Blockchain
REGULATION New Zealand Proposes Implementation of OECD Crypto Reporting Standards
New Zealand is moving forward with the implementation of the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development (OECD).
This initiative, proposed by Revenue Minister Simon Watts, seeks to increase transparency in cryptocurrency transactions and ensure the proper taxation of crypto-related income.
The proposal was introduced as part of the “Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill” on August 26, 2024.
If approved, the new regulations would require crypto service providers based in New Zealand to begin collecting and reporting information on their users’ transactions starting April 1, 2026.
Under the proposed framework, reporting crypto-asset service providers (RCASPs) would be required to gather data on reportable users utilizing their platforms.
This information would then be submitted to Inland Revenue, New Zealand’s tax authority, by June 30, 2027.
The collected data would also be shared with relevant tax authorities in other jurisdictions by September 30, 2027.
The main objective of this initiative is to give tax authorities better oversight of income generated from cryptocurrency trading.
As the technology behind crypto assets, particularly cryptography, poses unique compliance challenges, tax officials currently do not have the same level of oversight as they do with traditional income sources.
Penalties for Non-Compliance
To enforce compliance, the proposal includes a system of penalties. RCASPs that fail to meet the new reporting requirements could be fined 300 New Zealand dollars (approximately $186) per instance of non-compliance, with a cap of 10,000 NZD ($6,200).
However, if service providers are found to have not exercised “reasonable care” in adhering to CARF requirements, they could face more severe fines ranging from 20,000 to 100,000 NZD ($12,000 to $62,000).
Individual users are also subject to these regulations. Those who fail to provide the necessary information for compliance could be fined 1,000 NZD ($621).
This move by New Zealand aligns with a growing global trend toward increased regulation and oversight of the cryptocurrency sector.
It follows earlier calls from Andrew Bayly, New Zealand’s Minister of Commerce and Consumer Affairs, for a significant overhaul in the nation’s regulation of digital assets and its approach to blockchain technology.
The implementation of CARF is part of a broader effort to modernize New Zealand’s handling of crypto assets.
Last month, the country’s tax authority announced its focus on crypto traders who have not declared their earnings from these activities in their tax returns.
As cryptocurrencies continue to gain popularity and become more integrated into the mainstream financial system, governments worldwide are working to effectively regulate and tax these digital assets.
New Zealand’s adoption of the OECD’s framework is a significant step toward establishing a more transparent and accountable crypto ecosystem within the country.
As the April 1, 2026 implementation date approaches, crypto businesses in New Zealand will need to prepare their systems and processes to comply with these new reporting requirements. Users of these services should also be aware of their obligations under the new framework and the potential penalties for non-compliance.
Source: blockonomi.com
The post REGULATION New Zealand Proposes Implementation of OECD Crypto Reporting Standards appeared first on HIPTHER Alerts.
bybit lucky
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.
-
Blockchain5 days agoBridging Innovation and Regulation: How Yellow Network is Transforming Non-Custodial Trading in a Pro-Crypto Future
-
Blockchain6 days ago
Prosper Adds 7,000 More ASIC Miners from BITMAIN To Drive Tokenization of Hashrate as Multichain RWA ; Targets 170MW Capacity With New Strategic Round
-
Blockchain Press Releases6 days agoHTX Ventures Identifies Five Rapidly-Growing Sectors in 2024, Expects Positive Crypto Regulations Driven by Trump Next Year
-
Blockchain6 days ago
Blocks & Headlines: Today in Blockchain (Reserve Bank of India (RBI), Aethir, Blockchain Center Abu Dhabi, Qubetics, )
-
Blockchain3 days ago
50,000+ Mined Coins and 100,000 New Users: EMCD Summarizes 2024
-
Blockchain6 days agoLoan Brokers Market Opportunities and Strategies Report to 2033 – Loan Brokers Market Poised for Strong Growth, Forecasted to Reach $947.9 Billion by 2033
-
Blockchain5 days agoBuilding Bridges in Crypto: Bybit Sparked Dialogues and Joined Industry Leaders at Bitcoin MENA
-
Blockchain3 days ago
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
