New Hampshire: A New Frontier for Crypto Assets Development in the United States

1. Introduction

New Hampshire is renowned for its beautiful natural scenery, especially known for the White Mountains, the Lakes Region, and the vibrant autumn foliage. As an important state during the American Revolutionary War, its motto "Live Free or Die" is widely recognized. Today, this state, brimming with innovative spirit, is once again at the forefront, becoming a pioneer in promoting the broader acceptance of Crypto Assets across the United States. In May 2025, New Hampshire became the first state in the nation to legislatively establish a Bitcoin reserve, a move that has garnered significant attention in the Crypto Assets field.

This article will delve into the tax system of New Hampshire, especially the taxation related to Crypto Assets, as well as the recent developments in cryptocurrency regulation in the state.

2. The Basic Tax System of New Hampshire

2.1 Overview

New Hampshire has a relatively friendly tax system, making it very suitable for individuals seeking a low-tax residence in the United States. The state is one of the few in the U.S. that does not impose personal income tax, sales tax, or capital gains tax, which makes it very attractive among taxpayers. However, the state's tax burden is mainly reflected in other types of taxes, especially property tax, which can put some pressure on landlords and tenants.

The New Hampshire Department of Revenue Administration is responsible for the collection and management of various types of taxes, as well as overseeing the administration of municipal tax collection to ensure it is fair and complies with state law.

2.2 Main Tax Categories

2.2.1 Business Enterprise Tax (BET)

The business profits tax is one of the main taxes in New Hampshire, levied based on the value of the business entity, including compensation, interest, and dividends paid, with a tax rate of 0.55%. This tax applies to business entities with total income exceeding $277,000 or a business value tax base exceeding $111,000, regardless of whether the business is profitable.

2.2.2 Business Profits Tax (Business Profits Tax, BPT)

Corporate profit tax is equivalent to state-level corporate income tax, taxing the net profits of businesses derived from income earned in the state. It applies to entities with total annual revenue exceeding $92,000, and the current tax rate is 7.5% of taxable net profits.

2.2.3 Property Tax

Property tax is the main tax and primary source of revenue for residents of New Hampshire. The state compensates for the lack of personal income tax and sales tax with high property taxes, resulting in one of the highest per capita property tax burdens in the nation. In 2024, property tax is expected to bring approximately $360 million in revenue to the state, a 38.3% increase from the previous fiscal year.

2.3 New Hampshire's Crypto Assets tax system

New Hampshire has not yet established a dedicated tax framework for Crypto Assets trading or related activities. However, Crypto Assets businesses or other economic entities operating in the state may still be subject to other taxes mentioned above. This tax system facilitates the business operations and tax burden assessment for Crypto Assets companies, making New Hampshire an ideal area for Crypto Assets companies to develop products and obtain a larger share of revenue.

3. Future Development Trends of Crypto Assets Regulation in New Hampshire

Since 2024, New Hampshire has taken several legislative actions aimed at providing a legal framework for blockchain or Crypto Assets-related activities, and promoting the state as a forefront for the application and development of Crypto Assets. Last year, the state introduced the "Decentralized Autonomous Organization Act," which provides legal recognition for blockchain organizations, encouraging them to establish, expand, or relocate their businesses in New Hampshire.

In May 2025, New Hampshire announced the establishment of the "Strategic Bitcoin and Digital Asset Reserve Fund," allowing the state treasury to invest up to 5% of public funds in digital assets with a market capitalization of over $500 billion. This initiative marks the first time a local government in the United States has legally recognized Bitcoin as a reserve asset.

In addition, a House bill aimed at providing more protection for Crypto Assets miners is under consideration. If passed, the bill would ease state and local government regulation of Crypto Assets mining activities and protect mining companies from being prohibited from operating by local governments for reasons such as noise, energy consumption, or other issues.

4. Summary

The regulatory progress of Crypto Assets in New Hampshire and the widespread acceptance of Crypto Assets activities reflect the positive expectations of the Crypto Assets market. Although it is currently difficult to comprehensively assess the effectiveness of the new legislation, it is foreseeable that the state's support for Crypto Assets is likely to be further strengthened in the coming years.

New Hampshire's initiative may lead other states in the U.S. to more actively embrace Crypto Assets, creating more crypto-friendly jurisdictions. For New Hampshire, investing in Bitcoin is a way to diversify its reserves and bring substantial investment returns. At the same time, the state's supportive stance on Crypto Assets, combined with a low tax environment, is expected to attract a large number of crypto enthusiasts and developers, providing a favorable ground for the development of innovative projects.