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first_img Blockstream launched institutional consulting services and established an office in Lugano, Switzerland

Bitcoin infrastructure company Blockstream announced the launch of consulting services for financial institutions and established an office in Lugano, Switzerland. This business enables banks, asset management institutions, and others to directly connect with Blockstream's engineering team and Bitcoin infrastructure. Blockstream Consulting Services will assist institutions in assessing, designing, and implementing Bitcoin-based financial infrastructure, as well as developing related solutions such as tokenized asset issuance and confidential settlements, covering areas such as technology strategy, system architecture, integration, and implementation.Blockstream stated that the Lugano office will serve Swiss clients, including those in Zurich, Geneva, and Zug, and will act as its European business hub, supporting client relationships, strategic partnerships, and collaboration with local financial and technology communities. The company's Chief Marketing Officer Peter Bain stated that Switzerland has a long-standing banking tradition and a regulatory framework supporting digital assets, making it an important market for Blockstream; the company aims to provide local expertise in markets where it sees demand for Bitcoin infrastructure, and the consulting business along with the Lugano office will bring customized Bitcoin solutions to European financial institutions.Founded in 2014, Blockstream's business covers Bitcoin custody, settlement, payments, asset issuance, and self-custody, with products including the sidechain Liquid Network, Elements, Simplicity, Core Lightning, Jade hardware wallet, and Blockstream App. The company has launched Simplicity smart contracts on the Liquid network and added Lightning Network support for the Jade hardware wallet. Co-founder and CEO Adam Back stated that the next phase of Bitcoin adoption is to integrate into the existing financial system, and the company's experience in Bitcoin cryptography, protocol development, and engineering can address the related complexities. This announcement did not disclose the pricing of the consulting services, the size of the Lugano office's staff, or the names of clients.

first_img The Internal Revenue Service (IRS) of the United States plans to reform the voluntary disclosure program, reduce tax penalties, and expedite processing

According to a report by Forbes on Friday, the Internal Revenue Service (IRS) is preparing to reform its voluntary disclosure program, planning to reduce penalties and expedite the processing of tax violation cases, including those involving cryptocurrency.Jarod Koopman, head of the IRS Criminal Investigation Division, stated that the agency aims to launch the revised program before December and to close cases within 120 days after taxpayers complete the required submission process. He noted that the new plan will not establish a separate disclosure channel for digital assets but will apply the same voluntary disclosure procedures to other forms of tax noncompliance. Koopman also mentioned that the penalties under the revised program will be significantly lower than current levels, although he did not provide specific amounts. The IRS is considering allowing taxpayers to settle debts through installment payments or settlement offers.According to Forbes, the current program often takes a year or longer to complete and primarily targets taxpayers who intentionally fail to comply with tax laws and may face criminal prosecution, rather than those who make reporting errors due to negligence. Meanwhile, legislative efforts are advancing another voluntary disclosure program aimed at cryptocurrency taxpayers. Section 502 of the Digital Asset Taxation Certainty Act will establish a correction process with clear penalty standards for past violations, and the bill was passed by the House Ways and Means Committee in September.

first_img Utexo opens Utexo Mint early access, USDT will launch on November 28 on Bitcoin

The Bitcoin ecosystem USDT issuer Utexo announced the early access to Utexo Mint, aimed at professional operators ready to support and provide USDT on Bitcoin, with the public launch scheduled for November 28. Utexo stated that existing partners are preparing for the launch, and it is currently open for access to exchanges, wallets, market makers, OTC desks, trading companies, and other professional operators interested in supporting USDT on Bitcoin.Utexo Mint is a dedicated platform for verified operators to mint and redeem USDT on Bitcoin. In the sandbox environment, operators can test the operation of USDT based on RGB, including minting, confidential transfers, and redemptions, to validate transaction processes and complete integration before the launch. Utexo will also provide tools for managing USDT liquidity across supported networks and for fiat to USDT exchanges. Utexo Mint is not owned or operated by Tether, and USDT on Bitcoin is supported by USDT through Tether's USDT0 protocol.USDT was first launched on Bitcoin in 2014, and this return will bring stablecoin liquidity to the ecosystem and expand scenarios such as trading and BTC collateralized lending. Utexo stated that USDT on Bitcoin is launched by Utexo rather than Tether, designed with privacy features, and USDT on RGB avoids address reuse. In terms of compliance, Utexo claims it will monitor all sourced USDT, check AML scores, and monitor RGB-side risks, while collaborating with Crystal Intelligence for AML efforts. The launch will occur in two phases: on November 28, USDT will be publicly available on the Bitcoin network through RGB, accessible via partner wallets and exchanges; the second phase is planned for the first quarter of 2027 to expand USDT to the Lightning Network for payments.
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