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Democratic lawmakers introduced new legislation on Monday to eliminate Puerto Rico’s allure as a crypto tax haven. The Fair Taxation of Digital Assets in Puerto Rico Act of 2025 was introduced by Representative Nydia Velázquez of New York. The measure aims to fill a loophole allowing crypto investors to pay no federal taxes by moving to the island. Currently, residents of Puerto Rico who are considered bona fide residents of the island can pay little or no local or federal taxes on their capital gains, including profits earned from cryptocurrency trading, under Act 60. This policy has drawn thousands of wealthy investors over the past decade. The proposed law would add a provision to the Internal Revenue Code requiring that digital asset income earned by Puerto Rico residents be taxed under the same federal rules as income earned on the U.S. mainland. The influx of crypto-investors has reportedly done more damage than good to the local Puerto Rico population, according to Velázquez and other lawmakers. Instead of strengthening the economy, they say, an influx of rich crypto traders has inflated living costs, particularly in property markets. “This wave of crypto investors hasn’t helped Puerto Rico’s recovery or strengthened the local economy,” Velazquez said. According to her, it has only driven up housing costs, pushed out local residents, and added pressure to an island where nearly 40% of people live in poverty — all while costing the federal government billions in lost tax revenue. The Joint Committee on Taxation said that the tax breaks for investors will cause the federal government to lose an estimated $4.5 billion in revenue between 2020 and 2026. The economic divide is becoming more apparent in cities such as San Juan, where the signs of luxury real estate developments have multiplied even as many local families cope with high rents and limited options for work. Earlier this month, Puerto Rico’s new governor, Jenniffer González, proposed slightly tightening Act 60. Her proposal would keep the benefits in place until 2055 but would apply a 4% tax over new applicants’ capital gains — still far lower than the 20–37% rates that many crypto investors would pay on the mainland. Proponents of the existing tax regime say it has attracted much-needed investment and innovation to Puerto Rico. Rich newcomers, they say, are helping build a more robust technology and finance sector, create jobs, and modernize the island’s economy. Crypto advocates say that without the tax breaks, these investors would have gone elsewhere with their money. But critics are skeptical, noting that most benefits have gone to the wealthy, not to average Puerto Ricans. The political road ahead for the bill appears murky. Republicans have historically favored lower taxes and seem unlikely to sign off on a piece of legislation they view as anti-crypto. Adding another twist to the political poker game, President Donald Trump recently embraced cryptocurrencies . He has vowed to undo regulations that are suffocating the digital asset sector. Velázquez’s bill faces an uphill battle with Congress focused on broader tax arguments. Still, the effort underscores mounting tensions over balancing innovation versus fairness and economic justice — not just in Puerto Rico but nationally. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

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Hyperliquid mainnet verification node mechanism launched, supporting 21 permissionless nodes to participate in consensus The Hyperliquid validation node set has been updated to 21 unlicensed nodes. Any user can register a node, and the top 21 with the highest stakes will form the active set. Nodes are required to pledge 10,000 HYPE, which will be locked for one year and will not be refunded even if they are not selected for the active set. The official recommendation is to familiarize yourself with the testnet before the mainnet goes live, and to apply for the Delegation Program first. The program will be launched in the next few days to allocate token support to high-quality validation nodes.

Omni Foundation has launched a $10 million incentive program aimed at powering the next adoption of crypto. In an announcement , the Omni Foundation said its $10 million rewards program, which goes live with support for Symbiotic , will power the future of crypto user experience and growth. The Omni Network team is taking this step via SolverNet, its cross-chain applications and user experience solution. The incentive program comes a week after Omni Foundation launched its “Hello, New World” campaign amid its integration with Symbiotic, a restaking protocol currently with over $1 billion in total value locked. Omni will use the campaign to “accelerate adoption of Symbiotic and future applications built on SolverNet,” according to details in a blog post.“ SolverNet was created to make using crypto apps feel effortless — no more bridging, no more delays, no more friction. This incentive program is our way of showing how intuitive the onchain experience can be when complexity disappears,” the Omni Foundation wrote. In this case, Omni plans to reward early users interacting with SolverNet-enabled decentralized applications. The first rewards will be via Symbiotic’s wrapped staked Ethereum (wstETH) vault on testnet. Users can deposit funds into vaults on layer 1 from rollups, all without having to resort to bridging solutions. Omni users can start earning rewards with testnet wstETH from Omni’s Base Sepolia faucet. Per Omni Foundation, the incentive program is open to all users. This includes those who deposit on Symbiotic’s testnet and those who join after SolverNet’s upcoming mainnet launch on Symbiotic. This launch comes a few weeks after Omni Network introduced staking upgrade OMNI, with Omni native staking on the Ethereum Virtual Machine platform. Omni EVM staking allowed all stakers an opportunity to earn rewards as they help secure the network.

DeFi Technologies has announced the development of Kenya Digital Exchange, a regulated platform earmarked for the tokenization of real-world assets. Announced on April 21, Kenya Digital Exchange is a collaboration between DeFi Technologies and its subsidiary Valour Inc., as well as SovFi and the Nairobi Securities Exchange. KDX offers a new exchange that will allow for the trading of various tokenized products, including equities, debt, funds and commodities. “This partnership marks a bold and strategic leap toward the future of African capital markets,” said Frank Mwiti, chief executive officer of the NSE. KDX will help unlock new investment opportunities for users, increase market access and bring benefits tokenization and trading to more users across the continent. Notably, KDX will tap into blockchain technology, including Hedera ( HBAR ), to bring these benefits to users. “By collaborating with NSE, we will empower investors with new asset classes, driving economic growth, and positioning Kenya as a leading financial hub in Africa,” said Olivier Roussy Newton of DeFi Technologies. The partnership comes several months after an initial collaboration between Valour and the NSE, which will see exchange-traded products by Valour go live on the Nairobi Stock Exchange. Per the details in the latest press release, the ETPs are set for NSE-listing before the end of the third quarter of 2025. Meanwhile, KDX is set for phased rollout, with the first of three phases implemented by the end of 2025. The last phase is expected in the first half of 2026. The new digital exchange will feature a revenue model that includes trading fees, listing fees, deposit/withdrawal fees, and margin trading. KDX also plans to accrue revenue from lending, staking, token launches, custody and initial exchange offerings among many other initiatives. The launch of KDX looks to tap into a market boasting over 6 million crypto users, and one that accounted for over $18.6 billion in transactions in 2022.