Blockchain
New Zealand Chases 200,000 Crypto Investors For Untaxed Income
New Zealand’s Inland Revenue Department (IRD) has announced that over 200,000 citizens failed to declare their cryptocurrency income in their tax returns. The tax authority emphasized that virtual assets are taxable and outlined plans to take stronger measures to track and ensure compliance among those not disclosing their digital asset earnings.
IRD Issues Letters to Crypto Taxpayers
The IRD is honing in on taxpayers who have not declared their crypto earnings, focusing particularly on those actively dealing with cryptocurrencies but omitting this income from their tax returns. New Zealand updated its guidelines on digital assets in 2020, treating cryptocurrencies as a form of property for tax purposes. Consequently, income from trading these assets is taxable.
The updated rules specify that digital assets and income earned from mining are taxable under certain circumstances. The IRD has identified over 227,000 unique crypto users in the country, with over 7 million transactions valued at NZD 7.8 billion (approximately USD 4.77 billion). This data has enabled the tax authority to pinpoint individuals who have not paid their taxes accordingly and those with significant holdings.
Stepping Up Compliance Activities
Trevor Jeffries, an IRD spokesperson, highlighted that the current high values of crypto assets make it an opportune time for investors to consider their tax obligations. He stressed the importance of declaring all taxable activities and warned of the risks associated with non-compliance.
The IRD has provided extensive guidance on crypto taxes and last year notified high-risk customers, giving them a chance to rectify non-compliance issues before facing an audit. The department has sent a new round of letters to crypto investors who have yet to declare their income properly.
Jeffries noted that the IRD is stepping up compliance activities for taxpayers with digital assets and reminded users that the authority can identify them through blockchain analytics. The IRD collaborates with exchanges both domestically and internationally to gather relevant information and works with other tax jurisdictions to receive data on customers’ crypto assets and transactions outside New Zealand.
Need for Comprehensive Crypto Regulations
Despite the IRD’s efforts, New Zealand’s crypto regulations remain largely undeveloped. The Reserve Bank of New Zealand (RBNZ) stated last year that a regulatory approach was not yet necessary but called for increased vigilance. However, Minister of Commerce and Consumer Affairs Andrew Bayly believes the government should adopt a more hands-on approach to regulating the sector. In April, Bayly suggested that New Zealand should take a proactive and innovation-friendly approach to digital assets and blockchain, supporting the industry’s growth and considering recommendations from a lawyer committee inquiry.
New Zealand’s IRD is actively pursuing taxpayers who have not declared their cryptocurrency income, emphasizing the importance of compliance in light of updated guidelines. While the country’s regulatory framework for crypto remains in development, the IRD’s actions indicate a growing focus on ensuring that digital asset transactions are properly reported and taxed. As the crypto market continues to evolve, both investors and authorities must navigate the complexities of taxation and regulation to foster a fair and transparent financial environment.
Source: bitcoinist.com
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Blockchain
Blocks & Headlines: Today in Blockchain – January 30, 2025 (Dogecoin, U.S. Army, DeepSeek, Web3)
Introduction
The blockchain and cryptocurrency industry continues to evolve, with major advancements in institutional adoption, regulatory modernization, and innovative applications. Today’s roundup covers Dogecoin’s new blockchain strategy, the U.S. Army’s use of blockchain for tracking aid, notable blockchain startups, domain challenges for Web3 companies, the first AI blockchain agent, and Luxembourg’s legal updates for custody chains. Let’s break down the biggest headlines shaping the future of blockchain technology and decentralized finance.
Dogecoin Unveils Strategic Blockchain Movement
Expanding Beyond a Meme Coin
Dogecoin, often viewed as a lighthearted cryptocurrency, is making serious strides toward blockchain utility with a new strategic initiative aimed at expanding its use case beyond simple transactions. The Dogecoin Foundation has announced plans to integrate layer-2 solutions, smart contracts, and interoperability features, potentially positioning DOGE as a serious competitor in the decentralized finance (DeFi) space.
