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
The post New Zealand Chases 200,000 Crypto Investors For Untaxed Income appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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