethereum - that is, block space where, if you do things (including with ETH) inside that block space, your activities are guaranteed to be valid, uncensored, unreverted, untouched, as long as Ethereum itself functions. If you create a 10000 TPS EVM where its connection to L1 is mediated by a multisig bridge, then you are not scaling Ethereum. This vision no longer makes sense. L1 does not need L2s to be "branded shards", because L1 is itself scaling. And L2s are not able or willing to satisfy the properties that a true "branded shard" would require. I've even seen at least one explicitly saying that they may never want to go beyond stage 1, not just for technical reasons around ZK-EVM safety, but also because their customers' regulatory needs require them to have ultimate control. This may be doing the right thing for your customers. But it should be obvious that if you are doing this, then you are not "scaling Ethereum" in the sense meant by the rollup-centric roadmap. But that's fine! it's fine because Ethereum itself is now scaling directly on L1, with large planned increases to its gas limit this year and the years ahead. We should stop thinking about L2s as literally being "branded shards" of Ethereum, with the social status and responsibilities that this entails. Instead, we can think of L2s as being a full spectrum, which includes both chains backed by the full faith and credit of Ethereum with various unique properties (eg. not just EVM), as well as a whole array of options at different levels of connection to Ethereum, that each person (or bot) is free to care about or not care about depending on their needs. What would I do today if I were an L2? * Identify a value add other than "scaling". Examples: (i) non-EVM specialized features/VMs around privacy, (ii) efficiency specialized around a particular application, (iii) truly extreme levels of scaling that even a greatly expanded L1 will not do, (iv) a totally different design for non-financial applications, eg. social, identity, AI, (v) ultra-low-latency and other sequencing properties, (vi) maybe built-in oracles or decentralized dispute resolution or other "non-computationally-verifiable" features * Be stage 1 at the minimum (otherwise you really are just a separate L1 with a bridge, and you should just call yourself that) if you're doing things with ETH or other ethereum-issued assets * Support maximum interoperability with Ethereum, though this will differ for each one (eg. what if you're not EVM, or even not financial?) From Ethereum's side, over the past few months I've become more convinced of the value of the native rollup precompile, particuarly once we have enshrined ZK-EVM proofs that we need anyway to scale L1. This is a precompile that verifies a ZK-EVM proof, and it's "part of Ethereum", so (i) it auto-upgrades along with Ethereum, and (ii) if the precompile has a bug, Ethereum will hard-fork to fix the bug. The native rollup precompile would make full, security-council-free, EVM verification accessible. We should spend much more time working out how to design it in such a way that if your L2 is "EVM plus other stuff", then the native rollup precompile would verify the EVM, and you only have to bring your own prover for the "other stuff" (eg. Stylus). This might involve a canonical way of exposing a lookup table between contract call inputs and outputs, and letting you provide your own values to the lookup table (that you would prove separately). This would make it easy to have safe, strong, trustless interoperability with Ethereum. It also enables synchronous composability (see: ethresear.ch/t/combining-pr… and ethresear.ch/t/synchronous-… ). And from there, it's each L2's choice exactly what they want to build. Don't just "extend L1", figure out something new to add. This of course means that some will add things that are trust-dependent, or backdoored, or otherwise insecure; this is unavoidable in a permissionless ecosystem where developers have freedom. Our job should make to make it clear to users what guarantees they have, and to build up the strongest Ethereum that we can.


JUSTIN SUN'S GIRLFRIEND IS GOING SCORCHED EARTH ON JUSTIN AND CZ IT'S 10X WORSE THAN WE IMAGINED EXCHANGES LIKE BINANCE HAVE BEEN COLLUDING WITH PROJECTS LIKE TRON TO BUILD MASSIVE PAID KOL NETWORKS IN ORDER TO MANIPULATE MARKETS AND INSIDER TRADE



Learning to code is now a hobby, not a career move.