This move signals a shift in the perception of Dogecoin, which has long relied on community-driven momentum. With the new strategy, DOGE could become an integral part of the growing Web3 ecosystem.
Source: Crypto Briefing
U.S. Army Utilizes Blockchain for Aid Tracking in Ukraine
Military Adopts Emerging Tech for Transparency
The U.S. Army is leveraging blockchain, big data, and generative AI to track billions of dollars in aid sent to Ukraine. This marks a significant step in blockchain’s adoption by governments and defense agencies to enhance transparency and prevent fraud.
By using blockchain for immutable record-keeping, military officials aim to improve logistics tracking, reduce inefficiencies, and ensure secure auditing of aid distribution. This could set a precedent for future government adoption of blockchain-based verification systems.
Source: Breaking Defense
10 Blockchain Startups to Watch in 2025
Innovation Driving the Next Wave of Web3
A new report highlights ten emerging blockchain startups poised to disrupt industries from finance to supply chain management. These companies are working on scalable smart contracts, decentralized identity solutions, and improved cross-chain interoperability.
Among the standout names are startups focusing on privacy-preserving transactions, institutional DeFi tools, and real-world asset tokenization, reinforcing blockchain’s growing role in mainstream finance and enterprise adoption.
Source: Yahoo Finance
Web3 Companies Struggle with Domain Name Challenges
Decentralization vs. Traditional Domain Ownership
As blockchain companies push forward with Web3 adoption, many are encountering significant hurdles in securing relevant domain names. Unlike traditional domains governed by ICANN, blockchain-native domains such as .crypto and .eth exist outside standard regulatory frameworks, leading to disputes and accessibility issues.
Industry experts are calling for greater collaboration between blockchain projects and domain registrars to ensure seamless Web3 adoption while maintaining online accessibility for users.
Source: Domain Name Wire
Klaus Agent Becomes the First Blockchain AI to Use Custom DeepSeek Model
AI and Blockchain Converge
The Klaus Agent, an AI-powered blockchain agent, has integrated the DeepSeek AI model to enhance decision-making, smart contract automation, and decentralized application (dApp) intelligence. This innovation represents a major step in merging artificial intelligence with blockchain networks, allowing for more sophisticated automation in DeFi, NFT trading, and DAO governance.
As AI and blockchain continue to converge, the potential for autonomous smart contract execution and predictive analytics is expected to grow, leading to more efficient decentralized systems.
Source: GlobeNewswire
Luxembourg Modernizes Custody Chain Laws for Blockchain
A Legal Framework for Tokenized Assets
Luxembourg, a key financial hub in Europe, has updated its custody chain regulations to accommodate blockchain-based assets. These changes are designed to facilitate institutional adoption of tokenized securities and digital asset custody solutions.
By providing a clear regulatory framework, Luxembourg aims to attract fintech firms, investment funds, and digital asset custodians, further strengthening its position as a leader in blockchain finance.
Source: National Law Review
Conclusion
The latest blockchain developments underscore the rapid evolution of the industry, from Dogecoin’s strategic shift to military adoption of blockchain for transparency. As AI and blockchain begin to merge, and governments refine regulations, we are witnessing a pivotal moment in decentralized technology.
With institutional interest growing and regulatory frameworks taking shape, blockchain and Web3 technologies are moving closer to mainstream acceptance. Stay tuned for the next Blocks & Headlines briefing as we continue to track the most significant trends shaping the future of decentralized finance and digital assets.
The post Blocks & Headlines: Today in Blockchain – January 30, 2025 (Dogecoin, U.S. Army, DeepSeek, Web3) appeared first on News, Events, Advertising Options.
Blockchain
Fintech as a Service Business Research Report 2025: Global Market to Reach $1.1 Trillion by 2030 from $387 Billion in 2024 – SMB Adoption of Fintech Services Spurs Market Expansion Opportunities
Fintech as a Service (FaaS) Market
Blockchain
From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity
The post From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity appeared first on News, Events, Advertising Options.
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