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New Zealand Chases 200,000 Crypto Investors For Untaxed Income

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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.

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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.

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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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FreeBnk debuts the ‘Zillow’ of tokenized Real-World Assets

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FreeBnk, the fintech platform offering affordable financial services for crypto investors, launches its tokenized RWA (real-world asset) platform to enable its clients to invest in real estate through fractionalized ownership. Through FreeBnk’s app, clients can effortlessly purchase shares of the first property located in Dubai, democratizing real estate investing by eliminating traditional barriers such as complex paperwork, similar to the seamless experience of browsing and investing on Zillow. Investors of FreeBnk’s tokenized RWAs will receive a 15 percent annual return and a 9 percent rental return from their investment.

Tokenized RWAs have exploded in demand within the digital asset ecosystem, drawing interest from both crypto investors and traditional financial institutions. This sector has become one of the largest in DeFi, with DEX volume experiencing substantial growth from $2.3 billion in December 2024 to $3.6 billion by April 2024. Amidst the escalating global cost of living, tokenized RWAs emerge as an alternative and more accessible investment option offering potentially higher returns, democratizing access to market-proof assets. However, the UI and UX continue to be complex and unfriendly for users unfamiliar with these platforms.

With the launch of its new platform, FreeBnk simplifies wealth-building opportunities by offering ownership shares in properties for potentially generating passive income. Now live within its native mobile app, the decentralized application (dApp) removes the complexities of property ownership, enabling investors to readily enter the tokenized RWA sector. The process involves three straightforward steps:

Search properties: Through the FreeBnk app, users will be able to explore properties, filtering by type, ROI, and yield—allowing investors to align their property investments precisely with their financial objectives.
Buy shares: Users will be able to select their desired property and invest any amount in a few, simple steps. FreeBnk helps to bypass traditional real estate processes and manages all aspects of property ownership using smart contracts.
Earn rental income: FreeBnk automatically assigns a property portfolio to its customers, taking care of all real estate management responsibilities. This service includes collecting and depositing rental income directly into the client’s accounts.
Clients ready to capitalize on property appreciation can conveniently sell their shares at any time through FreeBnk’s secondary market. FreeBnk is committed to offering top-quality real estate, already investing over 250,000 AED into its first property. As a hub for innovation and growth, Dubai sets the stage for global expansion with its growing real estate market and investor-friendly environment.

“As we look ahead, we see the potential of tokenized RWAs and the positive ways in which they can revolutionize the real estate market through fractional ownership,” says Yunus Emre Ozkaya, CEO of FreeBnk. “By tokenizing properties, our goal is to empower investors across the globe, showcasing the unique benefits of tokenized RWAs and offering new avenues for investment. Real estate, known for its relative stability, provides a passive income opportunity amidst global economic fluctuations. We aim to cater not only to crypto enthusiasts but also to newcomers seeking alternative investment options.”

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The post FreeBnk debuts the ‘Zillow’ of tokenized Real-World Assets appeared first on HIPTHER Alerts.

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DeFi Technologies Expands BTC Treasury Holdings and Diversifies into Solana, CORE and CORE DAO Staking

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DeFi Technologies Inc. (the “Company” or “DeFi Technologies“) (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralised finance (“DeFi“), is pleased to announce the expansion of its digital asset treasury strategy. The Company has purchased an additional 94.34 BTC, bringing its total BTC holdings to 204.34 BTC. Additionally, the Company  has acquired 12,775 SOL tokens and 1,484,148 CORE tokens, with plans to actively participate in CORE DAO’s staking facility.

Expanded Bitcoin Holdings

Following the Company’s initial acquisition of 110 BTC in June 2024, the Company has continued to bolster its confidence in BTC as a primary treasury reserve asset. The additional purchase of 94.34 BTC, for a total of 204.34 BTC reaffirms the Company’s commitment to this leading digital asset, recognizing its unique characteristics as a scarce and finite asset, and its potential as a hedge against inflation and a safeguard against monetary debasement.

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Addition of Solana (SOL) to Treasury

In a strategic move to diversify the Company’s treasury, the Company has acquired 12,775 SOL tokens. SOL stands out with its high-performance, permissionless blockchain, capable of processing up to 65,000 transactions per second, thanks to its unique Proof of History and Proof of Stake combination. This scalability and efficiency surpass many of its peers.

SOL’s low transaction fees and rapid processing times lower barriers for developers, fostering a strong user base and impressive fee generation. The platform’s trading volume has reached US$393.71 billion, indicating robust market activity and user engagement. The liquidity Total Value Locked (“TVL“) stands at US$865.97 million, reflecting substantial assets held in liquidity pools, which support trading activities. Since its inception, SOL’s decentralized finance landscape has attracted 24,591,311 traders and executed 1,847,335,349 swaps, highlighting its high transactional activity and efficiency.

Overall, SOL’s technical strengths, significant market activity, and ongoing enhancements position it as a promising investment, offering a scalable and efficient platform for a wide range of decentralized applications.

Addition of CORE To Treasury and Participation in CORE DAO’s Staking

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The Company is also pleased to announce that it has purchased 1,484,148 CORE tokens and intends to participate in CORE’s staking facility. CORE’s innovative staking solution enables holders to stake BTC non-custodially enhancing yield opportunities and contributing to network security and stability. The Company’s participation in this staking facility not only diversifies its income streams but also strengthens its collaborative relationship with CORE Foundation and involvement in the broader DeFi ecosystem. CORE is proving to be a leading BTC scaling chain with over 55% of BTC hash rate participation,US$138.5M in TVL, and 5,000+ BTC staked (~US$320M).

“We are thrilled to announce these significant advancements in our digital asset treasury strategy,” said Olivier Roussy Newton, CEO of DeFi Technologies. “Our increased BTC holdings, strategic investment in SOL, CORE and participation in CORE’s staking facility reflect our commitment to leveraging the most promising opportunities in the decentralized finance landscape. These actions not only diversify our balance sheet but also align with our mission to bridge traditional capital markets with the innovative world of DeFi.”

The post DeFi Technologies Expands BTC Treasury Holdings and Diversifies into Solana, CORE and CORE DAO Staking appeared first on HIPTHER Alerts.

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Blockchain

Crypto Price Predictions: Comprehensive BlockchainReporter Platform Helps Cryptocurrency Investors Stay Ahead Of Market Volatility

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