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
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Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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